Five South African banks and no other African bank were featured on the Forbes ‘The World’s Best Banks’ list with Capitec rated as the best South African bank.
Customer satisfaction, trust, fees, digital services and financial advice were the attributes that were used to rate the banks.
— Forbes (@Forbes) June 8, 2020
Some of the banks that made the the list include Tesco Bank, Virgin Money Holdings, the Bank of Montreal, Bank Australia, ICICI Bank and Standard Chartered Bank amongst others.
Forbes partnered with market research firm Statista to create the list of ‘The World’s Best Banks’.
More than 40000 customers were surveyed across the world for their opinions on their current and former relationships with banks.
The Forbes list includes banks from 24 countries South African banks the only African banks that made the list.
The African banks that made it were:
- Capitec Stellenbosch,South Africa, 13333 employees.
- Tymebank, South Africa,
- First National Bank, South Africa, 46,284 employees.
- Nedbank Sandton, South Africa, 31,277 employees.
- Bidvest Bank, South Africa, 1179 employees.
Time Bank is the youngest the African banks that made the list. It was established in 2015.
Tymebank Chief Executive Officer (CEO) Tauriq Kerann said they are humbled by this acknowledgement to be recognised by such a credible international business authority.
The surprise stemmed from the fact that the bank was launched TymeBank to the public for full operations 18 months ago.