TONIK
first digital bank in the Philippines to do a term deposit in a purely digital environment . In most banks in the Philippines , customers would need to go to a branch to avail the term deposits and sign papers . “ We ' re actually making it super easy , and it takes you like 10 seconds to set one up . That ' s our highest interest rate product , and it pays up to 6 % deposit interest ,” he says .
The deposits are , essentially , the raw material for Tonik ’ s loans . Underlying that is a payment capability called TSA , or Tonik account , with a number of different payment options for paying in and paying out . This has been integrated to more than 10,000 cash in , cash out points across the country .
“ We ' re integrated to all the banks in the Philippines basically through the interbank payment system . Obviously , the cards , payment system , et cetera , et cetera . So customers have a broad variety of payment options . We ' re in the process of adding other payment options such as bills pay , and as I mentioned , digital goods , so that will be rolling out in the course of this year . That ' s not our core business , but it enhances the stickiness and enables the customer to do more things with us , and as they do more things with , we hope they get more comfortable and therefore eventually avail either on the deposit or the loan .” that families and friends can save together towards a specific goal . This , says Krasnov , has taken off very well and now provides more than 10 % of Tonik ’ s deposit balances . But more importantly , it creates virality because when Tonik users open a Stash , they invite their friends and family to participate with them in the group savings activity Krasnov points out that Tonik was also the
Gamification and its role in banking Gamification is a growing area in the APAC region , with more and more fintechs using gaming tools to create incentives to encourage customers to engage more with their products . While Tonik isn ’ t specifically using these tactics at the moment , it isn ' t something they ’ re ruling out in the future .
“ We don ' t do as much gamification as other entities . We rely on a very different approach