Gupshup and Tonik Bank Collaborate to Launch Advanced Generative AI Chatbot for Enhanced Digital Banking Experience

Gupshup has partnered with Tonik Bank in the Philippines to create a Generative AI chatbot for their mobile app, enhancing digital banking services. This AI chatbot uses NLP and ML to provide accurate, contextual, and empathetic responses, streamlining customer support and improving overall satisfaction. The chatbot has already shown significant efficiency, reducing the load on Tonik's customer care team and generating cost savings projected to exceed $20 million over three years.

In the rapidly evolving world of digital banking, staying ahead of the curve is essential for providing exceptional services to customers. This is exactly what Tonik Bank, a pioneering financial institution based in the Philippines, has achieved through its recent partnership with Generative AI (GenAI), a cutting-edge technology featuring ChatGPT [1]. This collaboration is set to revolutionize customer support and operational efficiency within the bank.

As Tonik Bank experiences remarkable growth, customer interactions have surged by an impressive 2.5 times [1]. To address this increase effectively, the bank's primary focus has been on enhancing service quality while managing operational costs. GenAI, with its ability to provide accurate, contextual, and empathetic responses, emerged as the ideal solution to meet these goals [1].

Tonik Bank is now the first digital bank in the Philippines to incorporate this innovative technology into its customer service operations. With nine out of ten customer queries now directed through the in-app chat feature, GenAI autonomously resolves 75% of these queries without human intervention [1]. 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 [1].

Moreover, the cost savings generated by this initiative are substantial. 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 [1]. This commitment to innovation extends beyond customer care to credit inclusion, as Tonik is also making strides in this area [1].

The impact of GenAI on Tonik Bank's operations is evident in its increased productivity while maintaining a headcount growth rate below 20% [1]. This focus on efficiency directly contributes to the bank's path towards profitability.

Sources:
[1] Tonik powers up with GenAI to boost growth. (2024, May 29). Retrieved from https://www.prnewswire.com/apac/news-releases/tonik-powers-up-with-genai-to-boost-growth-302157357.html