Customer’s Choice: Top Banks in the Asia-Pacific Region

In a fast-changing environment, banks in the Asia-Pacific region are facing challenges such as lower interest rates and technological innovation. To understand consumer preferences, CNBC and Statista surveyed 22,000 individuals in 14 major economies to determine the favorite banks in each location. The survey evaluated factors such as trust, terms and conditions, customer service, digital services, and financial advice to determine the rankings. Here is a summary of the top banks in each country according to the survey results.

In Australia, Dutch bank ING Group emerged as the top lender, beating out local competition due to high levels of trust and customer satisfaction. In China, China Merchants Bank claimed the top spot in mainland China, surpassing both domestic and foreign players. In Hong Kong, China Construction Bank was ranked the top lender, outperforming foreign players like HSBC. In India, ICICI Bank was the customer’s top pick, despite strong competition from local lenders.

In Indonesia, Bank Central Asia clinched the top spot, with customers valuing trust and digital services in their ranking criteria. In Japan, SBI Sumishin Net Bank managed to beat domestic lenders with a focus on trust, the most important criteria for Japanese citizens. In Malaysia, Maybank emerged as the top lender, competing against both domestic and foreign lenders. In New Zealand, Bank of New Zealand earned the top spot among consumers who also valued trust as the most important criteria.

In the Philippines, Philippine National Bank secured the top rank against competition from largely local lenders. In Singapore, DBS emerged as the top bank among domestic peers in the small market size. In South Korea, Toss Bank topped the rankings, fending off competition to emerge as the top lender. In Taiwan, E.Sun Financial earned the top ranking with a focus on trust and less concern about financial advice. In Thailand, Kasikornbank came out on top as the country’s second-largest lender. In Vietnam, Techcombank was the top pick among customers, focusing on trust as the key factor for respondents.

Overall, trust emerged as a key factor for consumers in choosing their favorite banks across the Asia-Pacific region. With competition increasing and technology transforming the sector, banks will need to continue meeting consumer expectations to remain competitive in the market.