WINNERS REVEALED
Competition is strong in the banking business, so the winners in our annual survey have to be especially innovative in providing a diverse range of products and services
For the 13th year Money, with the help of research partner Canstar, reveals the financial institutions providing customers with top value in 14 key categories. Where does your bank rate?
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. 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.
“bcu’s win of Investment Lender of the Year was surprising,” he says. “Not because it was bcu, as they are very worth recipients. It’s more that over the past year there has been a range of changes in the market, with lenders either jostling to attract business or limit the business coming through the door.”
To win here it’s 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.
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 marketleading propositions.
A big thanks again to Money’s deputy editor, Maria Bekiaris, for guiding these awards and a big congratulations to all the placegetters on their outstanding performance.
As we headed to the printers, the impact of the federal budget’s bank levy on the big five banks was still unclear but, as Watson rightly points out, whenever there is an increased cost at home or in business these extra expenses will need to be paid from somewhere.
“There is competition in the market, which will moderate the degree of changes that 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.”