Tonik achieves record growth and innovation milestones with Finastra's Essence software

Bank benefitting from new Agile streams and AI capabilities within the software; Scaling at speed, enhancing customer experience, and pioneering digital banking in the Philippines

SINGAPORE, May 8, 2025 /PRNewswire/ -- Tonik, a leading neobank in the Philippines, continues to set new benchmarks in digital banking with rapid growth, operational excellence, and groundbreaking customer experience enhancements — powered by Finastra's Essence core banking solution.

With a vision to drive financial inclusion in Southeast Asia, where over 70% 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% of inquiries handled in-app and 75% 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.

Tonik's commitment to digital transformation has earned multiple global acclaim. Recently, the bank, along with Finastra, received the "Best Core Banking System Initiative" award at the 16th Annual Retail Banker International (RBI) Awards 2025. Additionally, Tonik was chosen as regional winner – Asia and category winner – for "Customer Experience" at the IBSi Digital Banking Awards 2025. These recognitions celebrate Tonik's leadership in digital banking transformation and its impact on financial inclusion in the Philippines. 

"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." 

About Finastra

Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses, and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com

About Tonik

Tonik is the first neobank in the Philippines, offering innovative, fully digital banking solutions. Licensed by the Bangko Sentral ng Pilipinas (BSP), Tonik is committed to revolutionizing financial services through technology-driven banking, AI-powered solutions, and customer-first experiences. For more information about Tonik, visit https://tonikbank.com.

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