Using predictive analytics and innovative origination processes, Singapore’s first cloud-native bank has been proving its mettle amid high consumer expectations

When Singapore’s first cloud-native bank was launched, it made account opening fast and easy for new customers. A seamless digital approval process meant an average onboarding time of under three minutes for a savings account, and under four minutes for a credit card!

Trust Bank also combines fast onboarding 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.

Following its launch in September 2022, the digital bank received feedback from customers on how it could refine its offerings. In a demonstration of its agility, new in-app features were built and launched rapidly to enhance the customer experience. As a result, the bank was able to acquire 100,000 customers in just 10 days of launch, and within five months, had onboarded more than 450,000 customers.

A great origination process

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

Attributing their bank’s agility to the technology platform from FICO, a cloud-based decisioning platform that allows businesses to centralize and operationalize advanced analytics at speed, spokespersons said this enables teams to simultaneously take care of both credit risk and regulatory risk within a single solution.

Going a step further with the platform’s capabilities, the digital bank designed a great origination process and made use of the platform technologies in an innovative way. They used cloud, data and decision management to build a system that was fast and flexible while still meeting risk management requirements.

Said Nikhil Behl, Chief Marketing Officer, FICO: “Agility, precision and an intuitive customer experience was crucial to Trust Bank making such a substantial impact in Singapore. 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.”