In the wake of rising tariffs, market volatility, and mounting global economic unease, consumer trust in financial institutions has never been more critical.

With economic tensions rising—driven in part by US president Donald Trump’s latest wave of tariffs and the resulting instability in global markets—consumers around the world are placing increasing importance on banking with institutions they trust.

But navigating the complex financial landscape and determining which banks truly deliver on their promises can be a daunting task.

Forbes, in partnership with Statista, has published its latest edition of the World’s Best Banks ranking, based on comprehensive survey data collected from more than 50,000 people across 34 countries, in 17 different languages.

The survey, conducted from October to December 2024, offers a global snapshot of customer satisfaction and trust in retail banking services.

Eligible banks included any financial institution offering checking or savings accounts, with US credit unions excluded from the list.

Survey respondents were current or recent customers—or knew the bank through close contacts—and were asked to rate each bank based on:

• Trustworthiness
• Terms and conditions (fees, rates, etc.)
• Customer service (including wait times and staff helpfulness)
• Digital services (such as mobile banking ease-of-use)
• Quality of financial advice

In addition to individual ratings, participants were also asked to rank the importance of each category.

Unsurprisingly, trustworthiness emerged as the top priority for consumers worldwide, particularly in the face of ongoing economic turmoil.

Current customers’ responses were given the most weight in the scoring system, with lesser emphasis on feedback from former customers or those with indirect experience.

Additionally, data from the 2023 survey was included with lower weighting to ensure banks were evaluated on consistent performance over time.

Global Recognition for 385 Top-Performing Banks

Out of the thousands of eligible institutions, 385 banks made the final cut, with representation varying by country according to population and banking sector size.

Leading the list are neobanks – 100% digital – and digitally focused institutions: Tangerine claimed the No. 1 spot in Canada for its seamless mobile-first experience, while ING Group topped the rankings in Australia, Germany, Poland, and Spain, praised for its personalised services and green financing.

Nubank secured first place in both Brazil and Mexico, with over 100 million customers and a strong reputation for customer-first innovation and AI-driven support. In the US, SoFi led the pack, followed by HSBC Holdings and Capital One, reflecting the growing consumer preference for banks offering competitive rates, digital convenience, and reliable service.

Key Themes Among the Top-Ranked Banks:

• Heavy investment in digital infrastructure, with mobile-first experiences and intuitive interfaces.
• Use of artificial intelligence to enhance customer service and operational efficiency.
• Strong emphasis on trust, customer feedback, and financial advice.
• Continued growth and recognition of neobanks, which operate entirely online with fewer fees and more agile product offerings.

South Africa includes three banks on the list: FirstRand, followed by TymeBank, and Bidvest Bank.

FirstRand, with a market capitalisation of R393 billion, is a diversified financial services group comprising FNB, WesBank, RMB (Rand Merchant Bank), Aldermore, and Ashburton, serving approximately 8.6 million customers in South Africa through FNB — including 8.25 million retail customers and 6.13 million eWallet users, and employing around 50,000 people globally.

TymeBank is currently one of the world’s fastest-growing digital banks, with over 10 million customers since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

Through a distribution partnership with Pick n Pay, Boxer, and TFG stores, TymeBank has over 1 000 kiosks and 15 000 retail points in retail stores across the country. Retail Capital, a division of TymeBank, is the largest SME funder of its kind in the sector.

TymeBank’s anchor shareholder is African Rainbow Capital. Other investors include Apis Growth Fund II (‘Apis’), Tencent, British International Investment (BII), the Gokongwei Group, the Tyme Management Investment Vehicle, Norrsken22 and the Ethos AI Fund.

In December 2024, JSE-listed Bidvest announced the sale of its entire stake in Bidvest Bank Holdings to Nigeria’s Access Bank for R2.8 billion, with proceeds earmarked to settle existing debt.

The Banker’s 2024 ranking of the world’s top 1000 banks based on tier 1 capital levels, featured six South African banks.

Standard Bank remains the leading bank in South Africa by capital, followed by FirstRand, Absa, and Nedbank.