Only 18 months after launching, TymeBank has been rated as one of the top three in digital banking in South Africa.
Conducted by InSites Consulting, the SITEisfaction® report is an annual measure of customer satisfaction with digital banking services in South Africa. Rating each institution with a score ranging from -100 (worst possible experience) to +100 (best possible experience), TymeBank achieved a total of 74 (just 7 points shy of first place).
This accolade follows on the recent Forbes accolade, which recognised TymeBank as the 2nd best bank in SA by Forbes for its high levels of customer satisfaction and key qualities like trust, banking fees, digital services and financial advice.
In the latest report, which measures customer satisfaction with digital banking services, TymeBank was recognised for the bank’s user-friendliness, safety features and affordability. The latter was particularly appreciated by those who had recently switched, with the majority saying they switched because of the bank’s extremely low transaction fees and market-leading high interest rates on all savings.
Furthermore, according to the report, banks traditionally perform better among primary users of an account (the bank account used most often for all banking transactions) than secondary users, but this was not the case with TymeBank: both its internet and mobile banking platforms performed exceptionally well amongst primary and secondary users.
“As with the Forbes accolade, we again value the objective commentary from independent industry players on how we engage our customers. Our primary goal is to make banking services more accessible to ordinary South Africans. In this respect we are guided by a strong ethos of financial inclusion as well as sound business objectives. We are therefore pleased that our efforts are noted and appreciated by independent parties,” said TymeBank CEO, Tauriq Keraan
“We firmly believe that our customers continue to benefit from our innovative use of technology, which has enabled us to offer South Africans much lower banking fees – in some cases 50% cheaper than our nearest competitor. Our use of technology has also allowed us to view customer behaviour in real-time, which enables us to quickly and consistently improve our service to customers.”
Considering how much older and more established TymeBank’s contemporaries on both of these lists are (some are well over 100 years old), TymeBank’s double podium finish is considered a remarkable achievement.
TymeBank onboarded 1.8 million customers by the end of May this year. The bank originally planned to have 2 million customers by December 2020, but the bank now expects this milestone to be achieved by August.