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

10 Min Read

SINGAPORE – Customers in Asia Pacific have chosen their favorite banks as lenders scramble to meet consumer expectations in a rapidly changing environment.

After a prolonged period of high inflation – and interest rates – the region’s banks are starting to follow the global trend of lower interest rates. They are also facing technological innovation that has the potential to transform the industry, as generative AI gains popularity around the world.

Against this background, CNBC and market research company Statistical surveyed 22,000 people with a checking or savings account in 14 major economies. The report below – the first of its kind – aims 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 them all based on five criteria: trust, terms and conditions (such as fees and rates), customer service, digital services and quality of financial advice. Read the full methodology here. The ranking only includes banks that qualified according to the criteria described in the report.

Look below to see which banks are listed in your location.

Australia

1 ING Group
2 Bank Australia
3 Westpac
4 Ubank
5 NAB
6 Alex Bank
7 Permanent Building Association of Newcastle
8 People’s Choice Credit Union
9 Beyond Bank
10 ME
11 Zoncorp
12 My State Bank
13 Australian Military Bank
14 Community First bank
15 Heritage bank

Source: CNBC and Statista

Dutch bank ING came out on top in Australia, against a sea of ​​local competition. 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 Chinese Construction Bank
6 Postal Savings Bank of China
7 China Minsheng Bank
8 Standard chartered
9 SPD bank
10 Bank for Communications
11 Agricultural Bank of China
12 UBS (China) Limited
13 JPMorgan Chase Bank (China)
14 China Everbrightbank
15 Ping a bank
16 DBS bank (China)
17 Bank of Suzhou
18 Bank of Jiangsu
19 Chongqing Rural Commercial Bank
20 Hang Seng Sofa
21 Hubei Rural Credit Union Association
22 House hanging sofa
23 East West Bank
24 WeBank
25 Hankou Bank (HKB)

Source: CNBC and Statista

China Merchants Banklisted in both Shanghai and Hong Kong, it took first place in mainland China, beating both domestic and foreign players.

Hong-Kong

1 Chinese Construction Bank
2 China Minsheng Bank
3 ICBC
4 SPD bank
5 China Everbrightbank
6 Communications bank
7 HSBC
8 CGB
9 Livi sofa
10 China Merchants Bank

Source: CNBC and Statista

Chinese Construction Bankone of China’s four major state-owned banking institutions, was ranked as the largest lender above foreign players such as HSBC.

India

1 ICICI Bank
2 HDFC Bank
3 Ash bank
4 Kotak Mahindra Bank
5 National Bank of India
6 HSBC
7 Paytm payment bank
8 Standard chartered
9 Federal Bank
10 IndusInd Bank
11 Union Bank of India
12 Karnataka Bank
13 National Bank of Punjab
14 Bank of Baroda
15 Bandhan bank
16 Fincare
17 DSCB
18 Kerala Graminbank
19 Fino Payment Bank
20 APCOB
21 Punjab Gramin Bank
22 IDFC First Bank
23 UCO bank
24 RBLBank
25 New India Bank

Source: CNBC and Statista

ICICI bank, a leading private sector bank in India, was the top choice in the country despite strong competition from mainly local lenders.

Indonesia

1 Bank Central Asia
2 Bench Mandiri
3 Sea wall
4 Iago
5 Raya Bank
6 Bank Negara Indonesia
7 United Overseas Bank
8 PermataBank
9 Cimb Niaga
10 DBS
11 Bank Rakyat Indonesia (BRI)
12 BNC
13 Bank Muamalat
14 Jenius
15 BCA Syariah
16 HSBC
17 BDP do-it-yourself
18 Bank Aceh
19 Standard chartered
20 Sofa Sumsel Babel

Source: CNBC and Statista

Bank Central Asia, Indonesia’s largest private commercial bank, beat the competition to take the top spot. Customers valued both trust and digital services in their rankings. a

