“Humans feel there’s security with an artifact. Plus, giving users a card right away, one with their name on it, provides immediate gratification. Lending to SMEs at a reasonable cost is our Holy Grail Coen Jonker, Tyme Tyme machine plus#Online banking requires a big marketing spend, plus the cost of couriering a bank card to new customers. “Putting kiosks in stores is actually cheaper than digital-only,” Jonker said. What’s really counterintuitive is to think a physical apparatus would be necessary to a branchless, digital bank. While it would be a disservice to Moore to liken his work to a commercial machine, there is nonetheless a lot of craftsmanship that goes into creating such a thing. I mention OCBC Bank now has a gigantic Moore on display outside its headquarters in Singapore – and we’re back to discussing finance. Our conversation veers into materials, and artists such as Henry Moore. For a while, it was his profession, but he gave it up to focus on his banking career. Maybe it was a process of iteration that led to the Tyme machine, but Jonker’s outside passions might have helped. In a discussion about what makes fintech tick, he spoke about the kiosk’s “very functional design”. He left the bank and bought out the business in 2018, and the bank went live in Jonker’s native South Africa in February 2019. Jonker was for a time CBA’s digital head in Hong Kong, and CBA had a stake in Tyme. Putting kiosks in stores is cheaper than digital-only Coen Jonker, Tyme The bank already provides its machines to PTCB, the Indonesian arm of Commonwealth Bank of Australia. Rather he is positioning the company as a vendor to virtual banks in Asia, or to traditional banks looking to give their digital offering a boost. From bank to vendorĬoen Jonker, founder and CEO of Tyme Bank, says he doesn’t intend to launch it in Hong Kong. The kiosk accounted for about 85% of those, with its website managing the rest. The bank has recently boasted it has now signed up 1 million individual customers in South Africa. Instead it can onboard a new retail customer within minutes, culminating in its printing out a bespoke Visa credit card embossed with the new customer’s name, ready to go.Ĭompared to the usual one or two weeks it takes for a traditional branch-based bank to issue or renew a debit or credit card, the machine is pretty spiffy. It looks like a sleek ATM, but it doesn’t handle cash. The centerpiece of Tyme Bank’s corner of a co-working space in Hong Kong is a kiosk machine.
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