Most Helpful Banks in Asia Pacific During Covid-19

The Most Helpful Bank in Asia Pacific during COVID-19 is ranked from a survey of 11,000 bank customers in 11 Asia Pacific markets based on a BankQuality Score (BQS) derived from a net promoter assessment of each bank.

Key findings:
  • kakaobank, South Korea’s largest digital-only bank, was named the Most Helpful Bank in Asia Pacific with a BQS of 102.2
  • Customers of kakaobank remarked that the bank was helpful, efficient and convenient because of its contactless mobile banking services.
  • Rounding up the top five Best Retail Banks in the region are UnionBank (Philippines), Kotak Mahindra Bank (India), VPBank (Vietnam) and Citibank (Singapore).
  • Taiwan has two banks in the top 10: CTBC Bank (6th) and Taipei Fubon Bank (7th).
  • Thirty-eight (38) out of the 80 banks ranked above average.
  • With five banks each, India and Taiwan have the most number of banks that recorded a BQS of over 100.
  • The contactless nature of banks and digital services were a significant factor for consumers in rating their banks during this period

The BankQuality Consumer Survey on Retail Banks is designed to gather feedback from consumers on their engagement, experience and satisfaction with their main retail banks. The findings, which reflect the true voice of customers, comprised a Net Promoter Score (NPS) derived measurement called BankQuality Score (BQS) as well as detailed channel, service and product level satisfaction scores, have been incorporated into the balanced scorecard of The Asian Banker Excellence in Retail Financial Services Awards Programme in its evaluation and selection of the Best Retail Banks and Finance Institutions.

Methodology

  • The online survey was conducted from 1 April 2020 to 30 April 2020
  • TThe survey covered a total sample size of 11,000, comprising 1,000 respondents per market in China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Thailand and Vietnam
  • Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea,Taiwan,Thailand and Vietnam
  • The respondents are between the ages of 18 and 65 years, and have at least one bank account each

The BankQuality Scores (BQS) is derived from the normalised Net Promoter Score (NPS) of “Main Bank” institutions to a uniform scale of 0 to 1. A standardised z-score is then calculated from the normalised score, with mean set to 100, so that comparison can be made across markets. The final ranking excludes banks that achieved less than 30 'Main Bank' responses.

Rank (2020) Logo Bank Country BQS for COVID-19 (2020)
1 kakaobank Southkorea 01 102.21
2 UnionBank Philippines 02 102.09
3 Kotak Mahindra Bank India 03 102.09
4 VPBank Vietnam 04 101.61
5 Citibank Singapore Singapore 05 101.42
6 CTBC Bank Taiwan 06 101.39
7 Taipei Fubon Bank Taiwan 07 101.31
8 Asia Commercial Bank Vietnam 08 101.23
9 Citibank (Hong Kong) Hongkong 09 101.22
10 CIMB Niaga Indonesia 10 101.10
11 E.SUN Bank Taiwan 11 101.09
12 Bank of Communications China 12 101.05
13 Krung Thai Bank Thailand 13 101.01
14 Postal Savings Bank of China China 14 100.98
15 Bank of China China 15 100.84
16 Techombank Vietnam 16 100.80
17 Maybank Malaysia 17 100.73
18 BCA Indonesia 18 100.70
19 Standard Chartered Bank Singapore Singapore 19 100.66
20 CIMB Bank Malaysia 20 100.64
21 The Bank of East Asia Hongkong 21 100.60
22 BRI Syariah Indonesia 22 100.59
23 Bangkok Bank Thailand 23 100.51
24 Kasikornbank Thailand 24 100.45
25 RCBC Taiwan 25 100.45
26 RHB Bank Malaysia 25 100.42
27 BRI Indonesia 27 100.40
28 Punjab National Bank India 28 100.39
29 HSBC Hongkong 29 100.35
30 Bank SinoPac Taiwan 30 100.34
31 LANDBANK Philippines 31 100.22
32 Axis Bank India 32 100.19
33 China Construction Bank China 33 100.19
34 Taishin International Bank Taiwan 34 100.16
35 State Bank of India India 35 100.15
36 ICICI Bank India 36 100.09
37 Siam Commercial Bank Thailand 37 100.08
38 Metrobank Philippines 38 100.04
39 BIDV Vietnam 39 99.95
40 Bank of Baroda India 40 99.94
41 Public Bank Malaysia 41 99.89
42 Kookmin Bank Southkorea 42 99.88
43 Bank of Ayudhya Thailand 43 99.83
44 Standard Charted Bank (Hong Kong) Hongkong 44 99.81
45 Security Bank Philippines 45 99.81
46 Shinhan Bank Southkorea 46 99.78
47 Hana Bank Southkorea 47 99.73
48 Industrial Bank of Korea Southkorea 48 99.72
49 Bank of China (Hong Kong) Hongkong 49 99.72
50 Bank of Taiwan Taiwan 50 99.71
51 HDFC Bank India 51 99.71
52 DongA Bank Vietnam 52 99.71
53 Mega Bank Taiwan 53 99.58
54 Chunghwa POST Taiwan 54 99.56
55 BNI Syariah Indonesia 55 99.53
56 Nonghyup Bank Southkorea 56 99.52
57 DBS Singapore 57 99.51
58 BNI Indonesia 58 99.50
59 Vietcombank Vietnam 59 99.49
60 First Bank Taiwan 60 99.43
61 Cathay United Bank Taiwan 61 99.41
62 Sacombank Vietnam 62 99.41
63 UOB Singapore 63 99.34
64 Philippine National Bank Philippines 64 99.30
65 Industrial and Commercial Bank of China China 65 99.17
66 Woori Bank Southkorea 66 99.17
67 VietinBank Vietnam 67 99.15
68 OCBC Singapore 68 99.07
69 BPI Philippines 69 99.05
70 BDO Unibank Philippines 70 99.04
71 Agricultural Bank of China China 71 98.96
72 Bank of India India 72 98.91
73 China Merchants Bank China 73 98.80
74 Agribank Vietnam 74 98.65
75 Canara Bank India 75 98.54
76 Hong Leong Bank Malaysia 76 98.31
77 Hang Seng Bank Hongkong 77 98.30
78 Bank Mandiri Indonesia 78 98.18
79 TMB Bank Thailand 79 98.13
80 Hua Nan Bank Taiwan 80 98.02