rospects for the banking industry are looking up after two years dominated by a global pandemic and a decade of low interest rates. Now central banks are being forced into a hawkish stance to combat inflation that sits at a 40-year high, measuring 8.5% in March. As rates rise, banks will be able to profit from a rise in net interest margins, a crucial source of earnings.
In the United States, those rate hikes are already underway with the Federal Reserve announcing a 25 basis point jump in mid-March and the Federal Open Market Committee projecting as many as six more rate hikes throughout this year. This comes as the U.S. economy recovers much faster than much of the rest of the world, to the tune of 5.7% GDP growth in 2021.
It is in this environment that Forbes publishes its fourth annual World’s Best Banks, in conjunction with market research firm Statista. Instead of looking at balance sheets and profit and loss statements, as Forbes does for its annual list America’s Best Banks, Statista surveyed more than 45,000 customers in 14 languages around the globe for their opinions on their current and former banking relationships.
Banks were rated on general satisfaction as well as key metrics such as trust, fees, digital services and financial advice. The best banks in 27 different countries are highlighted below.
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