Local Bank Tops Forbes List

Australia’s best bank has been revealed and it’s based here in the Hunter.

Forbes Magazine’s annual list of the best financial institutions in the world dropped today, and topping the tally down under was the Newcastle Permanent.

The publication’s ranking is based on a survey of 48,000 people from across 32 countries. It asks current and former customers to assess an institution against a number of key criteria.

According to Forbes, banks were rated on general satisfaction (30% of the final score) and whether they would recommend the bank (30%). The final 40% came from customer ratings in five key areas: trust, terms and conditions, digital services, customer services and financial advice.

The local customer-owned bank which employs nearly 900 staff out-performed its competitors including the big four – ANZ, the Commonwealth, NAB and Westpac.

Newcastle Permanent Chief Distribution Officer, Paul Juergens, said while the accolade was a pleasant surprise, it was also well-earned.

“We have long stated that our aim at Newcastle Permanent is to provide Australia’s favourite banking experience and this award shows that we are walking the talk,” Mr Juergens said.

“Our customer satisfaction surveys regularly indicate our customers are highly satisfied with our services. In fact, our customers regularly give us a score of more than 90% and this award is further evidence that our customers have high trust in our people, our brand and our services.”

“Newcastle Permanent has ranked in Forbes top five banks for Australia for a number of years – coming in third in 2020, second in 2021 and fourth in 2022 – but it’s wonderful to see our name at the very top.”

“Winning such a prestigious award, one with global recognition, is a feather in our cap of which we are immensely proud. Each day we aim to delight our customers with excellent service, to continue to earn their trust, and provide banking services they need today and will want tomorrow.”

Forbes final rankings were narrowed down to 415 financial institutions globally, including the Perm. The Greater Bank also made the cut, coming in 6th nationwide.