Tonik achieves record growth with Finastra’s solution

Tonik, a leading neobank in the Philippines, continues to set new benchmarks in digital banking with rapid growth, operational efficiency, and customer experience enhancements — powered by Finastra’s Essence core banking solution.

With a vision to drive financial inclusion in Southeast Asia, where over 70 per cent of the population remains unbanked or underbanked, Tonik has leveraged Finastra’s cloud-native capabilities to scale efficiently and deliver seamless, secure banking services. Since its launch in 2021, Tonik reports it has disbursed over one million cumulative loans, expanded its loan portfolio by seven times in the past two years and reduced unit operational service costs fivefold.

Recently, Tonik’s partnership with Finastra has deepened through dedicated Agile Streams engagement across functional, operational, and architectural capabilities. This collaboration has enabled Tonik to deliver a modern, transparent, and seamless digital banking experience, setting new standards for financial services in the region.

Tonik is also at the forefront of AI-powered banking in the Philippines, pioneering innovations that aim to enhance customer engagement, streamline processes, and improve security, supported by Essence. The incorporation of AI in operations has seen gains of over 5X in efficiency across multiple areas such as quality control, underwriting, and advanced voice analysis. The integration of generative AI in customer service has also transformed the banking experience, with 90 per cent of inquiries handled in-app and 75 per cent resolved autonomously. AI-driven efficiencies have enhanced customer care productivity by over four times, reducing response times and operational costs while enabling reinvestment in better services and lower fees.

“Winning these awards is testament to our mission to push the boundaries of digital banking,” said Greg Krasnov, Founder and CEO at Tonik. “Agility built on Essence’s open architecture and integration of AI capabilities in our operations has empowered us to build a future-ready, scalable infrastructure that delivers unparalleled customer experiences while supporting our rapid expansion. This award-winning work with Finastra highlights our commitment to innovation and excellence.”

“Tonik’s achievements showcase the power of a core banking platform that provides a combination of rich, broad and deep banking functionality with advanced technology in delivering customer-centric, digital banking at scale,” said Siobhan Byron, EVP for Universal Banking at Finastra. “We are proud to support Tonik in its journey to reimagine banking in the Philippines.”