TymeBank finds traction with ‘digital immigrants’
A fifth of digital bank's customers are older than 46
More than 80,000 people have opened accounts with TymeBank since the launch of South Africa’s first fully digital bank almost four months ago, and nearly 20% of them are older than 46.
More than 80,000 people have opened accounts with TymeBank since the launch of South Africa’s first fully digital bank almost four months ago. And nearly 20% of them are older than 46, according to data released by the bank today. Cheslyn Jacobs, the bank’s head of sales and service at TymeBank, says the bank has been surprised that a relatively high 19% of customers are aged 46 to 65. “The youngest in that age bracket would have been in a relationship with a bank for the past two decades,” he says. Such customers are considered less comfortable with technology as they are “digital immigrants” who were not born into a tech-saturated world. Their younger counterparts, the so-called “digital natives”, are much more comfortable with technology. Jacobs says the bank’s ability to attract a high number of older customers shows how easy it is to open an account with TymeBank and the willingness of consumers “to engage a kiosk” which they need to do to get their bank cards, since the bank h...