In the evolving landscape of digital banking, Trust Bank Singapore's milestone of reaching one million customers is more than just a number—it signifies a shift in banking innovation. Their rapid rise highlights the power of experience-first banking, demonstrating how customer-centric strategies can drive remarkable growth. ‍

The experience-first revolution

What sets Trust Bank apart is its unwavering commitment to customer experience. In a market dominated by traditional banks and emerging neobanks, Trust Bank strategically positioned itself through targeted campaigns, seamless digital experiences, and strong community engagement.  

The result? A meteoric rise to become Singapore’s fourth-largest retail bank.

Our deep dive into Trust Bank’s success reveals three core mechanisms that fueled their expansion:

1. Precision-targeted launch campaigns

Trust Bank leveraged strategic partnerships to rapidly acquire customers:

• Collaboration with FairPrice Group: Offering cashback on grocery purchases at FairPrice supermarkets.

• Link rewards integration: Customers enjoy seamless rewards by linking their Trust Bank card with the FairPrice app.

• First digital bank in Singapore to offer credit and debit cards at launch: Ensuring maximum accessibility for customers.

• No minimum balance & zero fees: Lowering barriers for new users.

2. Digital-first experience architecture

Trust Bank built a platform that prioritizes convenience and ease of use:

• Fully digital account opening: Customers can onboard without visiting a branch.

• In-app passcode setup: Enhancing security and eliminating post-registration hassles.

• Real-time reward tracking: A seamless loyalty experience integrated into the FairPrice ecosystem.

• No separate app registration: Users can transition directly into banking functionalities during onboarding.

3. Community-powered growth

Trust Bank’s initiatives go beyond banking—they actively contribute to society:

• ComLink+ initiative: Committed S$100,000 to support 1,000 low-income families.

• Partnership with Ministry of Social and Family Development (MSF): Enhancing financial inclusion.

• FairPrice foundation collaboration: Supporting underprivileged communities.

Leading in mobile app and onboarding experience

As Singapore’s banking sector evolves with increasing internet and mobile penetration, digital banks must offer superior customer experiences. CX Banking App Benchmark Report recognized Trust Bank as the leader in mobile app experience and customer onboarding.

#1 Mobile app experience

Trust Bank’s mobile app stands out for its user-friendly design and intuitive navigation:

• Clear Call-to-Action (CTA): Intuitive prompts for account opening and product applications.

• App-enabled passcode setup: Extra security integrated into the onboarding flow.

• Seamless onboarding: No separate registration process, allowing instant access to app features.

#2 Customer onboarding excellence

Trust Bank sets the benchmark for onboarding efficiency and transparency:

• Step-by-step account opening process: Clear guidance on document requirements.

• Comprehensive product information: Customers can easily compare and select banking products.

• Singpass integration: Auto-fetching of personal details enhances onboarding convenience.

• Instant account opening: Cutting down waiting times for a seamless experience.

• Virtual debit card awareness: Customers are informed about digital payment options upfront.

The bigger picture: Reimagining digital banking

Trust Bank’s journey is not just about reaching a numerical milestone—it’s about redefining the customer relationship in the digital age. Their focus on mobile-first banking, financial literacy, and community impact creates a blueprint for the future of banking.

Key learnings from Trust Bank’s success

• Experience-first banking drives growth: A seamless digital journey attracts and retains customers.

• Clear positioning & targeted campaigns matter: Effective acquisition strategies ensure sustained momentum.

• Community engagement strengthens the brand: Trust and loyalty are built through social impact initiatives.

• Sustainable business metrics must align with growth: Scaling a neobank requires balancing customer acquisition with financial viability.

As we anticipate their next strategic moves, one thing is certain—Trust Bank has proven that in digital banking, putting experience first isn’t just good for customers, it’s a powerful growth engine.

Looking ahead

Trust Bank’s 2024 annual report will be a defining moment in understanding the true impact of their customer-centric innovation. Will they sustain profitability while maintaining their exceptional experience-first approach? Only time will tell, but their journey so far offers valuable lessons for the future of banking.

For more insights, read CX Banking App Benchmark Report.