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, CNBC and 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. Read the full methodology here. The ranking only included banks that qualified according to the criteria described in the report.
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 |
Source: CNBC & Statista
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) |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 |
Source: CNBC & Statista
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 | Krung Thai Bank |
Source: CNBC & Statista
Kasikornbank bank, Thailand’s second-largest lender, came out top in the country. Only five banks made the list as there are fewer competitors and the size of 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 | BVBank |
12 | Shinhan Bank |
13 | SeA Bank |
14 | HDBank |
15 | Ocean Bank |
Source: CNBC & Statista
Vietnamese private lender Techcombank is the customers’ top pick in the country, where trust again was the key factor for survey respondents.