Techcombank and KakaoBank were dethroned by Vietcombank and South Korea’s Toss Bank, respectively. UnionBank of the Philippines reclaimed its position from Bank of the Philippines.

Long-established institutions attract large base of loyal customers

DBS Singapore topped the 2023 BQS as the Most Selected Main Bank in APAC. According to the survey, the bank is considered the ‘safest’ bank in the country, garnering 65% of the total surveyed votes, 2% higher than last year. With over 12 million retail customers in 18 markets and a high customer retention rate, the bank is repeatedly commended for its progressive and innovative solutions.

Consumers were more attracted to banks that provide superior customer service. Malaysia-based Maybank initiated a $4.89 million customer-service improvement programme launched in August 2022. It gathered 42.5% of the total surveyed votes and was noted for being a “reputable and reliable bank”. Maybank has over 6.9 million mobile users, over 380 retail branches and six investment banking branches in Malaysia.

Having many bank branches, automated teller machines and a strong presence despite uncertainties make a bank preferable. Kasikornbank (KBank) ranked as the third Most Selected Main Retail Bank in APAC. The bank has a large customer base of 21.3 million, up 9.3% year-on-year. KBank enhanced its appeal by launching K-Strategy that focuses on corporate social responsibility (CSR) and environmental social governance.

Inclusivity and adaptation to market and digital trends high on customer agenda

Toss Bank, the first digital-only bank in South Korea, was the Most Recommended Digital Bank in APAC. This digital bank thrives on its strong reputation among South Koreans, with a keen focus on financial innovation and accessibility. Alongside Toss Bank, the former Most Recommended Digital Bank, KakaoBank, ranks second, and Paytm Payments Bank ranks third.

Alipay, with 747 million active users in 2022, made a major contribution to the Ant Group’s gross transaction value. Alipay was the Best Payment Platform in China, according to BQS responses. It was followed by WeChatPay,  also from China.

This year’s BQS hinted that inclusivity is important to customers. Customers seeking more diverse and equitable services provide an opportunity to attract a broader customer base and improve customer satisfaction.

Following in the footsteps of TossBank in South Korea, both BCA and DBS have also enabled foreigners to create local banking accounts. Kasikornbank adopted CSR-linked initiatives that supports environmental sustainability, social development and community empowerment.

The BQS survey signals to the banks and financial services industry what customers value for their own satisfactory engagement with these institutions, and also sends a nod towards those that take a wider view around inclusivity and ESG responsibilities.