Tonik, the Filipino neobank, has gotten off to an incredible start since its launch earlier this year. Greg Krasnov, their Founder and CEO, explains how they have done it and what will be key to sustaining their growth.
The demographics of neobank users are often surprising; it is not only young people who are signing up, but also older age brackets. What is the standard profile of your target customer? What has been key to your customer acquisition success?
Our target market has always been the majority of the adult population (around 70%) who are tech-savvy but are currently either underserved or unbanked. This is driven mostly by the lack of better alternatives or financial services that they can openly communicate with and entrust their money to without being intimidated or confused. The technology and usage are steadily growing in this market but what needs more immediate improvement are banking products and services that are more beneficial and attractive to customers.
The Philippines is one of the most digital-savvy countries in the world. An overwhelming percent of the population are connected online and are avid users of smartphones, around 98.5% according to a 2021 study by We Are Social. That is a considerable number given that there are almost 111 million Filipinos.
Being a neobank and appealing to such a technology-savvy market, digital and social channels are critical for us in acquisition. These channels allow for more direct and faster communication to customers and potential clients. However, just having a digital proposition and providing access to financial services isn’t enough to succeed. To succeed in the digital world, we believe focusing on providing a great holistic customer experience is key. We make sure to sustain consistent and transparent relationships with users that make them feel listened to as an important part of our journey of growth and development.
The demographics of neobank users are often surprising; it is not only young people who are signing up, but also older age brackets. What is the standard profile of your target customer? What has been key to your customer acquisition success?
Our target market has always been the majority of the adult population (around 70%) who are tech-savvy but are currently either underserved or unbanked. This is driven mostly by the lack of better alternatives or financial services that they can openly communicate with and entrust their money to without being intimidated or confused. The technology and usage are steadily growing in this market but what needs more immediate improvement are banking products and services that are more beneficial and attractive to customers.
The Philippines is one of the most digital-savvy countries in the world. An overwhelming percent of the population are connected online and are avid users of smartphones, around 98.5% according to a 2021 study by We Are Social. That is a considerable number given that there are almost 111 million Filipinos.
Being a neobank and appealing to such a technology-savvy market, digital and social channels are critical for us in acquisition. These channels allow for more direct and faster communication to customers and potential clients. However, just having a digital proposition and providing access to financial services isn’t enough to succeed. To succeed in the digital world, we believe focusing on providing a great holistic customer experience is key. We make sure to sustain consistent and transparent relationships with users that make them feel listened to as an important part of our journey of growth and development.
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