Philippine banks in Forbes’ World’s Best Banks list

by Lawrence agcaoiLi Philstar.com

MANILA — Prominent business magazine Forbes has included 10 financial institutions from the Philippines in its recently published list of The World’s Best Banks for 2023.

The 415 banks that earned a spot on Forbes ranking were evaluated in categories, such as digital services, customer services, financial advice and trust.

“If you cannot trust your financial institution, all other perks and services dwindle,” Parijat Banerjee, global head of business services at LatentView Analytics, said.

Forbes’ World’s Best Banks 2023 reflects trust and other industry trends especially after the collapse of Silicon Valley Bank and Signature Bank in the U.S.

Compiled in partnership with market research firm Statista, the list is based on a worldwide survey of 48,000 banking customers in 32 countries.

The Top 10 banks in the Philippines include CIMB Bank, Lucio Tan’s Philippine National Bank (PNB), Ayala- led Bank of the Philippine Islands, Aboitiz-led Union Bank of the Philippines, and Sy-led BDO Unibank.

Completing the list were state-run Land Bank of the Philippines, Metrobank Group’s Philippine Savings Bank (PSBank), Yuchengcoled Rizal Commercial Banking Corp. (RCBC), Maya Bank of PLDT’s Voyager Innovations, and Gokongwei-owned Robinsons Bank Corp.

According to Forbes, the biggest banks were not necessarily the best as online banks are at the top in many countries, reflecting the COVID-19 pandemic’s impact on customers’ digital comfort.

Over the past two years, Banerjee said that banks rapidly adopted new digital technology that made customers’ experiences more robust, swift and personal – all necessary to appeal to Millennial and Gen Z customers.

CIMB Bank is the 31st largest lender in the Philippines in terms of assets at P30.26 billion as of end-2022, while PNB is the seventh largest bank with