Trust Bank, Singapore’s first cloud-native banks, has become one of the world’s fastest growing banks. Specifically, Trust Bank acquired 100,000 customers in its first 10 days after launch in September 2022. And customer numbers grew to over 450,000 customers in the five months post-launch. The latter figure equates to some 9% of the local Singapore market.
Trust Bank can onboard a customer and deliver a credit card to them digitally on their phone within four minutes.
Trust Bank implemented the customer onboarding and risk management capabilities within FICO Platform. The cloud-based decisioning platform allows companies to centralise and operationalise advanced analytics at speed.
“As a CRO, I like the flexibility to be able to make changes quickly so that we can respond to the market and customer feedback,” said Lalit Lohia, Chief Risk Officer at Trust Bank. “FICO Platform helps us to deliver that edge.”
A credit card in just minutes
When Trust launched, creating an exceptional onboarding experience was key. To do so, Trust made its account opening fast and easy for new customers. The seamless digital approval process enabled Trust to deliver an average onboarding time of under three minutes for a savings account. And for credit card decisioning, the time is under four minutes. In the process, Trust Bank is creating a new onboarding experience for the market.
“We combine risk management fundamentals with data science and customer segmentation to help us arrive at optimum risk outcomes,” said Lohia. “FICO Platform allows us to simultaneously take care of credit risk and regulatory risk within a single solution.”
Trust Bank – backed by Standard Chartered and the FairPrice Group
Trust Bank is backed by Standard Chartered Bank and the FairPrice Group. Built in Singapore for the Singapore market, Trust aims to bring a new standard to digital banking to consumers. It combines best-in-market rewards on everyday living expenses at FairPrice Group’s extensive island-wide network.
Nikhil Behl chief marketing officer at FICO added: “Agility, precision and an intuitive customer experience was crucial to Trust Bank making such a substantial impact in Singapore. FICO Platform helped deliver a market-leading digital experience with rapid time to market and time to value. Trust Bank’s leadership and faith in the approach has seen them carve out a significant customer base in one of the most advanced and well-banked markets in the world.”
FICO Platform is designed to empower business users to write, edit, and maintain their own business logic, increasing the speed and efficiency of changes. The business was able to react rapidly and make policy adjustments in near real time.
For its achievements, Trust Bank won a 2023 FICO Decisions Award for Customer Onboarding & Management. Disclosure: the writer was one of the judges for the 2023 FICO Decisions Awards and this award was one of the easier decisions.