Digibank Tonik Selects CRIF for Automation of Its Loan Origination Processes
tonik, the Philippines’ digital-only neobank, announced its collaboration with solutions provider CRIF for the automation of its loan origination and collection systems.
tonik is set to launch a full range of banking services including a transactional savings account, time deposit accounts with attractive interest rates, as well as consumer loans in Q1 2021. Additional services such as debit MasterCard, credit cards, and fund transfer transactions will be made available over the course of the next years.
The partnership will reportedly enable tonik to increase its efficiency, and minimise its costs and risks in credit decision making and collection.
CRIF will be providing two key solutions to tonik namely the CRIF Loan Origination System and Contact Collection System.
CRIF Loan Origination System is equipped with built-in workflow management capabilities that accelerate end-to-end loan application processing. Furthermore, the technology enhances the bank’s compliance readiness, allowing it to achieve improvements by originating more applications and responding faster to its customers while also utilising risk management and decision techniques.
Meanwhile, CRIF Contact Collection System is a solution that supports an operational process of companies working with delinquent assets. The system’s main purpose is to provide an optimised collection process powered by a scalable architecture that allows for expanding workplaces and increasing number of users.
“Driving financial inclusion through empowering the underserved and unbanked Filipinos, which make up over 70% of the entire adult population in the country, is the cornerstone of what we do,”
said Greg Krasnov, CEO and Founder of tonik.
Our partnership with an internationally esteemed credit solutions company like CRIF enables us to stay committed to this by giving potential customers simplified and smoother digital banking experiences that allow them to fully harness its benefits of speed, security and reliability to manage their finances.”
Lamberto Barbieri, Asia Managing Director of CRIF, also looks forward to the partnership and its impacts to financial technology in the region.
“This is indeed a milestone for CRIF as we continue to work on responding more effectively to the needs of an increasingly demanding and digitally empowered financial market in Southeast Asia. Through our solutions, we hope to be able to stimulate tonik’s role in transforming the banking sector in the Philippines.”
In June this year, tonik had closed a $21 million round of Series A equity funding led by blue-chip VC investors Sequoia India and Point72 Ventures.