Nine Philippine Banks Make It to Forbes’ Best in the World List
Digital banks are taking over.
(SPOT.ph) Forbes’ annual list of World's Best Banks is challenging us to rethink what makes a good bank great. While nine Philippine banks make it to the prestigious list, the chosen ones are not the usual institutional giants one would expect.
Philippine National Bank was named the best Philipine bank for 2024; in last year's list, they took second place. Meanwhile, Union Bank and Maya Bank take second and third place, respectively.
Notably, almost all of the digital banks in the Philippines earned a spot on the list. As defined by the Bangko Sentral ng Pilipinas, "digital banks offer financial products and services that are processed end-to-end through a digital platform or electronic channel with minimal or no reliance on physical touchpoints.”
Forbes offered a likely explanation as to why we're seeing a rise in digital banking: “Faced with a confluence of shifting factors–including tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations–banks are being called on to adjust their business and operating models.”
Last year's leader, CIMB Bank, was not even part of the list at all. Similarly, two of the biggest banks in the country, BDO Unibank and Bank of the Philippine Islands (BPI), were also absent.
Also read: Could Online Bank Transfer Fees be Permanently Waived Soon? The BSP Is Working On It
Philippine banks on World’s Best Banks by Forbes
Here are the Philippine banks included in the 2024 World's Best Banks by Forbes:
- Philippine National Bank
- Union Bank
- Maya Bank
- OFBank
- UnionDigital Bank
- UNO
- GoTyme Bank
- Landbank
- Metropolitan Bank & Trust
Forbes partnered with Statistica to ask more than 49,000 participants to evaluate banks where they currently have a checking or savings account, rating each on five criteria: trustworthiness, terms and conditions (such as fees and rates), customer service (wait times and helpfulness of employees), digital services (ease of using the website and app), and quality of financial advice.
Also read: It's High Time to Open Another Bank Account, Here's Why