In the dynamic arena of fintech, Trust Bank Singapore stands out as a pioneering entity, marking a significant shift in the digital banking landscape under the leadership of banking veteran Dwaipayan Sadhu, commonly referred to as Dwai. (fintechnews.sg)
Within a span of less than two years, Trust Bank has carved a distinct identity, positioning itself as a trendsetter in Singapore with its unique ecosystem offering, and illustrating a blueprint for its own path in digital banking.
This journey, marked by strategic partnerships, unconventional offerings, and an unwavering focus towards customer satisfaction, encapsulates the essence of Trust Bank’s ascent since launching. Chief Executive Officer Dwai walks us through the evolution of Trust Bank in Singapore.
The Genesis of a Digital Banking Powerhouse
At the heart of Trust Bank’s inception is a synergistic collaboration between Standard Chartered and NTUC, with a shareholding distribution of 60% and 40% respectively. Since its launch under the auspices of these massive entities in September 2022, Trust Bank has witnessed remarkable growth, rapidly becoming a pacesetter of innovation in the Singapore digital banking sector.
Dwai reflects on this journey, which he says is a testament to the bank’s strategic vision and execution prowess, stating,
“We are now one of the world’s fastest-growing digital banks.”
And the proof is in the numbers. Within a short span of a little more than a year, Trust Bank Singapore celebrates how its customer base which comprises 12% of the Singapore population made over 2.1 million transactions since inception, registering total savings of more than S$6 million when using their no-foreign exchange (FX) fee Trust cards, when compared with conventional credit cards that charge FX fees.
Innovation, Transparency, and Ecosystem Integration
According to its CEO, Trust Bank’s success narrative is built on three foundational pillars: innovation, transparency, and ecosystem integration. These elements collectively define the bank’s unique market proposition and its appeal to the Singaporean populace.
Dwai elucidates on the ecosystem approach, emphasising the integration with NTUC,
“Trust is integrated into each part of this ecosystem… providing huge amounts of savings and real value for Singapore residents.”
This seamless integration with NTUC’s widespread ecosystem offers unparalleled advantages to Trust Bank’s customers, reinforcing the value proposition. The digital-native bank shares that its over 600,000 customer base has collectively saved upwards of S$16 million through FairPrice e-vouchers, earned over 1.4 billion Linkpoints loyalty rewards, and used more than 2.2 million digital coupons with its extensive range of ecosystem partners across Singapore.
Transparency and simplicity are other core tenets that have resonated deeply with Trust Bank’s clientele, Dwai claims, in contrast with the service offering of several of its branchless bank competition.
The bank has challenged the norms of traditional banking products by offering clear, straightforward solutions that empower customers. Dwai passionately speaks about this, stating,
“Simplicity and transparency[…] have also been very well regarded and very well received by the clients.”
This approach has enabled Trust Bank to differentiate itself in a competitive market, fostering a strong relationship with its customers.
Trust Bank Singapore Redefines Customer Experience in Digital Banking
A pivotal aspect of Trust Bank’s strategy is its focus on redefining the customer experience, setting new benchmarks in the process. The bank has streamlined the customer onboarding process to less than three minutes, a feat it says is unmatched in the industry.
“This is market-leading not just in Singapore… but anywhere in the world,”
Dwai notes, highlighting the service delivery efficiency that Trust Bank brings to the table. Moreover, the bank has leveraged customer referrals effectively, with over 70% of new clients being referred by existing customers, showcasing the trust and satisfaction among its user base.
Strategic Partnerships and Future Aspirations of Trust Bank Singapore
Looking ahead, Trust Bank continues to prioritise its partnership with NTUC, aiming to deepen this collaboration to enhance its offerings and deliver more value to its customers.
Dwai envisions this partnership as a cornerstone of Trust Bank’s strategy, intending to “further enhance the services that we offer the client and bring real savings to clients.”
This focus on strategic partnerships underscores Trust Bank’s commitment to growth and service enhancement, as it progresses on its upward trajectory.
Dwai points out Trust Bank’s significant growth curve already, achieving a 12% market share within a year of its inception, thereby positioning itself as one of the fastest expanding digital banks globally.
The bank maintained its momentum in product innovation, introducing unsecured loans, supplementary credit cards, and expanding its insurance offerings. By the close of 2023, Trust Bank had witnessed a remarkable 1.7-fold year-on-year increase in its customer numbers, reaching 700,000 according to the bank, while its deposit balances saw a threefold rise year-on-year, amounting to S$1.4 billion.
Dwai is proud that the bank continues to engage its customers effectively, with an 85% card activation rate and over two million digital coupons redeemed within the Trust ecosystem.
In its inaugural year, Trust Bank garnered a number of accolades, being named the best digital retail bank in Singapore and Southeast Asia by The Digital Banker and achieving the highest rating for a banking app in the Singapore Apple App Store.
In the short term, Trust Bank is set on establishing itself as a major player in Singapore’s banking industry, aspiring to become the fourth-largest retail bank in customer numbers by the end of 2024.
Dwai articulates this ambition, stating,
“We feel that on the back of our very strong client growth, we have a real credible chance to become the fourth local bank in Singapore.”
This goal is underpinned by the bank’s medium-term objective of achieving profitability by 2025, amidst the challenges of high competition and the need for continuous innovation. Only about 5% of digital-native banks have managed to sustain profits globally, but Dwai believes Trust Bank is on track to be among the first from Singapore to achieve this lofty ambition.
A Digibanking Legacy of Innovation and Customer Centricity
As Trust Bank looks to the future, it remains committed to driving innovation and enhancing the banking experience for its customers. Dwai shares his vision for the bank,
“We want to[…] bring real innovation to the market[…] and hopefully, clients will continue to see the difference.”
This commitment to innovation, coupled with the aspiration to become an integral part of Singapore’s banking landscape, signifies Trust Bank’s ambition to redefine banking in the digital age.
Trust Bank Singapore, under Dwai’s leadership, epitomises the evolution of digital banking, characterised by strategic foresight, innovative solutions, and a deep commitment to customer satisfaction.
With over half a million customers and S$1 billion in deposits, Trust Bank is well on its path toward realising its ambition of becoming the fourth-largest retail bank in Singapore by the end of 2024.
