MY MONEY

We rate the banks: 2017 Consumer Finance Awards

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Bankwest has taken out the top gong in the Money annual Consumer Finance Awards. It is just the second time in 13 years a bank outside the big four has won the award.

Competition is strong in the banking business, so the winners in our annual survey have to have to be especially innovative in providing products and services

For 13 years now Money and Canstar have been bringing these awards to our readers, and if you've been with us for some time then you can vouch that the winners do chop and change.

consumer finance awards money magazine bank of the year effie zahos

As Canstar's research manager, Mitchell Watson, says, with all the changes in the home loan market it was very difficult to predict who was going to win.

To win here it not just a matter of having one strong product. Rather each winner has developed a range of products that are designed to meet their customers' diverse needs.

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Watson says Bankwest's achievement in being named of Bank of the Year is an accolade well deserved through its continued product development and introduction of market-leading propositions.

While the impact of the federal budget's bank levy on the big five banks is still unclear, as Watson rightly points out, whenever there is an increased cost at home or in business these increases will need to be paid from somewhere.

"There is competition in the market, which will moderate the degree of changes which impact consumers. However, we know that through the strength of their product offering and brand they don't necessarily have to be price-leading propositions."

To read more about the Consumer Finance Awards, including the winners of Credit Union of the Year, Building Society of the Year, Non-Bank Home Lender of the Year, Money Minder of the Year, Personal Lender of the Year, Investment Lender of the Year, Non-Bank Investment Lender of the Year, Margin Lender of the Year, and Business Bank of the Year, grab the June issue of Money, on sale now.

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Effie Zahos is editor-at-large at Canstar and a financial commentator. She is the author of A Real Girl's Guide to Money: From Converse to Louboutins, and a regular money commentator on TV and radio across Australia. In 1999, a background in banking Effie helped kickstart Money, which she edited until 2019. Effie holds a Bachelor's degree in economics.
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