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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…



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