2023 Consumer Finance Awards: How we chose the winners

To help Money bring you these 2023 Consumer Finance Awards, Rainmaker Information, publisher of Money, worked with the magazine to ask subscribers in a special readership questionnaire which bank they used and how they rated it for products and features, customer service and digital.

The life insurance awards research was conducted by Rainmaker in partnership with Plan For Life. 

Here's how we found Australia's best banking and insurance products.

BANK OF THE YEAR
The winner had the highest overall composite ratings scores across products and features, customer service and digital experience. Only national full-service banks were eligible to win this premier award. 
WINNER: MACQUARIE BANK

CUSTOMER-OWNED INSTITUTION OF THE YEAR
Similar to Bank of the Year, but only full-service customer-owned banks were eligible to win this premier award. 
WINNER: HERITAGE BANK

BUSINESS BANK OF THE YEAR 
There's more to being a leading business bank than just offering a good deal on business accounts and loans. This is why this year Rainmaker enhanced the methodology for this award category to identify the leading national full-service business banks that offered the most comprehensive services across business accounts, loans, credit cards, term deposits, currency management, cyber risk protection, fraud protection, point-of-sale and ecommerce, international transactions and merchant support. 
WINNER: SUNCORP BANK

NON-BANK LENDER OF THE YEAR
The winner was the non-bank lending institution judged by Rainmaker research to score highest across seven core dimensions: product range, business strength, ability to raise lending capital, innovation, corporate transparency, loan quality and customer depth. 
WINNER: LA TROBE FINANCIAL

BANK OF THE YEAR - SAVERS
The banking provider that achieved the highest overall composite ratings scores across products and features, customer service and digital among Money subscribers aged 35 to 45 years. 
WINNER: UBANK

BANK OF THE YEAR - YOUNG PEOPLE
The banking provider that achieved the highest overall composite ratings scores across products and features, customer service and digital among Money subscribers aged 18 to 34 years. 
WINNER: ING BANK

BANK OF THE YEAR - RETIREES
The banking provider that achieved the highest overall composite ratings scores across products and features, customer service and digital among Money subscribers aged 55 years or older. 
WINNER: MACQUARIE BANK

BANK OF THE YEAR - PRODUCT
The banking provider that achieved the highest overall ratings scores for products and features.
WINNER: BANK AUSTRALIA

BANK OF THE YEAR - CUSTOMER SERVICE
The banking provider that achieved the highest overall ratings scores for customer service. 
WINNER: HERITAGE BANK

BANK OF THE YEAR - DIGITAL
The banking provider that achieved the highest overall ratings scores for digital experience. 
WINNER: MACQUARIE BANK

MONEY MINDER OF THE YEAR
The banking provider that achieved the highest overall composite ratings scores from Money subscribers for everyday savings accounts and term deposit products and features, customer service and digital experience. 
WINNER: ING BANK

HOME LENDER OF THE YEAR
The banking provider that achieved the highest overall composite ratings scores from Money subscribers for mortgage products and features, customer service and digital experience. 
WINNER: BANKWEST

CREDIT CARD ISSUER OF THE YEAR
The banking provider that achieved the highest overall composite ratings scores from Money subscribers for credit card products and features, customer service and digital experience. 
WINNER: COMMONWEALTH BANK

MARGIN LENDER OF THE YEAR
The winner was judged by Rainmaker research to score highest across core dimensions spanning product and investment choice breadth, depth, research services, type of investment available, access to international markets and interest rates payable on loan products. 
WINNER: LEVERAGED EQUITIES

INSURER OF THE YEAR
This category took into consideration an insurer's home and contents and car insurance premium rates and holistic factors such as corporate strength, breadth of what they deliver and customer support, customer engagement and reliability in paying claims. 
WINNER: BUDGET DIRECT

LIFE INSURANCE PRODUCT OF THE YEAR
The winner was the life insurance product with the best overall scores across financial strength, product features, premium rates, service and market strength. Extra points were awarded if the product had low cancellation rates and had sustainable product features. 
WINNER: NEOS

DIRECT LIFE INSURANCE COVER OF THE YEAR
The winner is the best life insurance company across the key product sets of life insurance, funeral, trauma, income protection and accident insurance, where these products are marketed directly to consumers (over the internet). Products were assessed across the dimensions of financial strength, product features, premium rates, service and market strength. 
WINNER: TAL LIFE

HEALTH AND WELLNESS COVER OF THE YEAR
The winner is the health and wellness life insurance product with the best overall scores across financial strength, product features, premium rates, service and market strength. 
WINNER: MLC LIFE

LONGEVITY COVER OF THE YEAR
The winner is the best life insurance product designed to assist retirees in meeting the challenges of longevity (life expectancy) by providing flexible and reliable income stream solutions. 
WINNER: CHALLENGER

INVESTMENT BOND PROVIDER OF THE YEAR
The winner is the best investment bond provider based on its financial strength, product features and benefits, customer service, and support for financial advisers. 
WINNER: GENERATION LIFE

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