hough global banking profits are up, financial institutions worldwide have their work cut out for them, according to recent reports by McKinsey & Company and the Deloitte Center for Financial Services. 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. And several surveys indicate that in the wake of last year’s major bank failures—such as the collapse of First Republic Bank and Silicon Valley Bank in the United States, and Credit Suisse in Switzerland—consumer trust in banks has faltered.
“Customers need confidence in their bank’s financial stability and the security of their money,” says Cloris Chen, CEO of Cogito Finance, which provides institutional grade equities to the blockchain. “Trust and security, along with technological innovation, are three of the most important factors that make a good bank for all customers, regardless of whether they are corporate or retail, international or local.”
To identify the banks around the world that have managed to maintain consumer trust and meet their clients’ financial needs in this economic climate, Forbes ranked the World’s Best Banks 2024.
To produce this fifth annual ranking, we partnered with market research firm Statista, which surveyed more than 49,000 individuals across 33 countries in 17 different languages. Participants were asked to evaluate banks where they currently have a checking or savings account, where they’ve had an account within the past three years, or that they knew through family or friends. Any bank offering a checking or savings account was eligible; United States credit unions were not.
Respondents relayed their overall satisfaction with each bank, as well as whether they would recommend it to others, and then rated 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.
All of these elements were factored into a scoring system that also considered last year’s results at a lower weight; similarly, banks known through family or friends received a lower weight than those with which the respondent had personal experience. The banks with the highest final scores in their countries made the final list. (Note that the number of banks listed in each country depends on the size and structure of each country’s banking sector.) This year, our full list includes 403 banks around the globe—all ranked below.
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As with all Forbes lists, companies do not pay any fee to be considered or selected. For questions about this list, please email listdesk [at] forbes.com.
