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

Customers in Asia-Pacific have picked their favorite banks as lenders scramble to meet consumer expectations in a fast-changing environment.

Jun 9, 2024 - 21:04

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

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.

See below to see which banks made the list in your location.

Australia

1	ING Group
2	Bank Australia
3	Westpac
4	Ubank
5	NAB
6	Alex Bank
7	Newcastle Permanent Building Society
8	People's Choice Credit Union
9	Beyond Bank
10	ME
11	Suncorp
12	MyState Bank
13	Australian Military Bank
14	Community First bank
15	Heritage Bank

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

1	China Merchants Bank
2	Bank of China
3	ICBC
4	HSBC
5	China Construction Bank
6	Postal Savings Bank of China
7	China Minsheng Bank
8	Standard Chartered
9	SPD Bank
10	Bank of Communications
11	Agricultural Bank of China
12	UBS (China) Limited
13	JPMorgan Chase Bank (China)
14	China Everbright Bank
15	Ping An Bank
16	DBS Bank (China)
17	Bank of Suzhou
18	Bank of Jiangsu
19	Chongqing Rural Commercial Bank
20	Hang Seng Bank
21	Hubei Rural Credit Union Association
22	Huishang Bank
23	East West Bank
24	WeBank
25	Hankou Bank (HKB)

China Merchants Bank, listed in both Shanghai and Hong Kong, earned the top spot in mainland China beating both domestic and foreign players.

Hong Kong

1	China Construction Bank
2	China Minsheng Bank
3	ICBC
4	SPD Bank
5	China Everbright Bank
6	Bank of Communication
7	HSBC
8	CGB
9	Livi Bank
10	China Merchants Bank

China Construction Bank, one of China's four major state-owned banking institutions, was ranked the top lender over foreign players like HSBC.

India

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

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

Indonesia

1	Bank Central Asia
2	Bank Mandiri
3	Sea Bank
4	Jago
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 DIY
18	Bank Aceh
19	Standard Chartered
20	Bank Sumsel Babel

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.

Japan

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

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.

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	Hong Leong Islamic Bank

Maybank, which is the largest bank by market value in Malaysia, was the customers top pick against competition from domestic and foreign lenders.

New Zealand

1	Bank of New Zealand
2	ASB Bank
3	The Co-operative Bank
4	SBS Bank
5	Kiwibank

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.

Philippines

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

Philippine National Bank, one of the largest banks in the country, earned the top rank against competition from largely local lenders.

Singapore

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

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.

South Korea

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

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

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

Taiwan's E.Sun Financial, headquartered in Taipei, earned the top ranking with customers focused on trust and less concerned about financial advice.

Thailand

1	Kasikornbank
2	Siam Commercial Bank
3	Bank of Ayudhya
4	United Overseas Bank
5	Krungthai Bank

Kasikornbank, one of Thailand's largest lenders, came out top in the country.

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	BVBank
12	Shinhan Bank
13	SeA Bank
14	HDBank
15	Ocean Bank