TymeBank’s new CEO discusses strategy, innovation in digital banking

TymeBank, a leading digital bank in South Africa, has recently appointed a new CEO, Karl Westvig, to drive the company's strategic vision and key priorities for sustainable profitability and customer milestones in the digital banking landscape. In an exclusive interview with CNBC Africa, Westvig discussed his primary focus areas and plans for the future of TymeBank. One of the key priorities outlined by Westvig is to enhance the onboarding journey for customers and differentiate TymeBank as a digital bank with best-in-class service and processes. Additionally, Westvig emphasized the importance of broadening the product set to compete effectively with incumbents in the South African banking sector. He highlighted the significance of partnerships with major retail brands like Pick n Pay Box and the Foschini Group in acquiring customers and expanding the bank's active client base. TymeBank has already achieved significant milestones with nearly 10 million customers and a profitable status as of December. Westvig expressed confidence in reaching the target of 10 million users, supported by strategic initiatives to strengthen the lending side of the bank with products like personal loans, buy now pay later, and merchant cash advance for businesses. However, he acknowledged the challenges in the lending space, emphasizing the need for patience and learning from established players in the market. Looking to the future, Westvig announced TymeBank's plans to enter new markets like Indonesia and further expand its presence in Vietnam and the Philippines. The company aims to become a top three bank in South Africa based on growth rate and efficiency metrics while also prioritizing customer satisfaction to achieve the highest Net Promoter Score in the country. In line with industry trends, TymeBank is actively embracing artificial intelligence across various business functions, including code development, scoring mechanisms, and customer service. Westvig underscored the company's commitment to being a leading adopter of AI in the banking sector. While the engineering teams are primarily based in Vietnam, Westvig recognized the strong tech skills available in South Africa, indicating potential for further talent development and recruitment in the country. As TymeBank continues its journey towards digital banking innovation, Westvig's strategic leadership and focus on customer-centric growth are set to propel the company to new heights in the competitive financial services landscape.