#TechCEO: How TymeBank's Tauriq Keraan is Reimagining Banking

Tauriq Keraan, the CEO of TymeBank, was an integral part of the team that created Tyme in 2012 and was instrumental in the organization's 2019 debut. He spearheaded the first digital bank in South Africa and has experienced one of the highest growth rates globally thanks to his leadership.

Keraan holds an MSc (Eng) in Engineering from the University of Cape Town and is a licensed mechanical engineer. In South Africa, he has spent 13 years establishing and growing digital banking firms.

TymeBank has seen strong adoption since its official launch at the end of February 2019, according to Keraan, who claimed that the bank was one of the three fastest-growing digital banks in the world in that same year.

According to the chief executive, TymeBank's value proposition, which places a heavy emphasis on simplified banking with set costs charged in ways that clients can understand, has been positively received by customers.

But it is worth asking the CEO himself - what is the driving force behind the company's success?

Reimagining Banking

Keeran wrote in a piece published by InnovationsoftheWorld.com that he often gets asked how digital banks enable people to improve their financial well-being. He explained that three impactful things should be taken into the heart to enhance the banking experience and inspire better customer financial practices.

"Firstly, we can empower customers through education, by lowering and being transparent with fees, and by providing user-friendly digital interfaces. Secondly, we can encourage beneficial behaviors such as saving and responsible borrowing. Finally, we can help bridge the physical/digital divide."

He claimed that the majority of digital banks are prepared to handle the first two tasks, but a selected few are ironically better equipped than legacy banks to do the third.

TymeBank boasts 4.5 million customers, and it is designed on digital infrastructures. Keraan explains that the interoperability of the company's systems enables customers to deposit and withdraw money at more than 14,000 retail partners.

This also allows customers to open a bank account and acquire a live debit card through a "paperless, five-minute onboarding process."

According to the CEO, these ubiquitous currency handling points are necessary for emerging economies and specific demographics in developed markets to enable seamless, practical, and affordable interfaces between the physical and digital worlds.

"Digital banks are well placed to offer a better experience for customers at every stage of the financial journey, from access to prosperity. It's time we reimagined financial services from the ground up," Keraan added.

This article is owned by Tech Times

Written by Joaquin Victor Tacla