Singapore Business Awards 2024

APAC Insider- Singapore Business Awards 2024 | 18 When it was launched to the public on 1st September 2022, Trust Bank Singapore (also known as Trust) represented an innovative leap forward in the industry as the first of Singapore’s digitally native banks, boosted by a trio of core elements to its service, credit cards, savings accounts, and family personal accident insurance. Entering into the market with such products, as well as a developed loyalty system, is still a rare sight in the sector, with the standard approach being to launch just one product – usually deposit-based – and expand later on. Such a proactive approach has paved the way for endured success, something that CEO Dwaipayan Sadhu tells us more about. Most Innovative Digital Bank 2024 Built in Singapore for Singapore and backed by a unique partnership between one of the world’s most trusted banks with over 160 years of experience, Standard Chartered, as well as FairPrice Group, the country’s leading “Everything Food” retailer, Trust’s heritage is about as prestigious as can be. The “Trust” of its name thus accurately reflects the status of its duo of backers, with the exemplary practice of these two organisations serving as the driving feature behind such success. Blending its lineage with digital innovation, Trust’s customers are consistently thrilled with the easy-to-use and transparent nature of this holistic experience. Bolstered by the strength of its compelling proposition that has separated it from the competition in this bustling market, Trust has gone on to launch a series of revolutionary firsts in the space, such as its fully digital, numberless, and dual function credit/debit card; personal loans that can be approved in as little as 60 seconds; and an easyto-apply-for travel insurance offering. Aside from these, Trust is further distinguished in the sphere through its pioneering “Budget Buddies”, a money insight feature that presents its customers with spending categories in the form of lively animated characters, empowering them to track and manage their spending in a way that is bright, fun, and engaging. In just a year after its launch, Trust hit an impressive 12% share in the market, solidifying its status as one of the world’s fastest growing and most trusted digital banks. At the end of 2023, more than 700,000 people, or approximately 14% of the country’s bankable population, had opened an account with Trust. Not content to stop there, Sadhu tells us, “Trust has a bold ambition to become Singapore’s 4th largest retail bank by customer numbers by 2024, setting new benchmarks in customer experience and innovation.” Expanding in this way has been of the uppermost importance for the team, evolving the company’s services while simultaneously fortifying its customer offerings. As Sadhu tells us, “driving this has been a highly customer-centric approach, with customer feedback helping to prioritise which features would be of most value to Trust’s user base.” As a result of such feedback, digital versions of existing products have been released in abundance, bringing with them a collective portfolio of services that are incredibly impressive and unique for a digital bank that is less than two years old. New and targeted services of this calibre are continuously released, the latest of which is Trust+, Singapore’s first fully digital elevated banking experience, which launched on 1st February this year. The purpose of this platform is to assist customers by helping them to grow, with those who maintain an average daily balance of $100,000 or higher for the month automatically qualifying, allowing them to relish in up to 3% interest per annum on their savings. Benefits do not end here, as those customers eligible for Trust+ can enjoy exclusive benefits, rewards, a fancy new app experience, and customer service priority. As a company born in the cloud and committed to utilising the latest and best in innovative technology and practice to deliver on a world-class customer experience with cutting-edge security measures, Trust ensures that its customers remain happy and confident with their money, paving the way for an increase in impactful digital solutions in the banking world that are sure to represent that the future of the banking sector is indeed digital, and it is here now. Contact: Sujin Thomas Company: Trust Bank Singapore Web Address: https://trustbank. sg/ Feb24111