Most Recommended Retail Banks in Asia Pacific

The Most Recommended Retail Banks in 11 Asia Pacific markets are ranked from a survey of 11,000 bank customers based on a BankQuality Score (BQS) derived from a net promoter assessment of each bank.

Key findings:
  • kakaobank, a digital-only bank launched in 2017 in South Korea, topped the ranking with 101.88 BQS.
  • Rounding up the top five Most Recommended Retail Banks in the region are BCA (Indonesia), Citibank (Hong Kong), Metrobank (Philippines) and Maybank (Malaysia).
  • Both the Philippines and Taiwan have two banks in the top 10: Metrobank (4th), Philippine National Bank (5th), CTBC Bank (8th) and Taipei Fubon Bank (9th).
  • Taiwan has the highest number of banks in the overall ranking with 11 institutions, followed by India and Vietnam with 9 institutions each.
  • The contactless nature of a bank’s services and products was 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
  • The 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, 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 (2020)
1 kakaobank Southkorea 01 101.88
2 BCA Indonesia 02 101.82
3 Citibank (Hong Kong) Hongkong 03 101.75
4 Metrobank Philippines 04 101.54
5 Maybank Malaysia 05 101.49
6 Philippine National Bank Philippines 06 101.46
7 Kasikornbank Thailand 07 101.41
8 CTBC Bank Taiwan 08 101.39
9 Taipei Fubon Bank Taiwan 09 101.31
10 Asia Commercial Bank Vietnam 10 101.30
11 China Merchants Bank China 11 101.23
12 Axis Bank India 12 101.22
13 Techcombank Vietnam 13 101.22
14 Bank of China China 14 101.13
15 E.SUN Bank Taiwan 15 101.09
16 Citibank Singapore Singapore 16 101.04
17 Standard Chartered Bank Singapore Singapore 17 101.00
18 Siam Commercial Bank Thailand 18 100.85
19 Bank of Baroda India 19 100.76
20 Public Bank Malaysia 20 100.49
21 VPBank Vietnam 21 100.49
22 HDFC Bank India 22 100.45
23 Kotak Mahindra Bank India 23 100.41
24 UnionBank Philippines 24 100.38
25 China Construction Bank China 25 100.36
26 Kookmin Bank Southkorea 26 100.36
27 Bank SinoPac Taiwan 27 100.34
28 State Bank of India India 28 100.33
29 BRI Syariah Indonesia 29 100.25
30 Shinhan Bank Southkorea 30 100.21
31 BNI Syariah Indonesia 31 100.19
32 Standard Charted Bank (Hong Kong) Hongkong 32 100.18
33 Taishin International Bank Taiwan 33 100.17
34 BNI Indonesia 34 100.16
35 ICICI Bank India 35 100.00
36 Punjab National Bank India 36 100.00
37 The Bank of East Asia Hongkong 37 100.00
38 Hana Bank Southkorea 38 100.00
39 BIDV Vietnam 39 99.99
40 VietinBank Vietnam 40 99.96
41 Industrial and Commercial Bank of China China 41 99.95
42 Krung Thai Bank Thailand 42 99.93
43 DongA Bank Vietnam 43 99.90
44 Hang Seng Bank Hongkong 44 99.81
45 DBS Singapore 45 99.78
46 TMB Bank Thailand 46 99.78
47 Bank of Communications China 47 99.77
48 Bank of Taiwan Taiwan 48 99.73
49 BRI Indonesia 49 99.71
50 Agribank Vietnam 50 99.69
51 Mega Bank Taiwan 51 99.58
52 Chunghwa POST Taiwan 52 99.56
53 HSBC Hong Kong Hongkong 53 99.55
54 CIMB Bank Malaysia 54 99.55
55 RHB Bank Malaysia 55 99.51
56 Vietcombank Vietnam 56 99.49
57 RCBC Philippines 57 99.46
58 Nonghyup Bank Southkorea 58 99.45
59 First Bank Taiwan 59 99.43
60 UOB Singapore 60 99.42
61 Cathay United Bank Taiwan 61 99.41
62 Bank of Ayudhya Thailand 62 99.41
63 BDO Unibank Philippines 63 99.40
64 Industrial Bank of Korea Southkorea 64 99.40
65 LANDBANK Philippines 65 99.35
66 BPI Philippines 66 99.35
67 Security Bank Philippines 67 99.06
68 CIMB Niaga Indonesia 68 99.03
69 Agricultural Bank of China China 69 98.96
70 Hong Leong Bank Malaysia 70 98.96
71 Canara Bank India 71 98.88
72 Bank Mandiri Indonesia 72 98.81
73 OCBC Singapore 73 98.76
74 Woori Bank Southkorea 74 98.73
75 Bank of China (Hong Kong) Hongkong 75 98.71
76 Bangkok Bank Thailand 76 98.63
77 Postal Savings Bank of China China 77 98.57
78 Hua Nan Bank Taiwan 78 98.02
79 Bank of India India 79 97.95
80 Sacombank Vietnam 80 97.95