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Tonik powers up with GenAI to boost growth

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MANILA, Philippines, May 29, 2024 /PRNewswire/ — Pioneering Philippine digital bank Tonik continues to highlight its innovative edge by becoming the first digital bank to successfully incorporate Generative AI featuring ChatGPT to its operations.

The strategic move underscores Tonik’s dedication in staying at the forefront of digital banking advancements while delivering exceptional banking services to its customers.

“With Tonik experiencing remarkable growth, customer interaction surged by 2.5 times,” said Tonik Chief Operating Officer, Tomasz Borowski. “In response, our focus has been on enhancing service quality while managing operational costs effectively.”

Generative AI, particularly ChatGPT, emerged as the ideal solution to meet these goals, ensuring seamless customer experiences while optimizing operational efficiency. Tonik now stands as the first digital bank in the Philippines to leverage this innovative technology in customer service.

Currently, nine out of ten customer queries are directed through Tonik’s in-app chat feature, with Generative AI autonomously resolving 75% of these queries without human intervention. This implementation has not only amplified the efficiency of Tonik’s in-house customer care team by 4.3 times but also empowered them to dedicate more time to resolving intricate issues.

The move also birthed new job requirements to cater to the ongoing AI revolution, including establishing a dedicated team that actively trains and monitors the AI daily to ensure that it addresses customer queries and concerns with accuracy.

Strategy for Profitability

Tonik’s initiative to implement the smartest banking chatbot in the Philippines has resulted in a substantial increase in the bank’s productivity while maintaining a headcount growth rate below 20%, directly contributing to the bank’s path towards profitability.

Anticipated cost savings, estimated at over USD 20 million in the next three years, will be reinvested to introduce lower fees, charges, and innovative new services, further enhancing Tonik’s offerings for its customers.

Moreover, the bank’s commitment to innovation also extends beyond customer care to credit inclusion, with Tonik being the sole digital bank in the Philippines offering three consumer loan product groups: payroll loan, shop installment loan, and cash loan, all available to its current onboarded customer base of 1.5 million Filipinos.

In the past 12 months Tonik has witnessed a doubling of loan production run-rate and loan portfolio growth, setting it apart from the stagnant loan portfolios of other digital banks in the sector.

“We strive to give our customers a cool and fun banking experience, and that begins by making it easy for them to bank. We want them to know that we are here when they need us, but we do not want them to spend too much time resolving any issues they encounter down the road,” said Tonik Chief Growth Hacker, Mila Bedrenets.

In today’s rapidly evolving digital landscape, customers demand more than standard banking services. Tonik addresses these evolving needs by leveraging AI-powered tools to enhance operational efficiency, thereby reaffirming its commitment to delivering exceptional customer care through innovation.

About Tonik

Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).

Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.

For media contact:
Nix Policarpio
pr@tonikbank.com 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tonik-powers-up-with-genai-to-boost-growth-302157357.html

SOURCE Tonik Digital Bank, Inc.

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Strictly Money Launches Crowdcube Campaign, Inviting European Investors to Fuel its Growth Journey

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LONDON, Dec. 27, 2024 /PRNewswire/ — Strictly Money Ltd, the London-based fintech, has launched a crowdfunding campaign on Crowdcube to invite European investors to fuel its next phase of growth. Crowdcube, Europe’s largest private market investment platform, has powered success stories like Revolut, Qonto, and Monzo. Regulated by the UK’s Financial Conduct Authority (FCA), Crowdcube provides a trusted and innovative platform for investors to participate in transformative ventures.

Strictly Money’s primary objective with this campaign is to accelerate its growth, fuel product development, and expand its shareholder base. The funding will enable Strictly Money to launch its payment card and banking app in early 2025 and to strengthen its market presence in Scandinavia, the UK, and Ireland. The company plans to introduce hedge fund returns products, broadening investment options for consumers by the end of 2025.

Discover how you can be part of Strictly Money’s growth journey by visiting our Crowdcube campaign at https://crowdcube.getstrictlymoney.com.

Will Povey, CEO and Co-Founder of Strictly Money, said: “At Strictly Money, our vision is to empower everyday investors with access to wealth-building tools and opportunities that were previously reserved for high-net-worth individuals. With this crowdfunding campaign, we aim to bring together a diverse community of investors who share our passion for financial innovation and inclusivity. This funding will not only help us launch our innovative debit card and app but also drive the development of new products that deliver real value to our users.”

About Strictly Money:

Strictly Money is a UK-based financial technology company set to launch a debit card and a cutting-edge banking app in early 2025. The company aims to democratize access to high-performing hedge fund returns, providing innovative investment strategies and financial solutions tailored to investors, savers, and entrepreneurs. Strictly Money’s mission is to open up premium investment opportunities traditionally limited to high-net-worth individuals (HNWIs). For more information, visit https://strictly-money.com.

