Forbes has issued its first-ever ranking of the world’s best banks – including five from South Africa.
Banks from 23 countries were rated by Forbes, who partnered with market research firm Statista, on general satisfaction and key attributes including trust, fees, digital services and financial advice.
Statista surveyed more than 40,000 customers around the globe for their opinions on their current and former banking relationships.
Forbes said that customer expectations are higher than ever for their financial institutions, thanks to advances in technology.
Dutch financial services giant ING Group rated highly in eight of the 23 countries where customers were surveyed. Citibank, which ranked highly in six nations, is the only other bank to appear as a best bank in more than five countries, Forbes said.
Berlin-based mobile bank N26 ranked among the top banks in five European countries. N26, which was founded in 2013, does not have any physical branches but offers free ATM withdrawals worldwide and is travel-friendly with fee-free currency conversions.
South Africa’s first fully licensed digital-only bank, TymeBank, launched into the market last month, and will be followed by Discovery Bank later this month, and Bank Zero later in the year.
These three banks are set to challenge the status quo in the traditional banking industry, launching new and more affordable products into the market due to lower running costs.
Perhaps unsurprisingly, Forbes rates Capitec as the best bank in the country. The Stellenbosch based bank has won many accolades in recent years, particularly relating to the service it gives to its customers.
FNB is ranked second by Forbes, having led the way in digital services over the past several years. Bidvest, Investec, and Nedbank round out the top five banks ranked by Forbes, with two of the country’s largest banks, Absa, and Standard Bank not featuring.
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