GoTyme makes a splash in digital banking in the Philippines

Co-CEO Albert Tinio shares how mobile apps, digital kiosks and partnership with Robinson Group aided GoTyme Bank’s successful entry into the market.

In anticipation of the Asian Banking and Finance Forum in Manila come August, GoTyme Bank co-CEO Albert Tinio gave valuable insights on digital banking in the Philippines as a sneak preview to the panel discussions at the upcoming event.

With GoTyme Bank being one of the six digital banks granted a license by the BSP (Bangko Sentral ng Pilipinas) in August 2022, Tinio is one of the leading figures when it comes to digital banking in the country.

In this interview on the introduction of digital products and services to the Philippine market, the GoTyme Bank executive shared his own experiences and some insights gained from operating in a relatively nascent category of the sector.

“In the Philippines, which is a nation of more than 7,000 islands, reach is a huge challenge. But it’s both a challenge and an opportunity. Digital banks, given their nature, are able to reach out much quicker than traditional banks,” Tinio said.

“In the case of GoTyme, the use of digital kiosks makes it possible for us to reach Filipinos where traditional banks don’t normally open branches,” he added.

By leveraging digital means, such as mobile apps and digital kiosks, GoTyme Bank can provide banking services to Filipinos in previously underserved regions.

Tinio emphasised that trust is paramount in the banking industry, particularly in a market with a significant unbanked population.

In breaking through the market, GoTyme Bank’s joint venture with the Robinson Group, a prominent conglomerate in the Philippines, was able to lend credibility and brand equity to the digital bank.

Tinio said GoTyme Bank has since benefited from the vast retail ecosystem of the Robinson Group, which includes supermarkets, department stores, and hardware stores.

This allows the bank to introduce its services in familiar and convenient locations, making it easier for people to explore and adopt digital banking.

It’s also noteworthy that the BSP or central bank’s stringent requirements for obtaining a digital banking license further instilled trust among new customers.

Asked what to expect from his session at the Asian Banking and Finance Forum, Tinio said he would highlight the concept of “phygital” banking.

He explained it as a fusion of the words “physical” and “digital” in the context of whilst digital transactions are crucial, the human touch remains essential in catering to the preferences of Filipino customers.

Therefore, the balance between enabling digital convenience and providing human connections is key to ensuring customer satisfaction and building trust, he said.

With his wealth of experience and unique insights, Tinio is set to make a valuable contribution to the Asian Banking and Finance Forum.

His perspectives on the future of digital banking in the Philippines will undoubtedly provide attendees with actionable points to navigate this rapidly evolving industry.

For more insights on the banking sector, visit asianbankingandfinance.net.