Trust Bank Prospers from Automated Digital Customer Onboarding
(3 May 2023 – Singapore) As the first cloud-native bank in Singapore, Trust Bank has onboarded over 450,000 customers in a fraction of the usual turnaround time since its September 2022 launch, equivalent to nine percent of the Singapore market.
Trust Bank offers a seamless digital approval process guaranteeing an average onboarding time of under three minutes for a savings account and under four minutes for a credit card.
Customer onboarding and risk management capabilities are implemented within the Fair Isaac Corporation (FICO) platform, a cloud-based decisioning platform that allows companies to centralise and use advanced analytics at speed.
The bank’s platform is designed to allow business users to write, edit and maintain their own business logic, increasing the speed and efficiency of changes.
“New applicants are able to pre-fill almost all of the application data seamlessly using Singapore’s advanced digital identity and data authentication infrastructure,” said Trust Bank Head of Onboarding and Customer Identity and Access Management, Vishnu Thilak.
“This creates a highly automated digital onboarding journey for our customers,” he added.
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