In a rapidly evolving financial landscape, banks in the Asia-Pacific region are striving to meet ever-changing consumer expectations. As they navigate the challenges of technological innovation and shifting economic conditions, customer satisfaction has become a critical measure of success.
Against this backdrop, CNBC and market research firm Statista conducted a comprehensive survey of 22,000 individuals across 14 major economies. Participants were asked to evaluate their banks based on overall satisfaction, likelihood of recommendation, and five specific criteria: trust, terms and conditions, customer service, digital services, and quality of financial advice. The following report highlights the banks that have excelled in meeting customer needs in their respective markets.
The Best Banks in the Asia-Pacific Region
Australia
ING Group
Bank Australia
Westpac
Ubank
NAB
Alex Bank
Newcastle Permanent Building Society
People’s Choice Credit Union
Beyond Bank
ME
Suncorp
MyState Bank
Australian Military Bank
Community First Bank
Heritage Bank
Dutch bank ING emerged as the top choice in Australia, a testament to its strong emphasis on trust and customer satisfaction. Australians prioritized trust over financial advice, indicating a preference for reliability and transparency in banking services.
China
China Merchants Bank
Bank of China
ICBC
HSBC
China Construction Bank
Postal Savings Bank of China
China Minsheng Bank
Standard Chartered
SPD Bank
Bank of Communications
Agricultural Bank of China
UBS (China) Limited
JPMorgan Chase Bank (China)
China Everbright Bank
Ping An Bank
DBS Bank (China)
Bank of Suzhou
Bank of Jiangsu
Chongqing Rural Commercial Bank
Hang Seng Bank
Hubei Rural Credit Union Association
Huishang Bank
East West Bank
WeBank
Hankou Bank (HKB)
China Merchants Bank, listed on both the Shanghai and Hong Kong stock exchanges, secured the top spot in mainland China, demonstrating its strong appeal among both domestic and foreign banks.
Hong Kong
China Construction Bank
China Minsheng Bank
ICBC
SPD Bank
China Everbright Bank
Bank of Communication
HSBC
CGB
Livi Bank
China Merchants Bank
China Construction Bank, one of the four major state-owned banks in China, was the top-rated bank in Hong Kong, surpassing both local and international competitors like HSBC.
India
ICICI Bank
HDFC Bank
Axis Bank
Kotak Mahindra Bank
State Bank of India
HSBC
Paytm Payments Bank
Standard Chartered
Federal Bank
IndusInd Bank
Union Bank of India
Karnataka Bank
Punjab National Bank
Bank of Baroda
Bandhan Bank
Fincare
DSCB
Kerala Gramin Bank
Fino Payments Bank
APCOB
Punjab Gramin Bank
IDFC First Bank
UCO Bank
RBL Bank
New India Bank
ICICI Bank, a leading private sector bank in India, emerged as the top pick, showcasing its strong customer satisfaction in a competitive market dominated by local lenders.
Indonesia
Bank Central Asia
Bank Mandiri
Sea Bank
Jago
Raya Bank
Bank Negara Indonesia
United Overseas Bank
PermataBank
Cimb Niaga
DBS
Bank Rakyat Indonesia (BRI)
BNC
Bank Muamalat
Jenius
BCA Syariah
HSBC
BDP DIY
Bank Aceh
Standard Chartered
Bank Sumsel Babel
Bank Central Asia, Indonesia’s largest private commercial bank, claimed the top spot, with customers valuing both trust and digital services highly.
Japan
SBI Sumishin Net Bank
Rakuten Bank
Sony Bank
Aeon Bank
au Jibun Bank
PayPay Bank
Sumitomo Mitsui Banking Corporation
Senshu Ikeda Bank
The Juhachi-Shinwa Bank
Iyo Bank
Ehime Bank
Japan Post Bank
JA Bank
Kyushu Labor Bank
Hamamatsu Iwata Shinkin Bank
Keiyo Bank
Bank of Fukuoka
Shinsei Bank
The Nishi-Nippon City Bank
Aozora Bank
Saitama Resona Bank
MUFG Bank
Lawson Bank
Gunma Bank
Hachijuni Bank
Rokin Bank
Kiyo Bank
Tokyo Star Bank
The Bank of Okinawa
Kyoto Chuo Shinkin Bank
Abukuma Shinkin Bank
North Pacific Bank
Ogaki Kyoritsu Bank
Tottori Bank
Bank of Kyoto
SBI Sumishin Net Bank emerged as the top bank in Japan, reflecting the high value Japanese customers place on trust.
Malaysia
Maybank
Standard Chartered
Maybank Islamic
HSBC
RHB Islamic Bank
Bank Islam
AmBank Group Islamic
OCBC Bank
United Overseas Bank
Hong Leong Islamic Bank
Maybank, Malaysia’s largest bank by market value, topped the rankings, outpacing both local and foreign competitors.
New Zealand
Bank of New Zealand
ASB Bank
The Co-operative Bank
SBS Bank
Kiwibank
Bank of New Zealand, one of the country’s big four banks, earned the highest customer satisfaction, with trust being the most valued criterion.
Philippines
Philippine National Bank
Union Bank (Philippines)
Maya Bank
OFBank
UnionDigital Bank
UNO Digital Bank
GoTyme Bank
LANDBANK
Metrobank
BPI
Philippine National Bank, one of the country’s largest banks, secured the top position, demonstrating strong customer preference in a market dominated by local lenders.
Singapore
DBS
HSBC
Citibank
Bank of Singapore
United Overseas Bank
DBS, Singapore’s largest bank, was the top pick, reflecting its strong market presence and customer satisfaction.
South Korea
TossBank
Kakao
Bank
Kwangju Bank
K Bank
Jeonbuk Bank
KB Kookmin Bank
Industrial Bank of Korea
DGB Daegu Bank
BNK Busan Bank
KEB Hana Bank
TossBank, an internet-only bank, emerged as the top lender in South Korea, showcasing the growing preference for digital banking services.
Taiwan
E.Sun Financial
Bank SinoPac
Standard Chartered
CTBC Bank
Taipei Fubon Bank
Taishin International Bank
HSBC
Rakuten International Commercial Bank
Cathay Financial
Mega International Commercial Bank
E.Sun Financial, headquartered in Taipei, earned the top ranking in Taiwan, with trust being the most critical factor for customers.
Thailand
Kasikornbank
Siam Commercial Bank
Bank of Ayudhya
United Overseas Bank
Krung Thai Bank
Kasikornbank, Thailand’s second-largest lender, secured the top spot, with trust being the primary criterion for customers.
Vietnam
Techcombank
Vietcombank
BIDV
Military Commercial Joint Stock Bank
ACB
Vietinbank
VIB
TPBank
Sacombank
VP Bank
BVBank
Shinhan Bank
SeA Bank
HDBank
Ocean Bank
Techcombank, a leading private lender in Vietnam, topped the rankings with customers prioritizing trust above other factors. The bank’s strong customer satisfaction underscores its position in a competitive market dominated by local institutions.
Conclusion
The results of this extensive survey conducted by CNBC and Statista underscore the importance of trust, customer service, and digital services in the banking sector across the Asia-Pacific region. While financial advice and terms and conditions are also important, customers overwhelmingly favor banks that provide reliable, transparent, and digitally advanced services.
The banks that emerged as top picks in their respective countries have demonstrated a strong commitment to meeting customer needs and adapting to the evolving financial landscape. As technological advancements continue to shape the industry, these institutions are well-positioned to maintain their leadership and continue delivering exceptional value to their customers.
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