By Nnamdi Odumody
Tyme Bank is a South African digital bank which is redesigning retail bank of the future. It uses artificial intelligence to interact with its customers online, and ATM kiosks offline, as it has no physical branches, offering a low cost account, targeting the 11 million unbanked people in the rainbow nation.
The bank of the future will be a technology company, which will utilize data analytics to offer personalized real-time financial services, to its customers, no matter where they are located. It will likely operate mainly with limited physical branches, unbounded by locations – rural or urban, thereby promoting financial inclusion for all. Some banks in Nigeria are already redesigning their strategies to key into this redesign which has become evident to technology leaders. For these banks, technology does not just run them, technology is transforming them, and that is great.
Tyme charges no monthly administration fees, smart app subscription fees and it offers users free Wi-fi at its partners Pick N Pay & Boxer retail stores which have a Tyme Bank Kiosk. Customers can download the smart App from Google Play Store.
Its interest rates are competitive earning customers as much as 10 percent through its Goal Save which allows for cash deposits and withdrawals with no restrictions, fees or penalties. The Everyday Account opening process is simple, convenient with no filling paper forms, scanning, faxing or email service.
Tyme Bank charges for debit card use at other retailers, payment to other bank accounts, internal and external debt order, etc and it is automatically linked to the Pick N Pay Smart Shopper programme which means no need for multiple cards in your wallet.
Nigerian retail banks and other financial services providers which want to reach the over 20 million underbanked with a convenient retail banking experience should learn from Tyme, and create a local market fit solution which will disrupt their conventional brick and mortar approaches.