As for customer acquisition costs, Trust’s integration with its ecosystem partners allowed the bank to attract clients organically, especially at the initial stages. Additionally, about 70% of all sign-ups come from existing customer referrals, which is the cheapest way to acquire customers. As such, Sadhu explains that Trust’s acquisition cost is just one-seventh of the market average.
Standard Chartered Bank (StanChart) and FairPrice Group-backed Trust Bank had posted promising leading indicators that signal strong business growth, setting the stage for profitability, according to CEO Dwaipayan Sadhu. “We are on track to becoming Singapore’s fourth largest retail bank by customer numbers by the end of this year,” he adds.
At the sidelines of the bank’s second-anniversary business update event, Sadhu says Trust’s 1HFY2024 total revenue had increased three times compared to 1HFY2023. The revenue increase came from flat costs, only up 1% y-o-y owing to its technology-backed scalability.
