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Customer owned banks have been ranked as the best banks in Australia by The World’s Best Banks 2020 produced by Forbes.

Forbes partnered with market research firm Statista to rank the best banks in 23 different countries, surveying more than 40,000 customers around the world for their opinions on their current and former banking relationships.

Heritage Bank topped the Australian rankings, with Bank Australia, Newcastle Permanent and IMB Bank rounding out the top four, followed by Greater Bank in sixth place. Banks were rated on general satisfaction and key attributes including trust, fees, digital services and financial advice.

Michael Lawrence, CEO of the Customer Owned Banking Association, congratulated its members on an outcome which highlighted the dynamism of customer owned banking in Australia.

“Customer owned banks serve over four-and-a-half million Australians and manage $131 billion in assets. The success of the model is demonstrated by our sector’s consistently superior performance on customer satisfaction, trust and loyalty.

“Rather than pay out shareholders, customer owned banks reinvest profits back into benefits for customers through lower interest rates, lower fees and innovative technology.

“During COVID-19, our members have been dedicated to supporting customers and communities through responding to requests for assistance, proactively contacting customers at risk of vulnerability, and partnering up with a range of charitable organisations.

“Every day, we hear stories of employees who go to exceptional lengths to help customers in distress. Our sector attracts people who believe strongly in making a difference, and that is resonating with the broader community.”

COBA is currently running a public campaign to celebrate the long-standing relationship between the nation and sector.

“Customer owned banks and Australians have worked well together for over 150 years. There is an ingenuity and ‘can-do’ spirit which sees us overcome hardships and grow.”

Visit the website for more on the ‘150+ years of ingenuity’ campaign.