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Timo Vietnam started in 2015 as the country's first fee-free banking service. Over a decade, the digital bank has evolved into something more meaningful: a platform serving everyone from first-time banking customers to ultra-high-net-worth individuals.

In a recent Bank Tellers podcast, CEO Jonas Eichhorst shared how Timo stands out in the crowded fintech space.

Transaction Excellence Builds Loyalty "We started with money movement fee-free. And that was great," Eichhorst explained. But as fee-free banking became standard in Vietnam, Timo needed to evolve.

Today, Timo focuses on transaction excellence. The average customer conducts about 27 transactions monthly—essentially once daily. This approach has built remarkable customer loyalty.

What's striking about Timo's customer base is its affluence. While Vietnam's GDP per capita is around $4,500-5,000, the average Timo customer transacts about $10,000 annually.

Serving Everyone, From First-Timers to Millionaires

Unlike many digital banks that target specific segments, Timo serves both ends of the spectrum. "Ultra high net worth individuals and first bank account ever people could be a Timo customer," Eichhorst noted.

This works because Timo starts with transaction excellence—something everyone needs—then branches into specialised services through partnerships tailored to different segments.

The Importance of Getting the Basics Right

Eichhorst emphasised that in banking, getting the fundamentals right is crucial. As he put it, "If the bank doesn't screw up, that's already better than most other places."

This focus on getting the basics right—what Eichhorst calls "retail is detail"—has been key to Timo's success. Rather than chasing silver bullets, the company concentrates on executing many details well, continuously protecting the customer experience.

AI for Humanity, Not Just Automation

When discussing banking technology's future, Eichhorst took a distinctive position: "I want to use AI to make Timo the most human company possible instead of using AI in order to make Timo the most efficient, anonymous, fully automated."

Rather than replacing human interaction, Timo aims to use automation to free up people to be "the most human possible" in customer interactions.

Looking Beyond Tech: Anthropology Over Algorithms

Perhaps most thought-provoking was Eichhorst's perspective on future competitive advantage: "Humans in the long run are not going to differentiate on computing. So we got to figure out how can we differentiate on what it means to be a human."

This has led him to unexpected inspiration: "I'm fascinated by anthropology. I think our next marketing heads need to come from anthropology instead of from any growth hacking background."

Key Lessons for Fintech Companies

Timo's journey offers valuable lessons:

• Focus on daily transactions to build lasting relationships
• Serve diverse customers without sacrificing quality
• Execute the basics well for sustainable advantage
• Use technology to enhance human connections, not replace them
• Look beyond traditional business thinking for breakthrough insights

As digital banking evolves globally, Timo shows that success often comes from making banking more human—one transaction at a time.

Guest:
Jonas Eichhorst, CEO of Timo Vietnam

Host:
Zach Anderson Pettet, VP, Fintech Strategy at Money20/20