An ISO/IEC27001:2013 and ISO 27018:2019 certified cloud solution
Neo Bank Case Study: How Singapore’s Leading Digital Bank Slashed CAC 33× and Drove $6.6M in Spend
Singapore’s pioneering digital bank transformed gamified engagement into a massive revenue engine. By leveraging the Perx Lifestyle Marketing Platform, this bank successfully increased product usage and reduced customer acquisition cost (CAC) from a regional average of $303 to just $9.
Despite a record-breaking launch, the bank needed a scalable solution to maintain high daily active usage (DAU) and incentivize frequent card spend. Traditional loyalty programs often fail to influence everyday financial behavior. Trust Bank required a behavior-led approach to:
– Incentivize high-value actions without massive marketing burn.
– Lower the high CAC typically associated with the Singaporean digital banking sector.
– Drive virality through organic customer referrals.
To address these challenges, the bank deployed a sophisticated gamified engagement layer powered by Perx. This allowed the bank to turn routine financial activities into rewarding, habit-forming journeys. By utilizing Perx’s adaptive rule engine, htey managed up to 15 simultaneous campaigns, including digital Stamp Cards, automated reward nudges, and hyper-personalized push rules. A key component was the “Refer, Spend & Win” mechanic, which combined organic virality with transactional milestones. This framework allowed the bank to activate non-responsive users and motivate spending at scale, all while managing a complex ecosystem of over 400 merchant rewards through a single platform.
Perx-powered campaigns generated $6.6M in transaction value, delivering 2× ROI on platform costs while sustaining a 70%+ engagement rate and 72% returning customer rate across the user base. The bank managed 400+ merchant rewards and used Perx’s adaptive rule engine to keep non-responsive customers engaged. A hybrid “Refer, Spend & Win” campaign drove 25,200 referrals, 32,000 new customers, and 1.5M overseas transactions, slashing CAC from the regional benchmark of $303 to just $9—a 33× reduction. These results show how behaviour-led nudges can dramatically improve economics, retention, and topline impact for digital banks.
See how digital banks reduce CAC and boost revenue with behaviour-led engagement.
Download the full case study.
Download Success Story
