TONIK Financial Pte LTD has announced partnership with solutions provider CRIF to automate its loan origination and collection systems.
The partnership will enable TONIK Digital Bank to increase its efficiency, and minimize its costs and risks in credit decision making and collection.
CRIF will be providing two key solutions
1. CRIF Loan Origination System
CRIF Loan Origination System is equipped with built-in workflow management capabilities that accelerate end-to-end loan application processing. Further, the technology enhances the bank’s compliance readiness, allowing it to achieve significant improvements by originating more applications and responding faster to its customers while also utilizing best-in-class risk management and decision techniques.
2.CRIF Contact Collection System
This solution supports an operational process of companies working with delinquent assets. The system’s main purpose is to provide an optimized and technically sophisticated collection process powered by a scalable architecture that easily 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.”
Sharing this vision is Simone Colombara, Managing Director of CRIF Corp. Philippines, stating: “We are honored to be a trusted partner of such a disruptive financial institution such as tonik. It is truly a promising time for innovation-driven banking services in an emerging market such as the Philippines, where a huge segment of the working class remains underserved.”
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.”
