Celebrating Trust Bank’s 2nd Anniversary
On September 1, 2024, Trust Bank marked its second anniversary. Since its inception, the bank has been dedicated to developing a range of innovative products and services for its rapidly expanding customer base. Today, Trust Bank proudly serves over 800,000 customers, representing approximately 16% of Singapore’s adult population. This remarkable growth has positioned Trust Bank as one of the fastest-growing digital banks globally in terms of population share.
Customer referrals have been a significant driver of Trust Bank’s success, with around 70% of new sign-ups attributed to existing customer recommendations. This customer loyalty has led to Trust Bank achieving the highest rating among banks on the Singapore Apple App Store.
Commitment to Customer Satisfaction
Trust Bank’s primary focus is on creating an outstanding customer experience by offering products and services that are easy to use, transparent, and rewarding. As of its two-year milestone, Trust Bank’s offerings already cater to a variety of daily needs while setting new standards for customer experience. Notable achievements include a 3-minute onboarding journey (recognized as the best in the world by The Asian Banker), the only fully digital supplementary credit card available in the market, and innovative approaches to budgeting and savings.
Known as a bank for everyday essentials—such as Linkpoints savings, Kopitiam coffees, and fuel savings—and for travel, with zero foreign exchange fees, Trust Bank has delivered significant value to its customers. To date, Trust Bank customers have enjoyed over S$35 million in savings through Linkpoints, received 2.7 million digital coupons, and saved more than S$30 million in foreign exchange fees.
Progress Toward Long-Term Goals
Trust Bank is committed to building a strong and sustainable institution that its customers love. The bank has made considerable progress toward this goal, as evidenced by several key metrics:
- Customer Service:** Over 80% of customer inquiries are addressed within 20 seconds, reflecting Trust Bank’s commitment to providing 24/7 service.
- Customer Engagement:** Trust Bank’s credit card has become a daily-use card, with customers averaging 21 transactions per month.
- Transaction Growth:** Trust Bank has processed over S$4.5 billion in transactions since its launch, making it the fastest-growing card issuer in Singapore for domestic and cross-border spending based on Visa data from the 12 months ending June 2024.
- Customer Deposits:** As of June 2024, customer deposits reached S$3 billion, a 2.6 times increase compared to the same period in 2023. This growth is attributed to the bank’s excellent customer experience, competitive interest rates, and Trust+, Singapore’s first fully digital elevated banking experience.
- Loan Products:** Trust Bank offers three loan products, with total customer loans and advances nearing S$500 million as of June 2024—a 3.1 times increase compared to 2023. In July 2024 alone, over 12,000 loans were disbursed.
- Financial Performance:** Trust Bank’s total revenue for the first half of 2024 tripled compared to the same period last year, achieved with relatively flat costs, demonstrating the scalability of its modern digital platform.
Introducing the Trust Cashback Card
In celebration of its second anniversary, Trust Bank has launched an innovative cashback card that is instant, transparent, and flexible. Unlike other cashback cards in the market, the Trust Cashback Card stands out with its comprehensive offering, from excellent cashback rates to ease and transparency in user experience. The card provides instant cashback credit, real-time earnings tracking, and the convenience of paying a consolidated credit card bill for customers who hold both the Trust Link and Cashback cards. Additionally, the card offers a quarterly bonus rate of up to 15% on preferred spend categories and up to 20% off exclusive deals with partners like Agoda, Caltex, CDG Zig, Deliveroo, and KFC.
As a special promotion until December 31, 2024, new Trust customers will enjoy unlimited 1.5% cashback on all spending, with no caps. Existing customers will receive 1% cashback. True to Trust Bank’s values, the card has no annual fees and zero foreign exchange transaction fees.
Millionaire Giveaway
To further celebrate its anniversary, Trust Bank is giving away S$1 million to one lucky Trust Cashback Card customer. Customers can enter the draw by signing up for a Trust Cashback Card, with one entry per sign-up and 10 entries per successful referral. The winner will be announced on January 16, 2025. Additionally, all new Trust Cashback Card customers who sign up before December 31, 2024, will receive up to three digital scratch cards within the Trust app, with guaranteed cashback rewards of up to S$3,000.
Leadership Remarks
Dwaipayan Sadhu, Chief Executive Officer of Trust Bank, expressed gratitude for the positive customer response over the past two years. “As we celebrate our second birthday, we are humbled by the support from our customers. We have introduced many innovations to the market, guided by customer feedback, which has been essential in shaping the experience we offer today.”
Commenting on Trust Bank’s progress and the launch of the new product, Sadhu added, “We are witnessing strong growth across key business metrics, with over 800,000 customers, deposits reaching S$3 billion, and loans and advances approaching S$500 million. We are on track to become Singapore’s fourth-largest retail bank by customer numbers by the end of this year. Looking ahead, we are excited to introduce a market-leading cashback card that is innovative, easy to use, and transparent.”
