Singapore’s Neobank 0 to 650k users 1 month from launch – marketers behind the new digital bank by Stanchart and FairPrice Group – Trust Bank – explain how accessibility, incentives and attention to user journeys led to tremendous success that “most other banks take a year to achieve”.
Campaign Asia reported that “Project Phoenix” was underway for over a year along with the branding, communications and media brain trust hired to launch it.
Questions like “Did they choose the right name? Would the client stakeholders agree on the rollout? Could the different agencies execute their marketing strategy with a common vision? Had they found the right shade of blue? Would the new brand resonate with Singaporeans across all generations? Would the product be understood? Was the app easy enough to use? Was there enough incentive to share sign-up referrals?” kept coming up.
Chief Marketing Officer Kelvin Tan said that the largest driver came from the hugely successful referral programme. On the Trust Bank app, its “refer a friend” feature was easily enabled through SMS or WhatsApp, and gave users a $10 bonus for referring friends to sign up for accounts with a referral code.
It exploded early, and influential leaders joined everyday customers in unpaid word-of-mouth social promotion. In the early days, it drew 70% of all the new customers at a much lower CPA (cost per acquisition) than traditional strategies.
NTUC Enterprise and FairPrice Group jointly own holding company BetaPlus – a Trust Bank shareholder along with Standard Chartered Bank.
“We saw a lot of digital banks trying really, really hard to look and sound like a digital bank,” says Superunion creative director Scott Lambert. “They’re always very slick with digital tech colours and typefaces. It’s very polished, very ‘lifestyle’. There was clearly an opportunity to do something different.”
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Trust Bank Hits 100,000 Customer Milestone 10 Days After Launch