Case Study: Trust Bank

“Trust Bank: Redefining Retail Banking in the Digital Age”

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• Company: Trust Bank

• Year: 2024

• Themes: Digital Transformation; Customer Centricity; Agility; Strategic Partnerships; Digital Innovation

• Pages: 9 pages plus appendices

The Setting

The case is set in 2024, two years after Trust Bank’s launch as Singapore’s first fully digital bank. Trust Bank was established as a strategic partnership between Standard Chartered and NTUC Enterprise, designed to operate independently of Standard Chartered’s legacy systems.

This approach, known as the speedboat model, gave Trust Bank the agility to compete in the fast-evolving digital banking sector. It leveraged NTUC Enterprise’s extensive ecosystem, particularly the FairPrice retail network, to seamlessly integrate financial services into the daily lives of Singaporeans.

By 2024, Trust Bank had rapidly grown its customer base to over 800,000 users, representing 16% of Singapore’s adult population. Its success raises a key question: How can digital-first banks design and execute strategies that deliver rapid growth while meeting evolving customer needs?

The Learning Focus

This case study focuses on customer-centric innovation and the strategies needed to thrive in a highly competitive digital banking environment. Learners will explore:

• The benefits and challenges of adopting a speedboat model for digital transformation.

• How customer-centric design creates financial products that resonate with users’ daily lives.

• The importance of strategic partnerships in balancing rapid growth with operational sustainability.

Key Takeaways

This case study provides learners with actionable insights into:

• How to foster agility and rapid innovation.

• The critical role of customer-centric design in achieving growth and engagement.

• Strategies for balancing external expertise with internal capabilities to drive transformation.