Suncorp wins Bank of the Year award for fourth year in a row
BANK OF THE YEAR: SUNCORP
Suncorp has beaten Macquarie Bank and Bank of Queensland to nab this award for the fourth year running.
Clearly it is doing it right.
It has a wide range of loan products with a presence in most parts of Australia and there is an initiative to alleviate hardship in partnership with the Way Forward debt relief charity.
"The market is very competitive and customers are looking for convenient and personalised options to manage their finances and reach their goals," says Clive van Horen, CEO of Suncorp banking and wealth. "By offering market-leading products at competitive rates with unmatched customer service, Suncorp makes a real difference during incredibly important and emotional times for customers looking to achieve their financial goals.
"While we're a smaller bank, we focus on doing the key things well. It's in Suncorp's DNA to care for customers - whether this is in the bank or through our insurance colleagues who are there for customers in the moments that matter. We know our customers are changing the way they bank, with fast growth in digital channels. For this reason, we have invested in our digital capabilities, yet we are still available for face-to-face conversations in our branches or on the phone."
Suncorp introduced a range of measures to help customers through the pandemic.
"We bolstered our support for customers, announcing a historically low fixed home loan rate - a 1.89%pa two-year fixed home loan rate. And we made things easier for our customers by removing a range of fees, including dishonour fees and foreign currency conversion fees on Everyday Options accounts. This followed the previous removal of monthly account-keeping fees, making our day-to-day bank accounts among the best in market," says van Horen.
"Winning in home lending is our top priority and with the strong growth in home loan applications we deployed more team members into operations and support roles to speed up turnaround times. We recently simplified our expense verification process, requiring customers to provide less documentation for loan applications. This means a faster 'time to yes', and builds on our recent introduction of Easy Refinance, Easy Add Loans, Easy Equity Loans and our popular home loan annual fee waiver."
For everyday banking customers, Suncorp has further reduced fees and continues to invest in its app, which has seen strong customer adoption and engagement.
Macquarie, runner-up in this category, continues to be a leading provider in home lending, investment lending and money minding.
Bank of Queensland, rounding out the top three, scored strongly as a money minder and also gets a tick in home lending, investment lending and business banking. Since last year, Bank of Queensland has acquired ME Bank, which gives it an X-factor.
WHY THEY WON
Many loan products with a presence across Australia; lowest-priced business loans.
TOP PRODUCTS
Strong in business banking and home loans; business loans start at 2.99%pa.
RANKINGS
1. Suncorp
2. Macquarie Bank
3. Bank of Queensland
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