Digital Banking Success Story – TymeBank

30 Apr Digital Banking Success Story – TymeBank

Posted at 12:23h in BUSINESS TRENDS by

Digital-Only-Bank with minimal banking fees and more benefits

TymeBank is South Africa’s first digital-on-ly-bank with fees that are up to 50% cheaper than its competitors.

Customers can bank online using a SmartApp and Internet Banking to withdraw and deposit cash at more than 10 000 Pick ‘n Pay and Boxer till points throughout South Africa.

Customers can open an EveryDay account in under 5 minutes, either online, or at a Tyme-Bank kiosk at selected Pick ‘n Pay and Boxer stores. These kiosks can issue a personalised Visa debit card right there and then.

The bank makes use of these self-service stations in Pick ‘n Pay and Boxer stores where clients can open an account using fingerprint biometrics. The entire system is linked to the South African department of home affairs’ database to avoid fraud.

Within the first week of opening TymeBank already had 86,000 customers. The bank is planning to break even in 2022 by attracting 2,1 million customers and extending credit to 6% of its customer-base.

BENEFITS

  • No Monthly fees. Pay-as-you-use charges Why pay to keep an account open, or pay for the banking you don’t need?
  • Open a bank account in less than 5 minutes. Get your personalised TymeBank Visa debit card right away at the TymeBank kiosk in select Pick ‘n Pay and Boxer stores.
  • Save on your terms. In your own way. GoalSave tool lets you put money in, take money out, with no restrictions, fees or penalties. Leave it in a bit longer to earn as much as 10% interest.
  • Double Smart Shopper Points. TymeBank Card earns you Smart Shopper points wherever you shop and double Smart Shopper points when you swipe and pay at Pick ‘n Pay.
  • No Documents. No filling out paper forms, no scanning, faxing or emailing. Opening and using your EveryDay account is really quick and easy.
  • Low or no charges. Withdraw money at Pick ‘n Pay and Boxer tills for free, pay only R4 per deposit in P’nP and Boxer and R8 per R1,000 to withdraw money at any ATM in SA. Free Visa debit card It is the only bank card you’ll ever need, to shop everywhere and to withdraw money from any ATM in South Africa.

As brilliant as the customer benefits are, one would ask the question why wouldn’t you want an account with TymeBank?

What is however critical to ensuring that these customer benefits are indeed successfully delivered, is to ensure that there is detailed full end-to-end testing conducted as per the customer journeys and user experiences. Failure to do this well, will no doubt create teething problems upon go-live and public launches, that could potentially impact the digital products and/or brand.