Tonik claims to have become the first digital bank in the Philippines to integrate generative AI featuring ChatGPT into its operations, reflecting Tonik’s commitment to enhancing its digital banking services.
“With Tonik experiencing significant growth, customer interaction surged by 2.5 times,”
said Tonik Chief Operating Officer, Tomasz Borowski.
“In response, our focus has been on enhancing service quality while managing operational costs effectively.”
Generative AI, particularly ChatGPT, has been implemented to achieve the goals of ensuring seamless customer experiences while optimising operational efficiency.
Currently, nine out of ten customer queries are directed through Tonik’s in-app chat feature, with generative AI resolving 75% of these queries autonomously.
The digital bank says this implementation has increased the efficiency of Tonik’s in-house customer care team by 4.3 times, allowing them to focus more on complex issues.
The integration of generative AI has also necessitated new job roles at Tonik, including a team that trains and monitors the AI daily to ensure accurate responses to customer queries.
Tonik says this development has led to an increase in the bank’s productivity while keeping headcount growth below 20%, contributing to the bank’s path towards profitability.
Anticipated cost savings, estimated at over US$20 million in the next three years, will be reinvested to introduce lower fees, charges, and new services to enhance Tonik’s offerings.
Tonik is also offering three consumer loan products in the Philippines: payroll loan, shop instalment loan, and cash loan, available to its customer base of 1.5 million Filipinos. In the past 12 months, Tonik says it has seen a doubling of loan production run-rate and loan portfolio growth.
“We strive to provide our customers with an easy and efficient banking experience. We want them to know that we are here when they need us, but we do not want them to spend too much time resolving any issues they encounter,”
said Tonik Chief Growth Hacker, Mila Bedrenets.
Featured image credit: Edited from Tonik
