By SINGAPORE — Customers in Asia-Pacific have picked their favorite banks as lenders scramble to meet consumer expectations in a fast-changing environment.
After a prolonged period of high inflation — and interest rates — banks in the region are starting to navigate the global trend of lower rates. They’re also facing technological innovation that has the potential to transform the sector, as generative AI gains traction around the world.
Against this backdrop, market research firm Statista surveyed 22,000 individuals with a checking or savings account in 14 major economies. The report below — the first of its kind — is designed to highlight the banks that best meet consumer needs in their respective markets.
For the survey, participants evaluated 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. Click here for the full methodology.
See below to see which banks made the list in your location.
Dutch bank ING came out top in Australia, against a sea of local competition. Like most economies, Australians valued trust the most and were less concerned on the financial advice they were given.
China Merchants Bank, listed in both Shanghai and Hong Kong, earned the top spot in mainland China beating both domestic and foreign players.
China Construction Bank, one of China’s four major state-owned banking institutions, was ranked the top lender over foreign players like HSBC.
ICICI bank, a leading private sector bank in India, was the top pick in the country despite strong competition from mostly local lenders.
Bank Central Asia, Indonesia’s largest private commercial bank, beat the competition to clinch the top spot. Customers valued both trust as well as digital services in their ranking.
SBI Sumishin Net Bank, a Japan-based company, managed to beat other domestic lenders to come out top. Japanese citizens valued trust as their most important criteria.
Maybank, which is the largest bank by market value in Malaysia, was the customers top pick against competition from domestic and foreign lenders.
Bank of New Zealand, one of New Zealand’s big four banks, earned the top spot among consumers who also valued trust as the most important criteria. In some economies, like New Zealand, there are fewer competitors in the market and the size of the banking market differs, thus only five banks made the list.
Philippine National Bank, one of the largest banks in the country, earned the top rank against competition from largely local lenders.
Singapore’s biggest bank DBS beat its domestic peers to clinch the top spot in the city-state. Given the small market size, there are fewer banking competitors as a result only five made the list.
Toss Bank, an internet-only bank based in South Korea, managed to fend off domestic competition to emerge as top lender in the country.
Taiwan’s E.Sun Financial, headquartered in Taipei, earned the top ranking with customers focused on trust and less concerned about financial advice.
Kasikornbank, one of Thailand’s largest lenders, came out top in the country.
Vietnamese private lender Techcombank is the customers’ top pick in the country, where trust again was the key factor for survey respondents.
Clarification: This story has been amended in regard to how the research was conducted.
