Since its launch in September 2022, Trust Bank has rapidly grown and has captured over 12% of the market, establishing itself as one of the fastest-growing digital banks globally. To stand out in Singapore’s competitive market, they sought a solution that could deliver a seamless, personalised, and innovative banking experience.
With Moneythor’s support, Trust Bank implemented real-time reward redemption, driving their groundbreaking referral program and achieving a lower-than-average cost of acquisition. Offering instant FairPrice E-vouchers for successful referrals, the program saw nearly 70% of new customers referred by friends or family.
Since its inception, Trust Bank has welcomed 700,000 new customers, with 85% activating their cards and making an average of 17 transactions per month. Digital coupon redemptions surpassed 2.2 million, and the bank’s app received a 4.8 rating on the Apple App Store, highlighting their commitment to customer satisfaction.
We recently caught up with Nitin Bhargava, Chief Data & Analytics Officer, to learn more about how Moneythor has helped Trust Bank deliver personalised financial insights and innovative features to their rapidly growing customer base, driving customer growth and high engagement rates.
“With support from Moneythor, we introduced real-time reward redemption, driving our ground breaking referral program and achieving cost of acquisition that is lower than market averages. By offering instant FairPrice E-vouchers for successful referrals, we revolutionised customer engagement, with nearly 70% of new customers referred by friends or family”
– Nitin Bhargava, Chief Data & Analytics Officer, Trust Bank.
