TymeBank, South Africa’s fastest-growing challenger bank, has scored high in the latest digital banking SITEisfaction report, with a positive shift – from fourth to third place – in how respondents rate TymeBank’s mobile banking offering. This achievement places the challenger bank ahead of some of the country’s legacy banks.
The 2021 index also shows the bank maintained its status as one of the country’s top three providers of digital banking, as rated by customers.
It is only the second time TymeBank has featured in the survey, which measures customer experience across a combination of internet and mobile banking platforms since launching in 2019. As a challenger bank, its performance confirms the appetite for an alternative to the more traditional banks.
“The positive insights from the SITEisfaction survey are a testament to the hard work and drive of the TymeBank team, to keep us at the cutting edge of digital banking. It is rewarding to see TymeBank consistently punching above its weight since we launched two and a half years ago,” says TymeBank Head of Marketing, Linda Appie.
TymeBank earned recognition from the survey for the following attributes: Proudly South African bank; safe and cool; provides value; technically advanced; happy customers who feel empowered and understood.
“TymeBank is a new kid on the block. Our ranking and the vote of confidence from our 3.4 million customers who appreciate the benefits of affordable, simple, transparent digital banking is delightful. We recognise the potential to improve as we introduce more banking products and features, to deliver the best customer experience,” adds Appie.
The bank recently added a new feature that enhances the onboarding experience for new customers. TymeBank’s AddMoney functionality enables customers to load money from a different bank card immediately after opening an account, all done in-app. Recently, the bank introduced MoreTyme, a “buy now, pay later” product available to customers via the TymeBank app. Qualifying customers pay 50% upfront for goods from select retail partners and the balance over two months.
“These additions make it possible for us to enhance our customers’ experience by offering them innovative solutions to meet their financial needs. TymeBank has the distinction of being the fastest-growing bank in South Africa, with 3 million customers acquired in 26 months. Our target is to reach the 5 million customer milestone by the end of 2022 while delivering value,” concludes Appie.