Tonik Powers Up with GenAI to Boost Growth

Hey there, Tonik fans!

Big news from Tonik, the pioneering Philippine digital bank that just keeps getting better! This time, they’ve upped their game by incorporating Generative AI, specifically the ChatGPT, into their operations. This strategic move isn’t just about staying ahead in the digital banking world; it's about delivering exceptional services to you, their valued customers. Let’s dive into how Tonik’s embracing the future and why it’s a game-changer.

First things first, why AI? Well, Tonik has been experiencing some *serious* growth. With customer interaction surging by a whopping 2.5 times, they needed an innovative solution to keep up. Enter Generative AI! This tech marvel ensures seamless customer experiences while optimizing operational efficiency. Basically, it’s like having a super-smart assistant that never sleeps.

Nine out of ten customer queries now get funneled through Tonik’s in-app chat feature, with AI resolving 75% of these issues all by itself. This means faster responses and happier customers. It’s worth noting that this AI-driven efficiency has boosted the productivity of Tonik’s customer care team by 4.3 times. So, while the AI handles routine questions, the team can focus on more complex issues.

You might be wondering, how does all this tech wizardry translate to profitability? Well, implementing the smartest banking chatbot in the Philippines has significantly increased the bank’s productivity. And get this: they've managed to keep their headcount growth rate below 20%. That’s some efficient scaling!

Tonik anticipates saving over USD 20 million in the next three years, thanks to GenAI. These savings will be reinvested to introduce lower fees, charges, and innovative new services, making banking even more accessible and beneficial for you. Plus, Tonik isn’t stopping at customer care. They’re also focusing on credit inclusion, offering three types of consumer loans to their 1.5 million customers, which is a feat not many digital banks can boast about.

What’s the secret sauce behind Tonik’s success? It’s their commitment to providing a cool and fun banking experience. According to Tonik’s Chief Growth Hacker, Mila Bedrenets, the goal is to make banking super easy. They want you to know they’re there when you need them but ensure you don’t spend too much time resolving issues.

In today’s fast-paced digital world, customers expect more than just standard banking services. Tonik is rising to the challenge by using AI-powered tools to enhance operational efficiency and deliver top-notch customer care through innovation. They’re not just keeping up with the times; they’re setting the pace.

Tonik isn’t just about cool tech; it’s also about the people behind the scenes making it all happen. Led by a team of retail finance veterans who’ve built and scaled multiple banks and fintechs across global markets, Tonik is backed by top international investors like Sequoia India, Point72 Ventures, and Mizuho Bank.

Their tech stack is integrated with world-class vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. With hubs in Singapore, Manila, and Chennai, Tonik is truly a powerhouse in digital banking.

So, there you have it! Tonik powers up with GenAI to boost growth, and it’s not just about being the first digital bank to do so in the Philippines. It’s about setting new standards in customer service, operational efficiency, and profitability. Here’s to a future where banking is not just easy but also fun and innovative! Cheers to Tonik!

For any media inquiries, hit up Nix Policarpio at pr@tonikbank.com. Thanks for reading, and stay tuned for more exciting updates!