The best banks in the Asia-Pacific region, according to customers

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

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

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

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

ICICI Bank, a leading private bank in India, was the first choice in the country despite stiff competition from predominantly local lenders.

Indonesia

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

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

Maybank, the largest bank in Malaysia by market value, was customers’ first choice over competition from domestic and foreign lenders.

New Zealand

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

Philippine National Bank, one of the country’s largest banks, took the top spot compared to competitors who were mostly local lenders.

Singapore

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

Toss Bank, an internet-only bank based in South Korea, beat domestic competition to become the country’s top lender.

Taiwan

Taiwanese company E.Sun Financial, headquartered in Taipei, took the top spot as customers value trust and care less about financial advice.

Thailand

Kasikornbank, one of Thailand’s largest lenders, took first place in the country.

Vietnam

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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Richard