South Africa’ Digital Only Bank Tyme Welcomes its 1 Millionth Customer in only 10 Months2. December 2019
TymeGlobal is proud to announce that its first Tyme-powered digital bank — TymeBank in South Africa — has opened bank accounts for 1 million customers in its first 10 months of operations, a landmark achievement placing Tyme squarely as a leader in the digital bank community globally.
TymeBank is South Africa’s first digital bank, focused on bringing simple, responsible and efficient banking to South Africa’s under-served mass market. Like other digital banks, Tyme has no branches and its full banking technology stack is hosted securely in the Cloud. But Tyme offers a unique high-touch, high-tech element with its TymeKiosks that open a full eKYC approved bank account in three minutes, considered the company’s secret sauce to customer onboarding and engagement.
Leveraging partnerships with the most trusted retail chains in South Africa, Tyme through its Kiosks, incorporates digitized in-store customer experiences and engagement in the retail environment. Customers, using these Kiosks, can open full bank accounts using only their fingerprint and receive a personalized Visa debit card on the spot, and immediately transact using retail partners’ cash register tills for cash-in, cash-out and money transfer. Bucking the digital app-only trend, 84% of Tyme’s one million customers opened their account through the Kiosk, showing that touch remains an important element of customer engagement.
“We are thrilled to see the tremendous response to TymeBank in South Africa,”
said Coen Jonker, Co-Founder and CEO of TymeGlobal.
“Our vision is simple – provide financial services that help people embrace their human potential. At Tyme, we are driven by the conviction that broadening economic participation is the foundation for human growth. Digital technologies today offer us a perfect window to reinvent banking for the underbanked and underserved.”
Featured image credit: TymeBank ZA Facebook page