South African Based TymeBank has reached 3 million customer milestone signing up between 3,000 and 5,000 new clients every day. The information was revealed by TymeBank CEO -Tauriq Keraan in an interview with the Money Show.
"The fact that it offers affordable and transparent banking is a big drawcard." Tauriq Keraan - TymeBank CEO
Keraan further revealed in the interview that the 3 million customers currently deposit about R2 billion a month. We focus on the customer and make sure we can give them fantastic value, both in terms of being the lowest cost in the market on transactional banking and paying the best savings rate for money that's immediately available without penalties.
So I think it's a combination of fantastic value for customers, particularly at a time like this, combined with the fact that we've made banking a lot more accessible through our functionality such as the kiosks and our relationship, particularly with Pick n Pay and Boxer, he added.
Being a new bank, according to him, is an advantage because new banks have no legacy systems.
"It allows us to have a single view of a customer, but also to see various forms of information about the customer's behavior in real time... We can service their needs as we go about observing data." Tauriq Keraan
The priority of TymeBank, according to Keraan, is meeting current customer needs and then expanding into projects like its partnership with Hollard to distribute funeral plans. There are also plans to enter high-frequency lending, he added.