Leveraging Google Cloud’s expertise in scalable infrastructure, application programming interface (API) management, machine learning (ML) and data analytics, the bank has taken ten months to innovate its Open Banking technology and deliver improved financial services.
Tonik provides core services like deposits with interest rates of up to 6% per annum. There are also unique features for customers to create separate pockets of savings to meet specific goals over time called ‘Stashes’, such as affording a vacation, a college education, or accumulating an emergency fund.
This collaboration has played a role in Tonik being entrusted with more than USD 100 million in consumer deposits within eight months after launch, having previously achieved USD 20 million in deposits in one month after launch.
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