Trust Bank Onboards 450K Customers in 5 Months using FICO Platform
Singapore’s first cloud-native bank uses FICO Platform for onboarding and wins FICO® Decisions Award for Customer Onboarding and Management
One of the World's Fastest Growing Digital Banks
Trust Bank, Singapore’s first cloud-native bank, has become one of the world’s fastest growing digital banks while managing risk using FICO® Platform. Trust acquired 100,000 customers in just ten days after it launched in September 2022 and exceeded 450,000, equivalent to 9 percent of the Singapore market, within just five months. Trust Bank is setting a precedent for financial services by onboarding an individual and delivering a credit card to them digitally on their phone within four minutes, creating a seamless digital onboarding process for new customers.
Trust Bank implemented the customer onboarding and risk management capabilities using FICO® Platform, a cloud-based decisioning platform that allows companies to centralize and operationalize advanced analytics at speed to enhance customer experience, for optimal digital onboarding.
“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,” said Lalit Lohia, Chief Risk Officer at Trust Bank. “FICO Platform helps us to deliver that edge.”
You can read more about this digital customer onboarding story in the full media release.
A Credit Card in Just Minutes
When Trust launched, creating an exceptional onboarding experience was key. To do so, Trust made its account opening fast and easy for new customers. The seamless digital approval process enabled Trust 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.
“A seamless and delightful customer onboarding experience was a must-have for Trust,” said Vishnu Thilak, Head of Onboarding and Customer Identity & Access Management at Trust Bank. “New applicants are able to pre-fill almost all of the application data seamlessly using Singapore’s advanced digital identity and data authentication infrastructure. This creates a highly automated digital onboarding journey for our customers."
Trust 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.
“We combine risk management fundamentals with data science and customer segmentation to help us arrive at optimum risk outcomes,” said Lohia. “FICO Platform allows us to simultaneously take care of credit risk and regulatory risk within a single solution.”
A Scalable, Flexible Platform
Following its launch, Trust received feedback from customers on how it could refine its offering. In a demonstration of its agility, Trust built and released in-App features in rapid timing to enhance its customer experience.
“The flexibility of FICO Platform meant we could create the new credit card product in just a matter of days from idea to execution,” added Lohia. “This has changed the way we do business as we can see market outcomes in near real time, and our risk strategy team can roll out changes rapidly.”
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.
“Executing the integration needed to create a seamless onboarding process is difficult,” said Martin Elliott, General Manager Consumer Lending and Insurance Partnerships at BNZ and one of the FICO Decisions Awards judges. “Trust Bank designed a great origination process and made use of the technologies in an innovative way. They used cloud, data and decision management to deliver a system that was fast and flexible while still meeting risk management requirements.”
How FICO Can Help Improve Your Customer Onboarding
- Watch this video of Lalit Lohia, CRO at Trust Bank talk about FICO Platform and how successful it was for digital banking customer onboarding.
- Read this case study on how Trust exceeded launch origination goals while maintaining its risk appetite and responding to customer feedback dynamically by adjusting rules and policies in near real time. With the help of FICO Platform, Trust Bank was able to achieve exceptional results in digital onboarding and risk management.
- Learn from this FICO survey what consumers want when it comes to digital account opening. FICO's research provides valuable insights on how to optimize your onboarding process and enhance your customer experience.
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I further broke this down by looking at the characteristics of the youngest 15% in each group, which occurs at age 29 for the 750-799 group and 43 for the 800-850. We used FICO<strong>®</strong> Score 9 for our analysis, and examined typical variables of the categories that go into the make-up of the score.</p> <p><a href="http://www.fico.com/en/blogs/wp-content/uploads/2016/10/FICO-Score-High-Achiever-table.png"><img class="alignnone size-full wp-image-29367" src="http://www.fico.com/en/blogs/wp-content/uploads/2016/10/FICO-Score-High-Achiever-table.png" alt="fico-score-high-achiever-table" width="715" height="747" /></a></p> <p>Since there’s a lot to dissect in this chart, I’ll highlight a few findings that struck me: <ul> <li><strong>Credit history.</strong> Higher scores are undoubtedly associated with a longer time on file. What’s striking is the higher average time on file for the 800+ group, both overall and for revolving accounts (the most common trade line). 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While 23% of the national population have collection items greater than $99, the figures are only 0.5% for the 800+ group and 3% for the 750-799 group. It is clear that, in conjunction with starting a credit file early, paying on time is a key trait of the FICO® Score high achiever.</li> <li><strong>Balance and utilization.</strong> Finally, we look at how credit is being used, focusing on revolving product use. (Since most people only have one mortgage or one auto loan, variation in instalment product figures is minimal and driven by payment history, which is near perfect for high scorers, as we’ve seen.) FICO® Score high achievers tend to have more open revolving accounts. While the % active trades and utilization are generally lower, by no means do high scorers avoid the use of credit products. What drives the difference here is the amount of <u>available</u> revolving credit utilized. 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It ain’t rocket science!</p>
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