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TymeBank is Recognised as One of South Africa’s Top 3 Digital Banks

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Image sourced from Business Tech

Only 18 months after launching, TymeBank has been rated as one of the top three digital banks in South Africa by SITEisfaction. This recognition follows on the recent Forbes accolade, which claimed TymeBank as the 2nd best bank in the country 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,” says TymeBank CEO, Tauriq Keraan.

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.

Edited by Jenna Delport