Tonik, a neobank in the Philippines, is utilising Finastra’s Essence core banking solution to support its expansion and digital banking initiatives. The collaboration aims to drive financial inclusion in Southeast Asia by providing accessible and secure banking services.

Since launching in 2021, Tonik has reported significant growth, including disbursing over one million cumulative loans and expanding its loan portfolio. The bank also indicates a reduction in operational service costs.

The partnership with Finastra has involved dedicated engagement across various capabilities, which Tonik states has contributed to delivering a modern digital banking experience.

Tonik is also incorporating AI capabilities, supported by Essence, to enhance operations and customer service. The bank reports efficiency gains in areas such as quality control and underwriting, and notes that its app handles and resolves a significant percentage of customer inquiries. These AI-driven efficiencies have improved customer care productivity and reduced response times.

The bank has received recognition for its digital transformation efforts, including awards for “Best Core Banking System Initiative” with Finastra and for “Customer Experience”. These awards acknowledge Tonik’s work in digital banking and its contribution to financial inclusion in the Philippines.

Greg Krasnov, Founder and CEO at Tonik, commented on the role of Essence’s architecture and AI integration in building a scalable infrastructure and enhancing customer experiences.

“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,” said Greg Krasnov.

“This award-winning work with Finastra highlights our commitment to innovation and excellence,” he continued.

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