Trust Bank, touted as the first first built-in-the-cloud, digitally-native bank in Singapore, said it onboarded more than 300,000 customers within two months of its launch on Amazon Web Services in September 2022.
Backed by a partnership between Standard Chartered Bank and FairPrice Group, Trust offers a range of products in an easy-to-use app, including a credit card, a savings account, and family personal accident insurance.
Trust is integrated with Singapore’s consumer ecosystem, enabling significant savings on everyday expenses through FairPrice Group and its Link Rewards program.
Built on AWS, Trust has the agility to rapidly improve its offerings based on customer feedback, and the scalability to support its fast-growing customer base.
Using AWS, Trust offers a simple user interface and onboarding times of less than three minutes for a savings account and less than four minutes for a credit card, bringing convenience to consumers.
Also, Trust said it delivered the first-to-market numberless credit card that allows customers to choose their repayment date, and the ability to switch between credit and debit card on the app for dual account holders, removing the need for users to carry multiple cards.
The bank is building innovative digital products on AWS, including an in-app spend tracker that allows real-time tracking of Linkpoints earned. Linkpoints are loyalty points accumulated with every spend at FairPrice and other Link partners, which customers can then redeem to offset their purchases with instant dollar savings.
Trust banks on being hosted in the AWS Asia Pacific (Singapore) Region, providing their customers with a banking platform supported across multiple Availability Zones and ultra-low latency for a seamless banking experience, while assisting the bank to meet data residency compliance requirements.
Launching the country’s first of a new wave of digitally-native banks, Standard Chartered Bank and FairPrice Group needed a highly scalable, agile environment that could easily handle large volumes of new consumers, and rapidly iterate to provide a seamless and engaging user experience.
Using Amazon Elastic Compute Cloud (Amazon EC2), a web service that provides secure, resizable compute capacity in the cloud, Trust easily scales to cater to growing numbers of new accounts and services.
With Amazon Relational Database Service (Amazon RDS), a service that helps consumers set up, operate, and scale a relational database in the cloud, Trust stores real-time data, including consumer feedback and transaction history.
This data helps the bank upgrade its customer experience with improvements to its app, including the ability for customers to set their credit limit and choose their credit card repayment dates.
“Trust aims to provide an easy-to-use, rewarding, and transparent banking experience that brings real value to our customers,” said Rajay Rai, CIO at Trust.
“In the cloud, we can scale easily to onboard high numbers of new accounts, and using AWS, we can also rapidly take action on customer feedback, which is crucial for a fast-growing, modern digitally-native bank,” said Rajay.
Peter Murray, AWS head of FSI in ASEAN, said that with changing customer preferences driving the rapid digitisation of the region’s banking sector, leveraging advanced technologies offered by public cloud is becoming an imperative.
