Customers' Top Choices: Best Banks in Southeast Asia

In the midst of intense competition in the banking industry, high inflation and interest rates, banks are beginning to navigate global trends of declining interest rates and technological innovations, including generative AI.

Among all the banks, a few stand out from the rest. Named "Best Bank in Southeast Asia" by its customers, this bank has demonstrated its excellence in meeting these challenges, according to Statista and CNBC.

This award reflects their commitment to providing the best banking experience and becoming the first choice for customers across the Southeast Asia region.

Statista and CNBC conducted a survey of 2,000 people to assess customer satisfaction with banks and their recommendations to others. Customers rated banks based on five criteria: trust, terms and conditions, customer service, digital services, and quality of financial advice.

Indonesia

1. Bank Central Asia
2. Bank Mandiri
3. Sea Bank
4. Jago
5. Raya Bank

Bank Central Asia (BCA), the largest private commercial bank in Indonesia, has successfully topped the list of preferred banks among Indonesian customers. This achievement is driven by the trust and superior digital services that are highly valued by customers.

BCA's excellence is not only recognized nationally, but also globally. In 2024, Brand Finance positioned BCA as the strongest banking brand in the world. Out of 500 global banking brands, BCA achieved the highest Brand Strength Index (BSI) score of 93.8 out of 100. BCA also received the highest brand strength rating of AAA+.

Malaysia

1. Maybank
2. Standard Chartered
3. Maybank Islamic
4. HSBC
5. RHB Islamic Bank

Maybank, the largest bank in Malaysia by market capitalization, maintains its position as customers' preferred bank amid fierce competition from local and international players. According to Statista, Maybank was also crowned the strongest bank in Malaysia in 2022. This achievement solidifies Maybank's position as a leader in the Malaysian banking industry, recognized for its strong brand equity and status as the largest listed company on the country's stock exchange.

Philippines

1. Philippine National Bank
2. Union Bank (Philippines)
3. Maya Bank
4. Overseas Filipino Bank (OFBank)
5. UnionDigital Bank (Ubeh Bank)

Philippine National Bank (PNB), one of the Philippines' largest banks, successfully topped the country's customer favorite bank list. PNB's achievement is further bolstered by global recognition. Forbes positioned PNB as the best bank in the Philippines for 2024.

Singapore

1. DBS
2. HSBC
3. Citibank
4. Bank of Singapore
5. United Overseas Bank

DBS, the largest bank in Singapore, maintained its position as the most preferred bank among customers in the city-state. Together with United Overseas Bank (UOB) and OCBC Group, DBS has become the three pillars of Singapore's economy. These three banks are known for their financial strength and significant international influence.

Thailand

1. Kasikornbank
2. Siam Comercial Bank
3. Bank of Ayudhya
4. United Overseas Bank
5. Krung Thai Bank

Kasikornbank, Thailand's second largest lender, stands out as the country's frontrunner. Kasikornbank is also known as one of the banks with the highest net profit in Thailand in the first quarter of 2024.

Viet Nam

1. Techcombank
2. Vietcombank
3. BIDV
4. Military Commercial Joint Stock Bank
5. ACB

Techcombank has secured the top position in the country. Techcombank's achievement is further reinforced by international recognition. Global Finance, a renowned financial publication from the United States, named Techcombank the "Best Bank in Vietnam" last April.

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