HOW TRUST BANK WENT FROM ZERO TO A MILLION CUSTOMERS IN LESS THAN THREE YEARS

Summary from the TLDR Marketing newsletter

Trust Bank, a digital-only bank in Singapore, reached one million customers despite operating in a highly banked market where 98% of adults already have accounts. It achieved rapid growth through a mix of fast onboarding, instant rewards, and partnerships with FairPrice, which helped it attract a broad customer base. About 70% of its customer base came through a referral program that provided immediate incentives, keeping acquisition costs to around one-seventh of the industry norm. Trust focused on authentic influencer partnerships and unique campaigns like a live cash grab event to build brand visibility and loyalty. It continues to use data and AI to drive personalisation and aims to grow by deepening emotional connections with its users.