For media inquiries contact:
Mary Prendergast
Email: ir@getstrictlymoney.com 

Important Notice: 

Investing in startups and early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Crowdcube is targeted exclusively at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions. Please read the full Risk Warning on Crowdcube’s website before deciding to invest.

Logo – https://mma.prnewswire.com/media/2588210/Strictly_Money_Logo.jpg

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HackIndia 2025 Expands to Reach 25,000 Students Across 150 Universities, Breaking Barriers to Web3 and AI Opportunities

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NEW DELHI, Dec. 26, 2024 /PRNewswire/ — HackIndia, the nation’s largest Web3 and AI hackathon series, is set to make a groundbreaking return in 2025. Building on the extraordinary success of HackIndia 2024, which engaged 9,000 students across 50 universities, HackIndia 2025 will grow its reach to 25,000 students across 150 universities, further solidifying its position as a transformative platform for India’s budding tech talent.

Organized by CSharpCorner, HackIndia’s mission is clear: to connect Indian students and universities with emerging Web3 and AI technologies by providing education, resources, and opportunities while eliminating barriers to entry. The initiative is not just a hackathon—it is a movement to empower India’s youth by fostering innovation, skill development, and career growth.

Empowering Students Through Innovation
HackIndia 2025 introduces an exciting new feature that will fuel real-world innovation. For the first time, teams will gain access to accelerated grants and industry mentors to develop their Web3 and AI projects beyond the hackathon stage. This initiative will enable young developers to transform their ideas into tangible solutions, pushing the boundaries of Web3 innovation in India.

Furthermore, HackIndia 2025 is addressing a crucial need for students by providing career pathways. The ten events will feature opportunities for participants to network with leading employers, explore career options, and even interview for roles within the Web3 and AI sectors. This addition reflects HackIndia’s broader commitment to not only educating students but also helping them secure meaningful employment.

A Legacy of Impact
HackIndia was created as part of CSharpCorner’s dedication to helping Indian students learn, earn, and grow. As a global community of 3 million developers and tech enthusiasts, CSharpCorner has consistently championed opportunities for Indian students, helping them access cutting-edge technology and mentorship. By expanding HackIndia year after year, the initiative has become a launchpad for India’s next generation of innovators, empowering them to succeed in the global tech economy.

“HackIndia is not just a series of events. It’s a movement,” said Stephen Simon, Director CSharp HackIndia. “By scaling HackIndia to new heights in 2025, we’re investing in India’s greatest asset—its youth—and paving the way for a brighter, more innovative future powered by Web3 and AI.”

HackIndia 2025 promises to be more than just a hackathon—it will be a stepping-stone for students to unleash their potential, build meaningful solutions, and shape the global future of technology.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hackindia-2025-expands-to-reach-25-000-students-across-150-universities-breaking-barriers-to-web3-and-ai-opportunities-302339709.html

SOURCE CSharp Inc

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PEAK6 to Relocate Global Headquarters to Austin, Texas

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CHICAGO, Dec. 27, 2024 /PRNewswire/ — PEAK6 Investments LLC (“PEAK6”) today announced that, effective January 1, 2025, it will move its global headquarters from its current location in Chicago, Illinois to the company’s existing office in Austin, Texas, which it established in 2021. PEAK6 affiliates PEAK6 Group LLC, PEAK6 Strategic Capital LLC, PEAK6 APX Holdings LLC and PEAK6 LLC will also relocate their global headquarters to Austin. PEAK6 will maintain its office in Chicago.

Texas has been a cornerstone of PEAK6’s growth for over a decade,” said PEAK6 Co-Founder and Co-CEO, Matt Hulsizer, who continued, “With the majority of our talented workforce now based in Texas and Austin emerging as our largest office, moving our headquarters was an important decision to be closer to our team. We’re excited for the next chapter of PEAK6 that will be written from our new headquarters.”

Austin’s unique blend of creativity, technology and culture provides the ideal environment for PEAK6. The city’s highly educated workforce, business climate, and strong entrepreneurial spirit have enabled us to attract top talent and drive innovation.

About PEAK6

PEAK6 uses technology to find a better way of doing things. The company’s first tech-based solution was developed in 1997 to optimize options trading, and over the past two decades, the same formula has been used across a range of industries, asset classes, and business stages to consistently deliver superior results. Today, PEAK6 seeks transformational opportunities to provide capital and strategic support to entrepreneurs and forward-thinking businesses.

PEAK6’s core brands include PEAK6 Capital Management, PEAK6 Strategic Capital, Apex Fintech Solutions, We Insure, FOCUS, Zogo, Evil Geniuses and Poker Power.

View original content to download multimedia:https://www.prnewswire.com/news-releases/peak6-to-relocate-global-headquarters-to-austin-texas-302339437.html

SOURCE PEAK6 Investments

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