Last week RFI Global was delighted to host the Australian Banking & Finance Awards 2025 at the Meta offices in Barangaroo, Sydney. Attended by the country’s leading banking and insurance providers, the awards recognised the institutions that had gone above and beyond when it comes to customer experience.
The voice of the customer: Powering the Awards
Underpinning the awards are RFI’s Atlas surveys, which gather insights and feedback from over 62,000 consumers and 18,000 businesses each year, a factor that makes the awards unique as they are driven entirely by customer feedback. In effect, the awards are decided upon by the customers of these institutions, rather than industry judges.
It has never been more important to support customers. RFI’s Atlas Sentiment Indices show that both consumers and businesses have spent the better part of three years in pessimistic territory (below 100 points on the index).
On the consumer side, this was driven by cost-of-living pressures and global uncertainty. As 2025 matures, the uncertainty pervades, and the threat of a global trade war hangs over us all.
For businesses, this does not bode well, and sentiment is equally pessimistic, with cost pressures compounded by supply chain constraints, labour shortages and cybersecurity challenges.
Supporting customers by alleviating stress
Consumers and businesses need banking and insurance products in order to survive in the modern world, but that doesn’t mean they are prepared to put up with sub-standard experiences. In an environment of significant stress and pessimism, banks and insurers should add value by ameliorating everyday experiences and removing financial management from the list of concerns.
One way to do this is through digital enablement. On the business side of banking, we’ve seen improvements in 2024. Businesses noted improvements in digital banking experiences, with all four major banks finishing the year higher than where they started in online banking NPS and three of the four in mobile app NPS. Business customers have noted improvements in app functionality and reliability.
Meanwhile, in consumer banking, customer experience has been overwhelmingly positive. For the first time in three years, all four major banks improved their NPS year-on-year. Two of the four majors reached a new calendar year NPS high¹, while CBA was the first major bank in Consumer Atlas history to enter positive NPS territory, leading to the award for Most Recommended Major Consumer Bank.
Tier 2 banks further drove up the market result. Neobank, Up, excelled in a highly competitive market, outperforming several strong competitors to win the Most Recommended Consumer Bank (Non-Major Bank) Award with an NPS of +56.3. Main Financial Institution (MFI) NPS is a key indicator of loyalty to Australian banks. RFI Global’s Consumer Atlas shows that MFI NPS across the total adult consumer market rose to a record high of 12.1 in December 2024.
Award-winning strategies
It is hard to argue with the voices of over 80,000 customers. These awards are a testament to the brands that truly put customers first. Across almost 50 different awards, spanning consumer banking, business banking, private banking, financial products and insurance, we recognise 19 brands, with many missing out by the merest of margins. Each of these brands has focussed on supporting customers at a time of uncertainty and proved that they value their customers by giving them the tools to succeed.
Ultimately, the winners were able to deliver what their customers want and demonstrate the following:
For consumer banking…
- That they understand their customers and will do right by them
- That they provide a product portfolio offering a range of features that meet customer needs
- That they are fair when it comes to fees and charges
For business banking…
- That they provide simple and flexible processes
- That they value loyalty and will reward it
- That they understand their customers
For private banking…
- That they understand their clients’ specific needs
- That they can proactively anticipate those needs
- That they value their clients’ business
For insurers…
- That they are transparent in communication
- That they eliminate customer confusion
- That they tailor products to provide the cover while maintaining affordability
For product design…
- That they deliver value with competitive rates and rewards
- That they adapt to meet evolving customer needs
- That they innovate to enhance customer experiences
At the end of the day, it is impossible to argue that 80,000 customers are wrong about their experiences, and these awards are therefore a recognition that the winning brands are on the right path.
Congratulations to the winning institutions that have proven they’re not just meeting expectations but setting new benchmarks for excellence.
Find out more about our 2025 winners, and the trends underpinning each of these categories in our Australian Banking & Finance Awards 2025 booklet and look at the winner videos here.
Please do get in touch to find out how you can be a winner.
