![The best banks in the Asia-Pacific region, according to customers](https://image.cnbcfm.com/api/v1/image/107419817-1716558187059-gettyimages-1028254898-_mar3817nologo.jpeg?v=1716558298&w=1920&h=1080)
SINGAPORE – Customers in Asia Pacific have picked their favorite banks as lenders struggle to meet consumer expectations in a rapidly changing environment.
After a prolonged period of high inflation – and high interest rates – banks in the region are beginning to cope with the global trend of lower interest rates. They also face technological innovations that have the potential to transform the sector as generative AI gains traction worldwide.
Against this background, the market research company Statista surveyed 22,000 people with a current or savings account in 14 major economies. The following report – the first of its kind – aims to highlight the banks that best meet consumer needs in their respective markets.
As part of the survey, participants rated their overall satisfaction with a bank and whether they would recommend it to others. They also rated each based on five criteria: trust, terms and conditions (such as fees and rates), customer service, digital services and quality of financial advice.
Below you can see which banks in your location have been added to the list.
Australia
1 | ING Group |
2 | Bank Australia |
3 | Westpac |
4 | Ubank |
5 | SNAP |
6 | Alex Bench |
7 | Newcastle Permanent Building Society |
8th | People’s Choice Credit Union |
9 | Beyond the bench |
10 | ME |
11 | Suncorp |
12 | MyState Bank |
13 | Australian Military Bank |
14 | Community First Bank |
15 | Heritage Bank |
Dutch bank ING prevailed in Australia against a large number of local competitors. Like most economies, Australians valued trust most and were less concerned about the financial advice they received.
China
1 | China Merchants Bank |
2 | Bank of China |
3 | ICBC |
4 | HSBC |
5 | China Construction Bank |
6 | Postal Savings Bank of China |
7 | China Minsheng Bank |
8th | Standard Chartered |
9 | SPD bank |
10 | Bank for communication |
11 | Chinese Agricultural Bank |
12 | UBS (China) Limited |
13 | JPMorgan Chase Bank (China) |
14 | China Everbright Bank |
15 | Ping a bank |
16 | DBS Bank (China) |
17 | Bank of Suzhou |
18 | Bank of Jiangsu |
19 | Chongqing Rural Commercial Bank |
20 | Hang Seng Bench |
21 | Hubei Rural Credit Union Association |
22 | Huishang Bank |
23 | East West Bank |
24 | WeBank |
25 | Hankou Bank (HKB) |
China Merchants Bank, listed in both Shanghai and Hong Kong, secured the top spot in mainland China, beating both domestic and foreign players.
Hong Kong
1 | China Construction Bank |
2 | China Minsheng Bank |
3 | ICBC |
4 | SPD bank |
5 | China Everbright Bank |
6 | Bank of communication |
7 | HSBC |
8th | general meeting |
9 | Livi Bench |
10 | China Merchants Bank |
China Construction Bank, one of China’s four largest state-owned banking institutions, was ranked as the top lender, ahead of foreign players such as HSBC.
India
1 | ICICI Bank |
2 | HDFC Bank |
3 | Axis bench |
4 | Kotak Mahindra Bank |
5 | State Bank of India |
6 | HSBC |
7 | Paytm Payments Bank |
8th | Standard Chartered |
9 | Bundesbank |
10 | IndusInd Bank |
11 | Union Bank of India |
12 | Karnataka Bank |
13 | Punjab National Bank |
14 | Bank of Baroda |
15 | Bandhan Bank |
16 | Financial maintenance |
17 | DSCB |
18 | Kerala Gramin Bank |
19 | Fino Payments Bank |
20 | APCOB |
21 | Punjab Gramin Bank |
22 | IDFC First Bank |
23 | UCO bank |
24 | RBL Bank |
25 | New India Bank |
ICICI Bank, a leading private bank in India, was the first choice in the country despite stiff competition from predominantly local lenders.
Indonesia
1 | Bank Central Asia |
2 | Mandiri bench |
3 | seashore |
4 | Iago |
5 | Raya bench |
6 | Bank Negara Indonesia |
7 | United Overseas Bank |
8th | PermataBank |
9 | Cimb Niaga |
10 | DBS |
11 | Bank Rakyat Indonesia (BRI) |
12 | BNC |
13 | Muamalat Bank |
14 | genius |
15 | BCA Syariah |
16 | HSBC |
17 | bdp diy |
18 | Bank Aceh |
19 | Standard Chartered |
20 | Bank Sumsel Babel |
Bank Central Asia, Indonesia’s largest private commercial bank, beat the competition to take the top spot. In their ranking, customers valued both trust and digital services.
