Indonesia’s Bank Central Asia (BCA) has reaffirmed its dominance in this year’s BankQuality™ Consumer Survey by securing a BankQuality™ Score (BQS) of 101.72, a testament to its commitment to trusted and secure banking services. This recognition points to a broader trend across Asia, with banks in Indonesia, India, the Philippines, Malaysia, Thailand, and Vietnam making significant strides into the Top 10 Most Recommended Retail Banks list.

Alongside BCA, Bank Mandiri, also from Indonesia, features prominently, with three banks from India also in the top 10 list. These are State Bank of India (SBI), HDFC, and ICICI Bank, the Most Recommended Bank in India in 2023. The Philippines contributes two banks to this elite group, with Metrobank outperforming UnionBank but both securing spots in the top 10. MayBank continues to be the top choice in Malaysia, Vietcombank in Vietnam, and Kasikornbank in Thailand.

Blending tradition with digital innovation, far-reaching services

Asia’s banking landscape is constantly changing, with traditional and digital banking converging to meet customer demands. The latest rankings reveal that customers in Asia prefer banks that blend innovation with reliability. Notable are the consistent performers like Indonesia’s BCA and Bank Mandiri, reflecting the country’s strong banking sector.

Indian banks, including SBI and ICICI Bank, are pivotal in the rankings, showcasing the country’s significant move towards digital banking and customer-centric approaches. This reflects a broader trend in the region where technological advancement and customer satisfaction drive banking success.

In the Philippines, Metrobank and UnionBank highlight the growing emphasis on customer service and digital innovation. Rankings for these banks underscore the importance of adapting to customer needs and technological trends in maintaining a competitive edge.
Maybank’s presence on the list affirms Malaysia’s commitment to comprehensive banking services and customer satisfaction. Meanwhile, Vietnam’s Vietcombank and Thailand’s Kasikornbank demonstrate the importance of digital services and security that are becoming decisive factors for customers in their choice of banks.

Most customers in Asia trust leading banking institutions

This year’s BQS shows that eight out of 11 surveyed countries have upheld their trust in leading retail banks. BCA maintains the lead in Indonesia with a BQS of 101.72, while SBI has risen to the top in India with a score of 101.57, overtaking ICICI Bank. In the Philippines, Metrobank has surpassed UnionBank, securing a BQS of 101.48.

Maybank remains Malaysia’s Most Recommended Bank with a score of 101.34, and Vietcombank continues to lead in Vietnam with a BQS of 101.27. Kasikornbank maintains its status in Thailand with a score of 101.21. DBS continues to set standards in Singapore with a BQS of 100.23, on par with China Merchants Bank in China, which has edged out the Bank of China with the same score. In Hong Kong, Standard Chartered Bank has surpassed Citi with a BQS of 99.79, while South Korea’s Toss Bank and Taiwan’s E.SUN Bank maintain their top positions with scores of 99.60 and 99.35, respectively.

Feedback from customers highlights a regional shift towards digital solutions, with a distinct preference for banks offering convenience and security. Banks that have embraced digital innovation while maintaining traditional strengths such as trust and security lead the rankings.

The banking environment in Asia displays a dynamic blend of digital innovation and traditional reliability. Customers are increasingly attracted to institutions that provide a seamless, secure, and comprehensive banking experience. This emphasises the importance of digital transformation in the financial sector, setting the stage for future banking developments where traditional banks and digital platforms evolve to meet the diverse needs of their customers. 

About the BankQuality™ Consumer Survey

The BankQuality™ Consumer Survey (BQS) and Rankings are based on the responses of 12,000 customers in 11 markets and over 200 institutions across Asia. The survey conducted in January 2024 is a digital consumer feedback channel developed by The Asian Banker. It surveys customers in each of the 11 markets in Asia to understand their engagement, experience, and satisfaction with their retail financial services institutions based on services, channels and products. The country scores that are based on a normal score from 0 to 1 are then translated into a regional z-score to standardise the country votes and rank them regionally.