WIFA Thought Leadership Series
Retail Integration into Digital Banking – A Case Study of TymeBank
Tyme is a digital banking group focused on financially empowering underserved consumers in emerging markets. Their first major deployment is TymeBank in South Africa, with over 2.3 million customers in its first 18 months, making it the world’s fastest growing independent digital bank. Tyme banks are built on three key pillars: i) physical access – we reach our customers where they are, through 800+ purpose built TymeKiosks in our partner grocery stores in urban, semi-urban and rural communities. These are supported by Tyme Ambassadors – combining high-touch and high-tech; ii) financial access – we are ~40% cheaper than the next cheapest bank due to our tech stack in the cloud; and iii) emotional access – our products are designed to overcome societal distrust of banks and low digital and financial literacy.
Tyme has 51% women customers and is steadily growing its women customer base. Growth in the women segment is due to Tyme’s affordable transactional and savings account in South Africa, appealing to value focused women customers, and Tyme is the only digital bank integrated into physical retail environments, banking women where they shop for groceries. Listening to our customer base, Tyme implemented a unique “high tech, high touch” onboarding mechanism, enabling account opening in under five minutes through their digital kiosks in grocery stores. Friendly Ambassadors (70% women) then guide new users on how to use the account, promoting its pay as you go approach, innovative goal-based savings program, and easy cash in-cash out at the store till point – all designed for South Africa’s financial literacy hungry, time-poor customer.
Wednesday 28 October
12 pm -1 pm HKT
Speaker: Rachel Freeman, Executive Director and Chief Growth Officer of Tyme Global
Rachel Freeman is Executive Director and Chief Growth Officer of Tyme Global. Tyme Global is both the technology and solutions firm powering Tyme Bank, the first digital bank in South Africa with now 2.3 million customers. Rachel Freeman is an experienced and internationally recognized financial expert, particularly in the areas of financial inclusion and innovative financial technologies. Before joining Tyme, Ms. Freeman served as the IFC Financial Institutions Advisory Manager for Asia since 2014. In her role, she led IFC’s advisory program for existing and potential investee clients for value enhancement and development impact, to achieve IFC’s goals in financial inclusion and climate change mitigation. In her role, Rachel was one of the founders of AFIN and the APIX Platform. Since 2001 she had several senior positions at IFC in Central Asia, Africa and Asia. Prior to joining IFC, Rachel was involved in several entrepreneurial ventures in the US and Russia
Please register on or before 27 Oct (Tue). A custom link will be sent through reminder emails prior to the event.
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