Japan
1 | SBI Submission Net Bank |
2 | Rakuten Bank |
3 | Sony Bank |
4 | Aeon Bank |
5 | on Jibun Bank |
6 | PayPay Bank |
7 | Sumitomo Mitsui Banking Corporation |
8th | Senshu Ikeda Bench |
9 | The Juhachi Shinwa Bank |
10 | Your bank |
11 | Ehime Bank |
12 | Japanese Post Bank |
13 | I bank |
14 | Kyushu work bench |
15 | Hamamatsu Iwata Shinkin Bench |
16 | Keiyo Bench |
17 | Bank of Fukuoka |
18 | Shinsei Bank |
19 | The Nishi-Nippon City Bank |
20 | Aozora Bank |
21 | Saitama Resona Bench |
22 | MUFG bench |
23 | Lawson Bank |
24 | Gunma Bank |
25 | Hachijuni Bank |
26 | Rokin bench |
27 | Kiyo Bench |
28 | Tokyo Star Bank |
29 | The Bank of Okinawa |
30 | Kyoto Chuo Shinkin Bank |
31 | Abukuma Shinkin Bank |
32 | North Pacific Bank |
33 | Ogaki Kyoritsu Bench |
34 | Tottori bench |
35 | Bank of Kyoto |
SBI Sumishin Net Bank, a Japan-based company, managed to compete and prevail against other domestic lenders. For Japanese citizens, trust was the most important criterion.
Malaysia
1 | Maybank |
2 | Standard Chartered |
3 | Maybank Islamic |
4 | HSBC |
5 | RHB Islamic Bank |
6 | Islamic bank |
7 | AmBank Group Islamic |
8th | OCBC Bank |
9 | United Overseas Bank |
10 | Hong Leong Islamic Bank |
Maybank, the largest bank in Malaysia by market value, was customers’ first choice over competition from domestic and foreign lenders.
New Zealand
1 | Bank of New Zealand |
2 | ASB Bank |
3 | The cooperative bank |
4 | SBS Bank |
5 | Kiwi bank |
Bank of New Zealand, one of New Zealand’s big four banks, came top among consumers who also valued trust as their most important criterion. In some economies, such as New Zealand, there are fewer competitors in the market and the size of the banking market varies, so only five banks were included in the list.
Philippines
1 | Philippine National Bank |
2 | Union Bank (Philippines) |
3 | Mayan bench |
4 | OFBank |
5 | Union Digital Bank |
6 | UNO Digital Bank |
7 | GoTyme Bench |
8th | COUNTRY BANK |
9 | Metrobank |
10 | BPI |
Philippine National Bank, one of the country’s largest banks, took the top spot compared to competitors who were mostly local lenders.
Singapore
1 | DBS |
2 | HSBC |
3 | Citibank |
4 | Bank of Singapore |
5 | United Overseas Bank |
Singapore’s largest bank DBS beat its domestic rivals to secure the top spot in the city-state. Given the small market size, there are fewer bank competitors, which is why only five were on the list.
South Korea
1 | TossBank |
2 | CocoaBank |
3 | Kwangju Bank |
4 | K-Bank |
5 | Jeonbuk Bank |
6 | KB Kookmin Bank |
7 | Industrial Bank of Korea |
8th | DGB Daegu Bank |
9 | BNK Busan Bank |
10 | KEB Hana Bank |
Toss Bank, an internet-only bank based in South Korea, beat domestic competition to become the country’s top lender.
Taiwan
1 | E.Sun Financial |
2 | Bank SinoPac |
3 | Standard Chartered |
4 | CTBC Bank |
5 | Taipei Fubon Bank |
6 | Taishin International Bank |
7 | HSBC |
8th | Rakuten International Commercial Bank |
9 | Cathay Financial |
10 | Mega International Commercial Bank |
Taiwanese company E.Sun Financial, headquartered in Taipei, took the top spot as customers value trust and care less about financial advice.
Thailand
1 | Kasikornbank |
2 | Siam Commercial Bank |
3 | Bank of Ayudhya |
4 | United Overseas Bank |
5 | Krungthai Bank |
Kasikornbank, one of Thailand’s largest lenders, took first place in the country.
Vietnam
1 | Techcombank |
2 | Vietcombank |
3 | BIDV |
4 | Military Commercial Joint Stock Bank |
5 | ACB |
6 | Vietnamese bank |
7 | VIB |
8th | TPBank |
9 | Sacombank |
10 | VP Bank |
11 | BVBank |
12 | Shinhan Bank |
13 | SeA Bank |
14 | HDBank |
15 | Ocean bank |
Vietnamese private lender Techcombank is the first choice of customers in the country, where trust was once again the key factor for survey participants.
Clarification: This story has been changed in light of the manner in which the research was conducted.
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2024-06-07 09:39:09
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