Customers in the Asia-Pacific region have identified their favorite banks as lenders adapt to changing consumer expectations in a dynamic environment. As banks in the region adjust to declining interest rates and advancing technological innovation like generative AI, CNBC and Statista surveyed over 22,000 individuals with checking or savings accounts in 14 major economies to determine the banks that best meet consumer needs. The criteria for evaluation included overall satisfaction, willingness to recommend the bank, trust, terms and conditions, customer service, digital services, and quality of financial advice.
In Australia, Dutch bank ING Group emerged as the top choice, surpassing local competitors due to high levels of trust and less emphasis on financial advice by customers. Similarly, China Merchants Bank secured the top spot in mainland China, beating both domestic and foreign players. China Construction Bank was ranked the top lender in Hong Kong over foreign competitors like HSBC, emphasizing the preference for domestic institutions. In India, ICICI Bank was the favorite among a competitive field of mostly local lenders.
Indonesia’s Bank Central Asia clinched the top spot, ahead of competitors, thanks to high levels of trust and digital services valued by customers. In Japan, SBI Sumishin Net Bank surpassed domestic competition, highlighting the importance of trust to Japanese citizens. Maybank, the largest bank in Malaysia, was selected as the top bank by customers. Bank of New Zealand was the preferred choice in New Zealand, where trust was also the most important criteria for consumers.
Philippine National Bank secured the top rank in the Philippines, facing competition primarily from local banks. In Singapore, DBS emerged as the leading bank, winning over its domestic peers. Toss Bank, an internet-only bank in South Korea, surpassed domestic competition to become the top lender. E.Sun Financial in Taiwan was the top-ranked bank, with customers placing greater importance on trust rather than financial advice. Kasikornbank, Thailand’s second-largest lender, was selected as the preferred bank by customers.
In Vietnam, Techcombank emerged as the top choice for customers, where trust played a crucial role in their ranking. Overall, the survey sheds light on consumer preferences across the Asia-Pacific region, emphasizing the importance of trust, digital services, and customer satisfaction as significant drivers in customers’ banking choices. As the banking sector continues to evolve, meeting the needs and expectations of customers will be crucial for success in a rapidly changing environment.
