American business magazine Forbes recently dropped its 2020 World’s Best Banks list, with a surprise Aussie company among the winners.
Mutual bank Heritage Bank came out on top, beating 19 other Australian organisations mentioned in this year’s list.
In its second year, the World’s Best Banks list surveys 40,000 people across 23 different countries to find out just how satisfied customers are with their current and previous banks.
Each bank is rated on a number of different factors, including trust, fees, digital services and financial advice.
Forbes partnered with market research firm Statista to curate the list.
So, why Heritage?
Heritage Bank chief executive, Peter Lock says he is not surprised Forbes has placed Heritage as the top of the Aussie ladder.
“Heritage offers a fantastic package for our members, with great products and rates, supported by amazing levels of genuine, personal service,” he says.
“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.”
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Customer-owned banks out-shone other larger financial institutions this year, as they took up all of the top four Australian spots. After Heritage Bank, other winners were Bank Australia, Newcastle Permanent, and IMB Bank.
Plus, it’s worth noting that the big four didn’t make the top 10. NAB came in 13th place, CommBank came in 16th, ANZ in 18th and Westpac didn’t make the list at all.
“Having customer-owned banks dominate the rankings is no coincidence,” Lock says.
“It’s not surprising that people have a more satisfying dealing with banks that are focussed on delivering for customers, not for shareholders.”
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