Money reveals its 2023 Bank of the Year


Published on

Macquarie Bank has been named Money's 2023 Bank of the Year as part of the Consumer Finance Awards.

In our competitive banking market, where 95 banks are jockeying for a slice of the action, it's no small feat to achieve Money's Bank of the Year award.

"It is an honour to receive the Bank of the Year award. The recognition is testament to our focus on making banking seamless and intuitive by empowering our customers to manage their money in a way that best suits them," says Ben Perham, head of personal banking at Macquarie Bank.

consumer finance awards 2023 bank of the year

Having taken out third place in this award last year, Macquarie has forged to the front based on its broad product suite and innovative digital servicing capabilities.

Macquarie is the first Australian bank of size - and one of just a handful globally - that is running its core banking platform on the public cloud. According to Perham, this unlocks far greater speed and processing power for Macquarie's customers.

"This has allowed us to completely rethink and rebuild the account opening experience for our customers. In a matter of minutes, you can apply for an account, verify your identity, load your new debit card into your digital wallet and start saving or spending right away."

Importantly, with the Macquarie Savings Account and Macquarie Transaction Account, there are no minimum balance or deposit requirements, no transaction conditions and no need to lock money away for a set period to earn a healthy return.

"Macquarie customers receive the same great rate however they choose to manage their money," says Perham.

On the other side of the ledger, Macquarie Bank offers flexible loan options, competitive rates, low fees and a strong digital and customer experience.

"With a straightforward application process and fast turnaround times, our customers get a timely response on the status of their loan," he says.

Macquarie also allows customers to tailor their home loan with options such as splitting between variable and fixed interest rates, adding an offset account or simply selecting a low-fee, basic loan.

Additionally, Macquarie has its eye on Australia's growing interest in electric vehicles (EVs), with an online EV information hub and electric car loans with rates starting from 6.74%.

"When it comes to making day-to-day choices that contribute to a more sustainable future, we know it can be challenging to know where to start," explains Perham.

"Through our specialised electric vehicle service, we're providing information and support to assist our customers on their EV purchasing journey."

Order your Consumer Finance Awards special issue

Get stories like this in our newsletters.

Related Stories