Forbes’ World’s Best Banks list for 2023 has recently been published, featuring 415 financial institutions around the globe. The banks were evaluated based on various criteria, including digital services, customer service, financial advice, and trust, making it a comprehensive guide for banking customers worldwide.
As businesses and consumers continue to navigate the challenges brought about by the COVID-19 pandemic, trust has become a defining feature of a reliable financial institution. This sentiment was echoed by Parijat Banerjee, the global head of business services at LatentView Analytics, who emphasized the importance of trust in establishing and maintaining relationships between customers and financial institutions.
The list compiled by Forbes is particularly significant this year given the recent collapses of Silicon Valley Bank and Signature Bank in the US, which have highlighted the need for trustworthy banking services that put customer needs first.
The list was compiled in partnership with market research firm Statista and based on a survey of 48,000 banking customers in 32 countries. The survey sought to identify the banks that provided the best overall experience for their customers across various categories – such as digital banking, customer service, financial advice, and trust. The results, therefore, provide a unique insight into the current state of the global banking industry, highlighting trends and emerging opportunities.
Ten financial institutions from the Philippines made it to the top of the Forbes list, affirming the country’s position as a hub of trustworthy and innovative banking services. The list included some of the largest banks in the country, such as BDO Unibank, Union Bank of the Philippines, and Bank of the Philippine Islands, as well as up-and-coming players in the banking industry, like Maya Bank and Robinsons Bank Corp.
Despite the size of these financial institutions, Forbes noted that size was not always an indicator of quality. The rise of online banks in many countries reflects the COVID-19 pandemic’s impact on customers’ digital comfort, leading to an increase in online banking services, as many customers look to limit their physical interactions and maintain social distancing.
According to Forbes, in the past two years, banks have rapidly adopted new digital technology to make customers’ experiences more personalized, robust, and swift. These changes are crucial to attracting Millennial and Gen Z customers, who prioritize accessibility, convenience, and an excellent digital experience.
Bank of the Philippine Islands (BPI) is the country’s third-largest bank, with assets of P2.6 trillion and capitalization of P316.07 billion. The bank aims to complete its merger with Robinsons Bank, which ranks 16th in the country with resources of P183.25 billion. BDO Unibank, owned by the family of the late retail and banking magnate Henry Sy, continues to dominate the industry, with assets of P3.92 trillion and capitalization of P459.82 billion.
UnionBank is the country’s ninth-largest bank, with resources amounting to P961.58 billion, while RCBC is ranked sixth with P1.18 trillion. Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, is the country’s largest mid-sized bank, with assets of P263.37 billion and capitalization of P35.74 billion.
Maya Bank is one of the six digital banking entities granted licenses by the Bangko Sentral ng Pilipinas, reflecting the country’s upward trend in digital banking services. With ten Philippine banks on Forbes’ World’s Best Banks List for 2023, the country’s financial institutions have demonstrated their ability to provide trusted and innovative services to customers, leading to a promising future for the banking industry in the Philippines.