#WomensMonth | GoTyme Bank's Lucia Malapane: The future of financial inclusion

Source: Supplied. Lucia Malapane, Brand Head: GoTyme Bank.

In this first instalment of BizCommunity's four-part executive leadership series, Malapane reflects on the future of banking, the importance of empowering entrepreneurs and women, and why she believes banking should be simpler, more inclusive, and centred on customers' changing needs.

As South Africa celebrates Women’s Month, what role do you believe digital-first banks can play in creating greater financial opportunities for women, supporting women entrepreneurs, and fostering the next generation of women leaders?

Digital-first banks remove many of the traditional barriers that often disproportionately affect women, including high fees, inconvenient access, and complex products that do not reflect the realities of their lives. GoTyme Bank’s model in particular focuses on meeting customers where they are.

We have a kiosk network across the country in retail spaces so South Africans can shop and access banking services at the same locations. When banking is affordable, transparent and easily accessible, that gives you greater freedom to save, transact, build a financial history and manage your money on your own terms.

For women entrepreneurs, this can be especially powerful. Many small businesses begin informally and are built around households, communities and side hustles. Digital banking can make it easier to separate business finances and develop the financial footprint needed to access more opportunities over time, like funding when your business needs it.

GoTyme Bank recently entered a new chapter with its rebrand and refreshed digital experience. What does “Banking as it should be” mean to you, and how does that philosophy influence the way the bank is built and led?

“Banking as it should be” is both a promise and a standard we set for ourselves. It means banking should be simple, transparent, accessible and genuinely useful. Customers should not have to work hard to understand their bank, navigate unnecessary complexity or feel that good service is reserved for a select few.

That philosophy influences everything for us, from the way we design our digital experience to the language we use and the products we prioritise. We begin with the customer’s reality rather than with traditional banking conventions. We ask what problem we are solving, whether the experience is intuitive and whether it gives the customer greater value and control.

It also shapes how we lead.

The rebrand is not simply a new name; it reflects the growth and maturity of the bank and the banking experience we’ve designed for customers.

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South African consumers now have more digital banking choices than ever. In a market where traditional banks have also invested heavily in technology, what do you believe truly differentiates GoTyme Bank today?

Technology alone is no longer a differentiator. Customers expect every bank to have an app and to provide reliable digital services. The real difference lies in what the technology enables and whether it makes banking meaningfully better for the customer.

GoTyme Bank was built digital-first rather than having digital capabilities added to a legacy model.

Our model also recognises that digital does not have to mean distant. South Africa is a diverse market in which customers have different levels of digital confidence and different relationships with cash. By combining a strong digital experience with accessible physical touchpoints through our retail partnerships, we help customers move between physical and digital banking more comfortably.

Ultimately, our differentiation is the combination of simplicity, value, accessibility and a strong sense of purpose. We are not using technology for its own sake. We are using it to make quality banking available to more people.

GoTyme has attracted millions of customers in just a few years. What do you think this says about changing customer expectations? And how has it challenged conventional thinking about banking?

13 million customers tells us that customers are more willing than ever to reconsider what a bank should look and feel like. Trust is no longer built only through a large branch network or a long history. It can also be earned through consistent performance, transparent pricing, intuitive experiences and products that provide visible value.

Customers increasingly expect banking to fit into their lives rather than requiring them to fit into the bank’s processes. They want to open an account quickly, understand what they are paying, solve problems without unnecessary friction and access their money when and where they need it.

The growth of digital banks has shown that millions of customers will embrace a different model when the proposition is relevant and easy to understand.

Customers across the economic spectrum expect, and deserve, well-designed and empowering financial services.

Looking ahead, what do you think banking should look like five years from now? And what role will technologies such as AI, data analytics and cloud infrastructure play in delivering that future?

Five years from now, banking should feel more personal, proactive and embedded in customers’ everyday lives. AI and data analytics can play an important role in making that possible - by helping banks identify unusual transactions, prevent fraud, personalise financial guidance and better understand what individual customers may need at different stages of their lives.

The winning banks of the future will not necessarily be those with the most technology, but those that use it most thoughtfully to improve people’s financial lives. However, technology cannot be separated from trust. And trust is always human.