Leading digital banking services provider CIMB Bank PH is the best bank in the Philippines, according to Forbes’ 2023 World’s Best Banks Ranking.
Headquartered in the United States, Forbes is a globally renowned business magazine known for their highly regarded business lists and rankings. Tapping market research firm Statista, the publication conducted a worldwide study that surveyed 48,000 banking customers in 32 countries. Shortlisted banks were then ranked according to customers’ general satisfaction and recommendation of the bank, and ratings in five key areas: trust, terms and conditions, digital services, customer services and financial advice.
In the Philippines, 10 banks made it to Forbes’ list and were subsequently ranked according to the criteria above. CIMB Bank PH earned the top spot, ahead of all other local and international banks. CIMB is also the sole digital- and mobile- first bank and the only foreign-owned bank on the list’s top 5 banks in the country.
“This recognition is a testament to how we have come to the shores in the Philippines and disrupted the banking landscape since launching our operations back in 2018, during a time when digital banking was unheard of in this country,” said CIMB Bank PH Chief Executive Officer (CEO) Vijay Manoharan. “We were the first to make it possible to open a bank account with using just your mobile phone in the matter of minutes, and get a loan instantly approved 24 hours and 7 days week—really going big on our embedded banking business model to drive financial inclusion and access to credit for all Filipinos. We were the first to offer high savings rates and access to cash for up to PHP 1,000,000 on your mobile phone. We were also the first to enable users to open and maintain a savings account with zero fees and no maintaining balance.”
All of these, according to Manoharan, ultimately contributed to CIMB’s mission of making banking more accessible to Filipinos, as well as to the BSP’s mandate for financial inclusion through digitalization. “Now as we are in 2023, we are encouraged and pleased to see the new digital banking entrants adopting what we have started, following our lead, and joining us in changing how Filipinos bank,” he added.
Manoharan noted that the recognition further fuels the Bank’s mission of providing an unmatched banking experience for its customers. “We owe this to our 7 million deposit customers and 2 million loan customers for their unwavering trust and support,” said Manoharan. “We will not stop. We are only getting started. This strengthens our intent to continuously strive for a world-class digital-only banking experience for our customers.”