GoTyme Bank Leads Local Industry in Customer Experience and Loyalty, Forrester Reports

GoTyme, the digital banking arm of the Gokongwei Group of Companies, has been recognized as the top local bank for customer experience (CX) by leading global research and advisory firm Forrester. The bank, a collaboration between the Gokongwei Group and multi-country digital banking group Tyme, earned the highest scores in both Forrester’s CX Index and Net Promoter Score (NPS) among local banks in a recent independent survey.

Forrester’s CX Index™ evaluates overall customer experience, while the NPS measures customer loyalty and likelihood to recommend the bank. The survey, conducted by Forrester during the second quarter of 2024, was commissioned by GoTyme Bank and used Forrester’s CX Index™ framework. It gathered insights from 2,532 consumers across 11 brands, including ten bank brands and one e-wallet brand, with GoTyme Bank emerging as the leader in CX across all these brands.

GoTyme Bank achieved a CX Index score of 87, positioning it 4.8 points above the industry average. The bank’s score falls within the “excellent” range, outperforming competitors in key areas:

• Effectiveness: 84%, compared to the industry average of 78%
• Ease of Use: 88%, above the industry average of 79%
• Emotion: 83%, surpassing the industry average of 73%

Forrester’s research underscores the importance of “emotion” as the strongest predictor of positive customer experience outcomes, including loyalty. The study revealed that customers value interactions where they feel appreciated and cared for, which aligns with GoTyme’s best-in-class performance on four out of five priority CX drivers, primarily those tied to creating a sense of value and care.

GoTyme Bank also outshines its competitors with a significant 3-point lead over the next closest traditional bank and a 4.7-point lead over the next digital bank in terms of CX.

The bank’s NPS stands at an impressive 76, well above the industry average of 58, reflecting a higher proportion of customers willing to recommend GoTyme to others. The Forrester survey showed GoTyme Bank with a 16-point lead over the next closest bank, a digital bank, in terms of NPS.

Since its commercial launch in October 2022, GoTyme Bank has rapidly expanded, reaching 4.4 million customers by the end of September 2024.

In a separate NPS survey conducted by Qualtrics and SAP in November 2023 and commissioned by the Singapore Economic Development Board (EDB), GoTyme Bank also ranked first among local banks, achieving an NPS of 59.

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