Singapore’s Trust bank, a joint venture between Standard Chartered Bank and NTUC FairPrice said it is using Amazon Web Services (AWS) to accelerate its growth, and offerings and improve customer experience.
The cloud-native Bank has onboarded more than 300,000 consumers within two months of its launch on AWS. It has also offered a range of products and services in a user-friendly app like credit cards, savings accounts and insurance.
Trust’s chief information officer Rajay Rai said they have been able to significantly reduce onboarding time for consumers.
"Using AWS, we onboarded consumers for savings accounts in less than three minutes and for credit cards in less than four minutes.”
Trust bank has delivered numberless credit cards that allow customers to choose repayment dates, and switch between credit and debit cards on the app for dual account holders, eliminating the need to carry multiple cards.
It has built solutions and services including an in-app spend tracker that allows real-time tracking of Linkpoints.
Linkpoints are loyalty points accumulated with every spend at NTUC FairPrice shops and other Link partners, which customers can then redeem to offset their purchases with instant dollar savings.
The joint venture partners said they needed a highly scalable, agile environment like AWS that could easily handle large volumes of new consumers and rapidly iterate to provide an engaging user experience.
The bank has hosted its banking platform in the AWS Asia Pacific (Singapore) Region supported across multiple Availability Zones and ultra-low latency to meet their data residency compliance requirements.
With Amazon Elastic Compute Cloud (Amazon EC2), a web service that provides secure, resizable compute capacity in the cloud, Trust Bank could cater to growing numbers of new accounts and services.
Real-time data
Trust stores real-time data like consumer feedback, and transaction history on Amazon Relational Database Service (Amazon RDS), a service that helps consumers set up, operate, and scale a relational database in the cloud.
It has selected AWS Advanced Technology Partner, GFT, and AWS Premier Partner, Sourced Group, an Amdocs Company, to help build and deploy the digitally-native bank on AWS. Trust also selected Thought Machine, an AWS ISV Accelerate Partner, as its core banking technology provider.
The teams are also using AWS Marketplace, a curated digital software catalogue, to find, test, buy, and deploy third-party software.
“This software purchase experience increases our ability to quickly respond to consumer's needs by offering new banking experiences here in Singapore.”
Rai said they wanted to continue with AWS to ‘reinvent’ digital banking with the highest security and scalability.
“We aim to provide an easy-to-use, rewarding, and transparent banking experience that brings real value to our customers,” he added.
