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Trust Bank Onboards Over 450,000 Customers in Five Months, Utilizing FICO Platform to Support Customer Onboarding

Singapore’s leading digital bank wins FICO® Decisions Award for Customer Onboarding and Management



  • Trust Bank is using FICO® Platform to incorporate strong risk management into an exceptional and delightful customer onboarding experience
  • Trust Bank acquired 100,000 customers in 10 days and over 450,000 customers in five months
  • Trust Bank business users can make policy and product changes quickly and easily
  • Trust Bank won a 2023 FICO® Decisions Award for Customer Onboarding and Management

Trust Bank, Singapore’s first cloud-native bank, has become one of the world’s fastest growing digital banks while managing risk using FICO® Platform. Trust acquired 100,000 customers in just ten days after it launched in September 2022 and exceeded 450,000, equivalent to 9 percent of the Singapore market, within just five months. 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, a cloud-based decisioning platform that allows companies to centralize and operationalize advanced analytics at speed.

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“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 under four minutes for a credit card, creating a new onboarding experience for the market.

“A seamless and delightful customer onboarding experience was a must-have for Trust,” said Vishnu Thilak, Head of Onboarding and Customer Identity & Access Management at Trust Bank. “New applicants are able to pre-fill almost all of the application data seamlessly using Singapore’s advanced digital identity and data authentication infrastructure. This creates a highly automated digital onboarding journey for our customers."

Trust combines this fast onboarding journey with comprehensive risk assessment by using predictive models, analytics and parameters built into its decision engine. Applicable regulations on lending are also implemented via this solution.

“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.”

A Scalable, Flexible Platform

Following its launch, Trust received feedback from customers on how it could refine its offering. In a demonstration of its agility, Trust built and released in-App features in rapid timing to enhance its customer experience.

“The flexibility of FICO Platform meant we could create the new credit card product in just a matter of days from idea to execution,” added Lohia. “This has changed the way we do business as we can see market outcomes in near real time, and our risk strategy team can roll out changes rapidly.”

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.

“Agility, precision and an intuitive customer experience was crucial to Trust Bank making such a substantial impact in Singapore,” said Nikhil Behl chief marketing officer at FICO. “The decision engine in 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.”

For its achievements, Trust Bank won a 2023 FICO® Decisions Award for Customer Onboarding & Management.

“Executing the integration needed to create a seamless onboarding process is difficult,” said Martin Elliott, General Manager Consumer Lending and Insurance Partnerships at BNZ and one of the FICO Decisions Awards judges. “Trust Bank designed a great origination process and made use of the technologies in an innovative way. They used cloud, data and decision management to deliver a system that was fast and flexible while still meeting risk management requirements.”

About Trust Bank

Trust Bank Singapore Limited (Trust) 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, combining it with best-in-market rewards on everyday living expenses at FairPrice Group’s extensive island-wide network.

About the FICO® Decisions Awards

The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2023 judges are:

  • Cortnie Abercrombie, CEO/Founder AI Truth
  • Neeti Aggarwal, CFA senior research manager, The Asian Banker
  • Douglas Blakey, editor, Retail Banker International
  • Burcu Çalıcıoğlu, SVP of credit analytics and retail credit, Akbank (previous winner)
  • Martin Elliott, general manager consumer lending, BNZ (previous winner)
  • Mark Feeley, research and brand director, Chartis
  • Michal Lodej, group editor, Shard Financial Media
  • Andre Miceli, chief editor, MIT Technology Review Brazil

The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO® World 2023, May 16 - May 19 2023, in Hollywood, Florida.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of rental cars are in the right place at the right time.

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FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.


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