10 Philippine Banks Make it to Forbes' Best in the World List
Bigger isn't always better.
If you're wondering where to open your first or next bank account, maybe consider a Forbes-approved bank first. The publication has just released its World's Best Banks list. Ten Philippine banks made it to the list, but the choices might not be what you were expecting. Because as Forbes pointed out, it wasn't the biggest banks that made the list, but the best.
From the Philippines, CIMB Bank ranked highest among the 10 local institutions that were listed. However, it's important to note that CIMB Bank is actually a Malaysian bank headquartered in Kuala Lumpur, but the bank's massive operations here in the Philippines landed it in the list. After CIMB, Philippine National Bank ranked second, followed by Bank of the Philippine Islands.
Of the three, BPI is by far the largest with CIMB being the smallest and the only digital bank. CIMB is also one of two digital banks among all the Philippine banks on the Forbes list.
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Top 10 banks in the Philippines
- CIMB Bank
- Philippine National Bank
- BPI
- UnionBank
- BDO
- LANDBANK
- PSBank
- Rizal Commercial Banking
- Maya Bank
- Robinsons Bank
When compiling this year's list, Forbes tapped market research firm Statista to gather data from a worldwide survey that questioned 48,000 banking customers in 32 countries. The 415 banks that made it to the list were then measured based on the quality of their digital services, customer services, financial advice, and most notably, user trust.
Due to the small respondent pool for an international survey, it should be noted that the Forbes list excluded local banks like GoTyme and Tonik, which offer top-tier digital services but might have been too small to attract the attention of the survey's overseers.
Like all things, the pandemic disrupted the banking industry and ushered in a new age of digital banking. Customer priorities shifted as they demanded better digital technology and user experiences from their banks. As priorities and standards changed, so did the perception of what made banks "the best" in the world.
It's no longer about who has the most money or the most customers, but who has the smartest and most forward-thinking service.
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