Japan

1 SBI Sumishin Netbank
2 Rakuten bank
3 Sony bank
4 Aeon bank
5 at Jibun Bank
6 PayPay bank
7 Sumitomo Mitsui Banking Corporation
8 Senshu Ikeda sofa
9 The Juhachi-Shinwa bank
10 Iyo bank
11 Ehime bank
12 Japanese Postbank
13 Yes Bank
14 Kyushu Labor Bank
15 Hamamatsu Iwata Shinkin sofa
16 Keiyo sofa
17 Bank of Fukuoka
18 Shinsei Bank
19 The city bank of Nishi-Nippon
20 Aozora bank
21 Saitama Resona sofa
22 MUFG bank
23 Lawsonbank
24 Gunma Bank
25 Hachijuni Bank
26 Rokinbank
27 Kiyo bank
28 Star Bank of Tokyo
29 The Bank of Okinawa
30 Kyoto Chuo Shinkin Sofa
31 Abukuma Shinkin Sofa
32 North Pacific Bank
33 Ogaki Kyoritsu bench
34 Tottori sofa
35 Bank of Kyoto

Source: CNBC and Statista

SBI Sumishin Net Bank, a Japan-based company managed to beat other domestic lenders and come out on top. Japanese citizens valued trust as their most important criterion.

Malaysia

1 Maybank
2 Standard chartered
3 Maybank Islamic
4 HSBC
5 RHB Islamic Bank
6 Bank Islam
7 AmBank Group Islamic
8 OCBC bank
9 United Overseas Bank
10 Islamic Bank of Hong Leong

Source: CNBC and Statista

Maybank, Malaysia’s largest bank by market value was the best choice for customers despite competition from domestic and foreign lenders.

New Zealand

1 Bank of New Zealand
2 ASB bank
3 The Cooperative Bank
4 SBS bank
5 Kiwibank

Source: CNBC and Statista

Bank of New Zealand, one of the big four banks in New Zealand, took first place among consumers who also valued trust as the 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, resulting in only five banks on the list.

Philippines

1 Philippine National Bank
2 Union Bank (Philippines)
3 Maya Bank
4 OFBank
5 Union Digital Bank
6 UNO Digital Bank
7 GoTyme sofa
8 LAND BANK
9 Metrobank
10 BPI

Source: CNBC and Statista

Philippine National Bank, one of the country’s largest banks, achieved the top rank despite competition from largely local lenders.

Singapore

1 DBS
2 HSBC
3 Citibank
4 Bank of Singapore
5 United Overseas Bank

Source: CNBC and Statista

Singapore’s largest bank DBS defeated its domestic colleagues to take first place in the city-state. Given the small market size, there are fewer banking competitors, resulting in only five on the list.

South Korea

1 TossBank
2 KakaoBank
3 Kwangju Bank
4 K-bank
5 Jeonbuk Bank
6 KB Kookminbank
7 Industrial Bank of Korea
8 DGB Daegu Bank
9 BNK Busan Bank
10 KEB Hana Bank

Source: CNBC and Statista

Tossbank, an internet-only bank based in South Korea managed to fend off domestic competition and become the country’s largest lender.

Taiwan

1 E.Sun Financial
2 Bank SinoPac
3 Standard chartered
4 CTBC bank
5 Fubon Bank of Taipei
6 Taishin International Bank
7 HSBC
8 Rakuten International Commercial Bank
9 Cathay Financial
10 Mega International Commercial Bank

Source: CNBC and Statista

That of Taiwan E.Sun Financial, headquartered in Taipei, achieved the highest ranking among clients who focus on trust and worry less about financial advice.

Thailand

1 Kasikornbank
2 Siam commercial bank
3 Bank of Ayudhya
4 United Overseas Bank
5 Krung Thai Bank

Source: CNBC and Statista

Kasikornbank bank, Thailand’s second-largest lender came out on top in the country. Only five banks made the list because there are fewer competitors and the size of the banking market varies.

Vietnam

1 Techcombank
2 Vietcombank
3 BIDV
4 Military commercial joint stock bank
5 ACB
6 Vietinbank
7 VIB
8 TPBank
9 Sacombank
10 VP Bank
11 BV Bank
12 Shinhan Bank
13 Sea wall
14 HDBank
15 Ocean bank

Source: CNBC and Statista

Vietnamese private lender Techcombank is the top choice of customers in the country, where trust was again the most important factor for survey respondents.

See also  The World's Best Banks 2024: US Regional
Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *