RFI Global Announces Australia’s Banking & Finance Awards Winners for 2025
Sydney – Australia – RFI Global, the leading insights provider for the financial services industry has announced the winners of its seventh annual Banking & Finance Awards in Australia. Recognising excellence across business banking, consumer banking, private banking, insurance and financial products, the awards celebrate financial institutions that have demonstrated outstanding performance in delivering products, services and experiences that resonate with their customers.
Unlike industry-judged awards, the winners are determined by customer feedback, drawing on insights from over 62,000 consumers and 18,000 businesses annually through RFI Global’s Atlas survey. This approach ensures that all winners have truly excelled in meeting customer needs and expectations.
2025 Award highlights
All this year’s winners (see the full list here) have demonstrated exceptional customer engagement and innovation. The Commonwealth Bank of Australia (CBA) was a standout performer, securing 16 awards, and reinforcing its leadership in retail and business banking. Meanwhile, AHM and HBF made their debut in RFI Global’s new health insurance category, highlighting strong customer value and competitive offerings.
Following a challenging year for Australia’s financial institutions, this year’s results highlight three critical themes shaping Australia’s financial landscape:
1. Customer-centricity and trust
Trust remains at the heart of customer loyalty and satisfaction, particularly in banking, private banking and insurance. Customers are looking for institutions that offer transparent pricing, clear fee structures and a commitment to treating all customers – both new and long-standing – fairly. Equally important is ensuring the security of customer data and funds, which continues to be a cornerstone of trust in financial services.
Customers associate trust with a bank supporting them through difficult times, acting responsibly for society, the community and the environment, and valuing customer loyalty. Bendigo Bank has been a clear leader in contributing to society and the community and supporting its customers through difficult times, driving its strong trust ratings throughout 2024.
2. Adapting to changing consumer behaviour
Consumers increasingly prioritise value, making competitive pricing and product features essential for retention. The rising demand for competitive mortgage rates and savings account offers in retail banking has increased reliance on brokers and online banks. With savings, it comes down to helping customers meet their savings goals. In the insurance space, rising premiums have prompted more consumers to question renewal prices and reassess their coverage options. Institutions that offer unique benefits, flexible products, and competitive pricing are better positioned to meet evolving needs.
NAB secured three consumer awards in price-sensitive categories – investor home loans, personal loans and online savings accounts. Their success was driven by competitive interest rates, fair and transparent fees and charges and being open to price negotiation, setting them apart from other major banks.
3. Innovation and proactive service
All sectors witnessed a shift towards proactive service. Private banks anticipated their clients’ needs and insurers offered tailored products to demonstrate that understanding customer pain points is key. Innovation played a crucial role, with institutions embracing digital transformation and new offerings to remain competitive in a crowded marketplace. For the consumer market, the challenge is still to provide this service at scale to a diverse audience.
Australian banks continued to prioritise innovation, with CBA leading the way. Crowned Most Innovative Major Consumer Bank, their commitment to digital excellence was further reinforced by winning Best Digital Consumer Bank (Major Bank). CBA was also the first major bank to launch a bank-wide loyalty programme, Yello in late 2023 – an initiative it has now extended to include business customers.
Industry outlook
Julien Wilson, RFI Global’s Chief Customer Officer, Asia Pacific, said, “In a year marked by economic volatility, rising costs and shifting expectations, financial institutions that prioritise customer-centricity, adapt to evolving preferences and continuously innovate will be best positioned to build long-lasting, trusted relationships. Striking a balance between competitive pricing and a value-led service is key. In a sector heavily influenced by sentiment, technology and price, this year’s winners have proven their ability to meet and often exceed the expectations of their customers.”
As Australia’s financial landscape evolves in 2025, RFI Global’s analysis shows that the institutions that prioritise customer understanding, flexibility and transparent value propositions will continue to lead the market.
For the full list of winners and more insights, visit https://rfi.global/australian-banking-finance-awards-2025/
