When it comes to domestic banks, there is little doubt that many have big ambitions of enhancing their processes to service their clients better. Whether it is launching newer digital platforms or providing a more flexible local touch, a number of local banks are catching the attention of global banks as up-and-coming competitors.
Asset Benchmark Research (ABR) is pleased to present this year’s local champions in several markets in Asia which were all cited for exemplary service satisfaction.
In China, Bank of China dethroned Bank of Communications this year for top spot in client satisfaction. The Shanghai-based Bank of Communications, which had been atop Asset Benchmark Research’s (ABR) Client Satisfaction Index 2019 (CSI) China rankings for the past two years, dropped to fifth in this year’s rankings.
China Merchants Bank rose above several institutions this year to come second, up four positions from last year’s sixth place. The bank has been very impressive in attracting a number of clients to work with them including COSCO Shipping, where China Merchants Bank played a key role in setting up its treasury management system following the restructuring of the company.
China Construction Bank likewise received much praise for its overall service as it jumped from ninth place last year to third place this year.
In Indonesia, the competition has picked up with companies looking to expand amid the trade war between the US and China by focusing on the country’s bright domestic demographic future. Whether it be payments or supply chain finance, companies there are looking for new ways to capitalize on opportunities.
This year, Bank Danamon takes the crown for best client satisfaction in Indonesia, having come second last year. Only time will tell if its formalized relationship with MUFG Bank will bring a better client experience to the bank’s customers.
In Taiwan, Taipei Fubon Bank powered its way to the top spot, having been second in client satisfaction last year. The bank has been active in enhancing its operations as it recently launched its Swift-powered GPI project to make it easier for customers to conduct cross-border transactions.
E.Sun Bank also improved its ranking as it moved from third to second place this year. Last year’s top scorer Mega Commercial Bank dropped out of the top five along with First Commercial Bank, indicating the fierce local competition.
There were likewise major shifts when it came to Indian banks in this year’s CSI with HDFC Bank scoring above the rest in client satisfaction and beating out State Bank of India, which dropped to fourth place. HDFC has been particularly focusing on servicing small and medium enterprises on the sub-continent with some of the bank’s customers saying that HDFC provided meaningful solutions for their respective companies.
Conducted by Asset Benchmark Research (ABR) in February 2019, participants were asked how satisfied they were with their respective bank's services through a series of online surveys and interviews. ABR has now been conducting data assessment of Asian-based CFOs and treasurers for seven years. This year's CSI is based on the survey views of close to 800 CFOs and treasurers in the Asia region.
To see the list of rankings and information about our methodology, please click here.
To see last year's full list of rankings, please click here.
To learn more about our Treasury Review, please click here.
For country and service analyses, please get in touch with ABR at firstname.lastname@example.org.