After years of tolerating the typical banks, I decided to try my luck with my first digital bank, GoTyme Bank. Here’s what I thought.
Related: How We Can Take Steps Towards More Sustainable Practices In Banking and Finance
Saying that adulting isn’t easy is probably the understatement of the year. With everything you need to know and do, we can barely get our lives together. And what’s worse is when the hallmarks of adulthood come in the form of big inconveniences. Take finances for example. As a young working adult, I’ve had a bit of a struggle when it comes to taking care of my money, and it isn’t helped by the unintentional (and some intentional) roadblocks the country’s biggest banks put up. From paying fees upon fees, apps that aren’t the most stable, shoddy customer service, long wait times, and more, I avoid going to the bank as much as I can because I know how hassle it can be.
So, when I heard some of my friends glowingly talk about how they’ve been using a digital bank called GoTyme Bank, they got my attention. Digital banking, after all, has been one of the hottest lifestyle shifts for Gen Z recently. And looking them up, there’s research behind the hype. GoTyme Bank, which made its entry in the Philippines in 2023, is reported to be the fastest-growing bank in the country both by customer (250,000 new customers a month) and transactional (600% year-on-year increase) growth.
It is also ranked #1 in customer experience based on the Net Promoter Score (NPS) with a score of 76—a 15-point lead over the nearest competitor. This is quite impressive when you consider that NPS isn’t just a reflection of customer satisfaction, but also how loyal customers are and how likely they’ll recommend the product to people. They champion themselves as the digital bank that makes banking something you don’t dread. So, I decided to dip my toes and try out my very first digital bank. After a month, this is how my experience has been so far.
GOING DIGITAL
First things first, I set up my account online. All I had to do was download their app, do a few steps, and then I was set. A pretty straightforward process, something I can’t say for other banks. Once your account is active, you can access multiple tools on the app’s dashboard. On it, you have the typical options like your account details, pay bills, deposit, send, and transfer options. You can even start a USD Time Deposit on the app if that’s your thing.
Bonus points for GoTyme though for having an intuitive and polished UI that makes for an easier user experience and doesn’t crash on me every five minutes. My favorite function on the GoTyme App is Go Save, where you can set up multiple accounts to store and save your money for whatever you want as it earns interest (and the interest rate is pretty high ngl). The best part is that you can also set targets within the app for each fund so you can have tangible goals to reach. I appreciated this feature because I segmented my money without having to turn to a third-party app to do so.
THAT DEBIT CARD THOUGH
Even if you haven’t heard about GoTyme Bank before, chances are you’ve at least heard someone talk about their debit card. And I have to say, aesthetic-wise, the card is easy on the eyes with its sleek design that comes in a cool shade of blue. The best part? There’s no need to put any money in your account to get their debit card.
However, getting one can be a bit of a journey. Instead of physical branches, GoTyme Bank has kiosks around the Metro where you can get their debit card. But those aren’t as abundant as ATMs of different banks. Also, a couple of retailers asked me what kind of card I gave them when I used GoTyme’s debit card to pay for my purchases. But I’ll chalk that up to GoTyme Bank being new to the Philippines. As you spend with your GoTyme Bank account, you also earn points for their program called GoRewards. That, in turn, can be redeemed to actual money or used to pay for load and/or gaming credits.
GoTyme has also partnered with a few businesses where you can earn more points for shopping at their establishments. Currently, the list of partnered establishments is pretty small and mainly limited to businesses in the Gokongwei Group (ie. Robinsons, Cebu Pacific, Marketplace) so your mileage may vary on GoTyme’s points systems depending on where you shop.
NEW KID ON THE BLOCK
It’s still early days for GoTyme Bank, but they seem committed to building themselves as your next go-to, and maybe only, bank. New features on the horizon or currently being implemented include Filipinos living abroad getting to open international accounts, mobile check deposit via the app (up to P499,999,99), more remittance partners, and coin deposit machines (first bank partner integrated with the BSP’s Coin Deposit Machines) where customers can deposit their coins and be credited straight into their account.
As someone who isn’t so into the technicality of banking and finances, I appreciate the ease of use and approachability GoTyme Bank offers that other big banks may not have. When GoTyme says they want to make banking beautiful, they’re on to something. If you’re the type of person who likes to stay connected, be on the go, and not spend hours just waiting in line at the bank, GoTyme might be for you. However, since GoTyme Bank is new to the market, its visibility in public spaces and establishments isn’t as widespread as I would have liked, which limits its accessibility beyond the app.
Still, after one month of being a GoTyme Bank customer, I’ve been satisfied with my experience, so far. I’m looking forward to trying out the bank’s other features in the coming months, though I also don’t see myself dropping my accounts from the big banks just yet.
Continue Reading: Five Money Hacks You Should Know In Your 20s
