• Business models of financial institutions are shifting towards platforms and ecosystems
• Stronger customer value propositions are created through big data capabilities 
• Agility of banks are tested in navigating the COVID-19 pandemic

Now more than ever, the definition of a retail financial institution has been dramatically altered by ongoing digital transformation and rapidly changing customer behaviour amid the unprecedented impact of the COVID-19 pandemic.

In line with the industry transformation, the evaluation scorecard for International Excellence in Retail Financial Services Awards has evolved over the years. In the 19th annual assessment of the Best Retail Banks in Asia Pacific, Middle East and Africa, greater weight was given to strategy and leadership. Digital journey was also taken into consideration as banks built ecosystems and moved towards open banking to incorporate third-party players. In addition, as customer engagement has become an important priority for retail players across various digital touchpoints and ecosystems, the inaugural BankQuality Consumer Survey and Ranking was launched to capture the voice of the consumers. In addition to rating the experience and satisfaction with their main retail banks, respondents to the survey were also asked about how their main banks helped them and their community during COVID-19. 

The Best Retail Banks in 2020 ranking includes 86 institutions from 19 markets across the region. This year’s leader is China Merchants Bank (CMB). The bank has been a strong regional contender for best retail bank in the past years. It placed second in 2019 and first in 2018. In 2020, CMB showcased a strong competitive advantage by scaling its digital platforms such as CMB Life App. It also utilised emerging technologies that resulted in strong financial position, m...

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Keywords:Digital Banking Digital Platforms