Which bank came no.1 this year according to brokers, plus the non-major breaking into the top five
MPA can reveal that Westpac are 2016’s Bank of the Year, retaining the title after first winning it in 2015.
CBA and ANZ occupy the second and third spots respectively, but the big story of the year is Suncorp Bank who rose from eighth in 2015 to occupy the fourth spot this year. Brokers also named Suncorp’s Home Package Plus their product of the year. In fifth place – kicking NAB Broker out of the top five – was Macquarie Bank.
The final rankings for Brokers on Banks are based on an average of service category scores, ranging from turnaround times to product diversification opportunities. Whilst most of these individual categories were topped by the abovementioned banks, there were some exceptions: Bankwest were named best for interest rates and NAB Broker topped the list for best commission structure.
Brokers also gave their views on the banks’ handling of 2015’s APRA changes, clawbacks and other topics including technological improvements. You can read the full report – plus a bank-by-bank breakdown of the top 10 - in MPA 16.04, which hits desks next week.
CBA and ANZ occupy the second and third spots respectively, but the big story of the year is Suncorp Bank who rose from eighth in 2015 to occupy the fourth spot this year. Brokers also named Suncorp’s Home Package Plus their product of the year. In fifth place – kicking NAB Broker out of the top five – was Macquarie Bank.
The final rankings for Brokers on Banks are based on an average of service category scores, ranging from turnaround times to product diversification opportunities. Whilst most of these individual categories were topped by the abovementioned banks, there were some exceptions: Bankwest were named best for interest rates and NAB Broker topped the list for best commission structure.
Brokers also gave their views on the banks’ handling of 2015’s APRA changes, clawbacks and other topics including technological improvements. You can read the full report – plus a bank-by-bank breakdown of the top 10 - in MPA 16.04, which hits desks next week.
| Bank | Overall score | |
| 1st | Westpac | 3.864 |
| 2nd | CBA | 3.636 |
| 3rd | ANZ | 3.571 |
| 4th | Suncorp | 3.568 |
| 5th | Macquarie | 3.474 |
| 6th | NAB Broker | 3.426 |
| 7th | Bank of Melbourne | 3.412 |
| 8th | Bankwest | 3.372 |
| 9th | St.George | 3.260 |
| 10th | ING Direct | 3.229 |
