TymeBank South Africa's First Digital-Only Bank

TymeBank South Africa's first digital-only bank, making banking more accessible and convenient for everyone. TymeBank is a game-changer in the banking industry.

TymeBank was launched in 2019, marking a significant milestone in South Africa's financial history. It's a digital-only bank, which means it operates entirely online, eliminating the need for physical branches.

TymeBank offers a range of innovative services, including a mobile app that allows users to manage their accounts, transfer money, and pay bills.

TymeBank was originally developed as part of a Deloitte Consulting project, funded by MTN Group. It went on to become a stand-alone business in June 2012.

The Commonwealth Bank of Australia acquired 100% of Tyme in 2015 and renamed it TymeDigital by Commonwealth Bank SA. TymeDigital secured an operating licence from the South African Reserve Bank in September 2017.

TymeBank soft-launched on 5 November 2018, allowing consumers to open a basic transactional bank account at a limited number of kiosks in Pick n Pay Stores as well as online. By the end of October 2021, TymeBank had four million customers.

TymeBank was the first digital bank in South Africa to go live, with a soft launch on 5 November 2018. This marked a significant milestone in the country's financial history.

The bank's launch was facilitated by a partnership between African Rainbow Capital Financial Services Holdings and the Commonwealth Bank of Australia. TymeBank allowed consumers to open a basic transactional bank account at a limited number of kiosks in Pick n Pay Stores as well as online.

By November 2018, TymeBank had secured an operating licence from the South African Reserve Bank (SARB), making it a fully licensed bank. This licence was a major achievement, as it was the first full banking licence to be issued by the SARB since 1999.

TymeBank's customer base grew rapidly, with one million customers signed up by 28 November 2019. This was a testament to the bank's innovative approach to financial inclusion.

Here are some key milestones in TymeBank's journey:

TymeBank's commitment to financial inclusion has been a major factor in its success, and it continues to be a leader in this space.

TymeBank was facing a significant challenge in launching their Digital Banking offering, which required a secure, user-friendly, and scalable credit decisioning platform.

The bank needed to support over 100,000 new customers each month, making scalability a top priority.

TymeBank's Chief Data Scientist Dietmar Bohmer emphasized the need for a real-time decisioning engine that could access multiple data sources.

The platform also had to integrate with the bank's onboarding system and improve the customer experience.

Price, ROI, and functionality were the top priorities for TymeBank as they searched for a partner.

TymeBank offers a range of benefits to its customers, starting with a quick and easy account opening process.

You can shop online anywhere in the world with your Visa debit card, which comes with your Tyme account.

One of the unique features of TymeBank is its GoalSave savings tool, which allows you to earn up to 11% interest per year.

You can send money instantly between different banks using PayShap, with a limit of R5000 per transaction.

TymeBank also offers a convenient withdrawal option, allowing you to withdraw cash at over 15,000 store till points, including some local spaza shops.

Here are some of the key benefits of banking with TymeBank:

TymeBank has made a bold move by putting its core-banking platform in the cloud.

This innovative approach allows for system scalability, uniform security, and cost efficiencies.

85% of TymeBank's systems are AWS cloud applications.

The use of technology and strategic relationship with Pick n Pay and Boxer stores eliminates the need for physical branches.

TymeBank's reduced operating costs and national presence through retail stores remove barriers for the estimated 11 million unbanked South Africans to access banking services.

TymeBank's partnership with GDS Link was a key factor in their success, allowing them to provide a range of benefits to their customers.

TymeBank chose GDS Link for their partnership due to their competitive pricing and return on investment (ROI).

GDS Link's Modellica Origination Solution was a crucial component of their partnership, providing real-time credit decisioning and data aggregation.

TymeBank was able to fully utilize the solution within six months of partnering with GDS Link.

TymeBank was impressed with GDS Link's ability to build strategies for their products and terms, making them a comfortable partner to work with.

Here are some key benefits of TymeBank's partnership with GDS Link:

This partnership has enabled TymeBank to provide a seamless banking experience for their customers, with features like instant money transfers and low fees.

TymeBank has successfully implemented real-time decisioning using the GDS Link Modellica Origination Solution, allowing them to keep costs low and enhance the customer experience.

The system is highly efficient, with no system contention and quick response times, enabling TymeBank to get the data, run a model, and receive a response rapidly.

TymeBank is expanding its customer base thanks to real-time decisioning, as seen in their recent partnership with the Zion Christian Church.

Tyme Bank account fees and charges are relatively low, but there are some costs to consider. Tyme Bank does not charge a monthly fee, which is a major perk for customers. You also get a free debit card, which is a great bonus.

Here are some fees to keep in mind:

If you need to make international transactions, be aware that Tyme Bank charges a 2% conversion fee, on top of the R70 fee for withdrawing cash at an international ATM. It's worth noting that Tyme Bank recommends using services like Shyft, Wise, or Revolut for receiving international payments.

TymeBank was able to immediately implement real-time decisioning with the GDS Link Modellica Origination Solution, keeping costs low and enhancing the customer experience.

The solution allowed TymeBank to get the data, run a model, and get a response very quickly, with no system contention.

TymeBank's executives had hoped for real-time decisioning to help expand their customer base, and it's been successful - they recently entered a promising partnership with the Zion Christian Church.

TymeBank is looking forward to continuing their partnership with GDS Link to grow their business, relying on accessing data sources that are currently available and will be accessed in the future.

Four new data sources will be added next year, and four more the year after that, further expanding TymeBank's capabilities.