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

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

After a long period of high inflation and interest rates, banks in the region are beginning to focus on the global trend of lower rates. They are also facing technological innovations that could transform the sector as generative artificial intelligence gains traction around the world.

Against this backdrop, CNBC and research firm Statistics 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 serve the needs of consumers in their markets.

During the survey, participants rated their overall satisfaction with the bank and whether they would recommend it to others. They also rated each of them on five criteria: trust, terms (such as fees and rates), customer service, digital services and quality of financial advice. Read the full methodology Here. The rating included only banks that qualified according to the criteria described in the report.

Below you will see which banks are included in the list in your region.

Dutch bank ING came out on top in Australia, despite a sea of ​​local competitors. Like most economies, Australians valued trust most and were less concerned about the financial advice they were given.

Trade Bank of Chinaregistered in both Shanghai and Hong Kong, ranked first in mainland China, ahead of both domestic and foreign players.

Chinese Construction Bankone of China’s four largest state-owned banking institutions, has been ranked as the best lender among foreign players such as HSBC.

ICICI Bank, leading private sector bank in India, has been selected as the country’s first choice despite strong competition from predominantly local lenders.

Bank Central Asia, Indonesia’s largest private commercial bank, beat out competitors to take first place. In their ratings, customers value both trust and digital services. Â

State Budgetary Institution “Sumishin Netto Bank” The Japanese company managed to bypass other domestic lenders and come out on top. Japanese citizens value trust as the most important criterion.

Maybank, which is the largest bank by market value in Malaysia, has been the top choice of customers amid competition from domestic and foreign lenders.

Bank of New Zealand, one of New Zealand’s four largest banks, ranked first among consumers who also value trust as the most important criterion. In some countries, 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.

Philippine National Bank, one of the largest banks in the country, has earned its top rating in the face of competition from predominantly local lenders.

Singapore largest bank DBS overtook his domestic colleagues and took first place in the city-state. Given the small size of the market, there are fewer banking competitors, resulting in only five making the list.

Toss Bank, South Korea’s online bank has managed to fend off domestic competition and become the leading lender in the country.

Taiwan E.Sun Financial, headquartered in Taipei, ranked first due to customers being trust-oriented and less concerned about financial advice.

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.

Vietnamese private lender Techcombank is a customer favorite in the country, where trust has again become a key factor for survey respondents.