International media brand names top Australian bank

by Madison Utley16 Jun 2020

Customer-owned banks dominated the Australian institutions recognised in the list of ‘World’s Best Banks’ published by international media brand Forbes. 

Heritage Bank topped the rankings in Australia once again, having nabbed the premier spot both this year and last.

Now in its second year, the list is compiled with market research firm Statista surveying over 40,000 customers spanning two dozen countries. The banks were rated on overall recommendation and satisfaction, as well as trust, terms and conditions, customer services, digital services and financial advice.

Heritage CEO Peter Lock expressed excitement over the news – but not surprise.

“We’re authentic in striving to give our customers the best experience we can. As a customer-opened bank, we’re genuine about putting the interests of our members first, not trying to maximise profits,” he explained.

“At the same time, we offer sophisticated online platforms and everything that people expect from a modern bank.

“Our authenticity and first-class service is why we keep being recognised as not just a great Australian bank, but one of the world’s best.”

Notably, the top five Australian banks on the Forbes list were all customer-owned.

“Having customer-owned banks dominate the rankings is no coincidence,” said Locke.

“It’s not surprising that people have a more satisfying dealing with banks that are focussed on delivering for customers, not for shareholders.”

Bank Australia, Newcastle Permanent, IMB Bank and Greater Bank also made appearances in the Australian rankings.