Tonik’s Trailblazing Rise: How A Philippine Neobank Is Redefining Digital Banking

Tonik, the Philippines' pioneering neobank, is rapidly rewriting the rulebook for digital banking in Southeast Asia.

Tonik is rewriting the future of digital banking in Southeast Asia.

Since launching in 2021, the fully digital bank has delivered not only record growth but also transformative innovation — reshaping what modern banking means in a region where more than 70% of the population remains unbanked or underbanked.

Powered by Finastra’s Essence core banking platform, Tonik has demonstrated a rare combination of operational agility, customer-centric design, and cutting-edge technology.

In just four years, the bank has disbursed over one million cumulative loans and expanded its loan portfolio sevenfold. Even more impressively, Tonik has cut its unit service costs by five times — a feat rarely achieved in such a short window in banking.

At the heart of this success lies its deepening partnership with Finastra, a global financial software provider known for its modular, cloud-native solutions.

Through dedicated Agile Streams across architectural, functional, and operational domains, Tonik has created a nimble and transparent digital banking experience that adapts seamlessly to the fast-evolving demands of Filipino consumers.

Tonik’s commitment to AI-powered banking also places it ahead of the curve.

With AI integration spanning underwriting, quality control, and advanced voice analytics, the bank has seen efficiency gains of over 5X across several core operations.

The results speak volumes: 90% of customer inquiries are now handled within the Tonik app, with 75% resolved autonomously.

Customer service productivity has quadrupled, unlocking lower response times, better support, and significantly reduced operational costs — savings that are now being reinvested into even more competitive products and services.

This innovation-first approach has earned Tonik global recognition.

At the 16th Annual Retail Banker International Awards 2025, Tonik and Finastra received the Best Core Banking System Initiative award.

Meanwhile, the IBSi Digital Banking Awards 2025 named Tonik both the Asia Regional Winner and Customer Experience Category Winner — affirming the bank’s influence on financial inclusion and customer satisfaction.

"Winning these awards is testament to our mission to push the boundaries of digital banking,” said Greg Krasnov, Founder and CEO of 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.”

Finastra executives echoed the sentiment. “Tonik’s achievements showcase the power of a core banking platform that combines deep banking functionality with advanced technology to deliver 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.”

As Tonik continues to scale, its success provides a blueprint for digital transformation in emerging markets — proving that innovation, when anchored in technology and inclusion, can redefine entire industries.