Trust Bank's AI Chatbot Cuts Agent-Handled Chats by 50% as Customer Base Ages Up
Source: Fintech News SG
Trust Bank, the Singapore digital bank backed by Standard Chartered and FairPrice Group, revealed that its generative AI chatbot has reduced customer chats handled by human agents by 50% and cut complaints by roughly 40%. With over a quarter of its one million customers aged 55 and above, the bank's AI deployment shows that generative AI is delivering measurable results across a diverse, multi-generational customer base in Singapore.
Trust Bank, the Singapore digital bank backed by Standard Chartered and FairPrice Group, revealed that its generative AI chatbot has reduced customer chats handled by human agents by 50% and cut complaints by roughly 40%. The milestone comes as the bank crosses one million customers, with more than a quarter of them aged 55 and above — a clear signal that digital banking adoption in Singapore extends well beyond the young and tech-savvy.
Launched just over two years ago, Trust Bank has built a customer base that spans all age groups, with 25-to-45-year-olds making up over 40% of users. CIO Rajay Rai has highlighted the need for banks to accelerate AI adoption, noting that the industry has never faced a pace of change quite like this. Trust Bank's generative AI assistant handles routine queries and transactions, freeing human agents for more complex cases.
The bank's customers have completed more than 60 million overseas transactions across 175 countries, saving over S$142 million in foreign exchange fees. Customers have also funded more than 150,000 Savings Pots with an average balance of about S$3,000 each, while hundreds of thousands have used the Split Purchase instalment service. Interest in US-listed shares and ETFs — including NVIDIA, Tesla, and Meta — has also grown through the bank's trading feature.
Why it matters for Singapore: Trust Bank's AI deployment shows that generative AI isn't just a cost-cutting experiment in Singapore's financial sector — it's delivering measurable results in customer satisfaction and operational efficiency. With MAS actively encouraging responsible AI adoption across financial services, Trust Bank's data offers a real-world benchmark for how digital banks can use AI to serve a genuinely diverse, multi-generational customer base in Singapore.