Trust Bank Leverages Fico Platform Acquiring 450,000 Customers In 5 Months
- news2u
- Apr 28, 2023
- 2 min read
KUALA LUMPUR, April 26 (Bernama) -- Trust Bank, Singapore’s first cloud-native bank, has acquired 100,000 customers in 10 days after it launched in September 2022 and exceeded 450,000, equivalent to nine per cent of the Singapore market, within just five months.
Trust Bank has become one of the world’s fastest growing digital banks while managing risk using FICO Platform. It can onboard a customer and deliver a credit card to them digitally on their phone within four minutes.
Trust Bank implemented the customer onboarding and risk management capabilities within FICO Platform, a cloud-based decisioning platform that allows companies to centralise and operationalise advanced analytics at speed.
“As a CRO, I like the flexibility to be able to make changes quickly so that we can respond to the market and customer feedback. FICO Platform helps us to deliver that edge.
“We combine risk management fundamentals with data science and customer segmentation to help us arrive at optimum risk outcomes. FICO Platform allows us to simultaneously take care of credit risk and regulatory risk within a single solution,” said Trust Bank Chief Risk Officer, Lalit Lohia in a statement.
Trust Bank made its account opening fast and easy for new customers. The seamless digital approval process enabled the bank to deliver an average onboarding time of under three minutes for a savings account and under four minutes for a credit card, creating a new onboarding experience for the market.
Trust Bank combines this fast onboarding journey 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, Trust Bank received feedback from customers on how it could refine its offering. In a demonstration of its agility, the bank built and released in-App features in rapid timing to enhance its customer experience.
FICO Platform is designed to empower business users to write, edit, and maintain their own business logic, increasing the speed and efficiency of changes. The business was able to react rapidly and make policy adjustments in near real time.
For its achievements, Trust Bank won a 2023 FICO Decisions Award for Customer Onboarding & Management.
For more informations, visit https://www.fico.com/en/solutions/account-opening.
-- BERNAMA
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