More than a quarter of Trust Bank’s one million customers are aged 55 and above, showing that digital banking adoption extends beyond younger users.
Its customers span all age groups, with those aged between 25 and 45 accounting for more than 40% of the customer base.
Trust Bank CEO Dwaipayan Sadhu previously discussed the digital bank’s growth and its approach to attracting customers in Singapore.
@fintechnewsnetwork They grew to be Singapore’s 4 largest bank in 2 years Trust Bank CEO, Dwaipayan Sadhu reveals the secrets to their rapid growth @Trust Bank Singapore #fintech#digitalbanking#banking#innovation#fyp#foryou♬ original sound – Fintech News Network
Trust Bank customers have completed more than 60 million overseas transactions in more than 175 countries and saved over S$142 million in foreign exchange fees.
Malaysia recorded the highest overseas spending and customer participation. Other key markets included Japan, China, the United Kingdom and the United States.
Customers have earned more than nine billion Linkpoints and over S$27 million in cashback through spending on groceries, dining and transport.
The bank has recorded more than 430,000 Split Purchase transactions.
The service allows customers to divide payments into instalments, with jewellery the largest category, followed by department store shopping and travel.
Customers Turn to Savings and Investments
Customers have funded more than 150,000 Savings Pots, with an average balance of about S$3,000 per pot.
The feature is used to organise savings for goals such as travel, bills and future plans.
Trust Bank has introduced a generative AI chatbot that has reduced customer chats handled by human agents by 50% and complaints by about 40%.
CIO Rajay Rai has discussed why banks need to accelerate their adoption of AI.
@fintechnewsnetwork After 35 years in banking, Rajay Rai, CIO Trust Bank says the industry has never faced a pace of change like AI. And it isn’t ready. He explains why. Here’s Rajay Rai’s take on AI in banking. fintech Digitalbanking AI banking @Trust Bank Singapore
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Trust Bank has seen early interest in US-listed shares and exchange-traded funds.
Customers have made thousands of trades in stocks including NVIDIA, Tesla, Apple, Meta and Microsoft, as well as ETFs.
Nitin Bhargava, Chief Data and Analytics Officer at Trust Bank, said,
“The real story behind our 1 million customers is intent.
The data shows a shift where our customers are more hands-on, more cost-conscious, and more purposeful about how they manage their money.”
Featured image: Edited by Fintech News Singapore, based on image by user8647581 via Magnific
