Democratising financial services for the unbanked
As a financial services provider, Tonik is in the business of people. Founded in 2018 by Greg Krasnov, the organisation aimed to serve unbanked Filipinos. With world-leading internet and social media use, the Philippines represents a $140 billion market in retail deposits and a $100 billion market in unsecured retail lending. This makes the Southeast Asian nation a great fit for alternative banking solutions. Recognising this opportunity, Tonik became the country’s first “neobank” to secure a digital bank license from the nation’s central bank.
Tonik uses its digital-only solutions to give more people easy access to financial products — without the hassle of lengthy paperwork.
“We set out to introduce the public to the next generation of financial platforms,” said Arivuvel Ramu, Chief Technology Officer at Tonik Digital Bank.
A new approach in the new normal
Just as its product rollout strategy was finalised, the COVID-19 pandemic struck — posing unforeseen challenges for Tonik. A hybrid workforce required new processes, virtual onboarding and training. And a virtual audience meant Tonik needed to rethink its product suite as face-to-face interactions came to a halt because of pandemic restrictions.
But for a company built with a digital-first mindset, this was a chance to grow its workforce and optimise customer experiences without compromising quality.
“My dream was for a fully automated contact centre,” said Ramu. “I wasn’t looking to set up a traditional physical office full of 3,000 to 5,000 agents to sit behind phones and sell to our customers.”