JPMorgan Chase, Emirates NBD and Standard Chartered Hong Kong top TABInsights’ World’s Best Retail Banks Ranking, with the top 50 banks showing modest improvements in retail profitability. JPMorgan Chase, Emirates NBD and Standard Chartered Hong Kong lead with a strong focus on digital transformation to enhance customer engagement, efficiency and growth Commonwealth Bank of Australia, CaixaBank, Bank of China (Hong Kong), CTBC Bank, HSBC, UOB and First National Bank also rank among the top 10 Top 50 retail banks report modest gains in profitability amid accelerated digital transformation and customer-centric innovations Singapore, 20 February 2025 - JPMorgan Chase, Emirates NBD and Standard Chartered Hong Kong have secured the top three positions in the 2025 TABInsights’ World’s Best Retail Banks Ranking, marking a year of strategic digital investments, improved profitability and heightened customer engagement. This year’s ranking has been expanded to include the top 50 retail banks globally. Each bank has excelled in different aspects of retail banking, from digital transformation to operational efficiency. The ability to balance financial growth with customer-centric innovation has set them apart in a competitive market. JPMorgan Chase, Emirates NBD and Standard Chartered Hong Kong drive digital transformation boosting growth JPMorgan Chase remains the largest retail revenue generator worldwide, with retail revenue growing 28% to $70.1 billion in fiscal year (FY) 2023. Its consumer banking division serves over 80 million customers and six million small businesses. With 76% of customers digitally active, JPMorgan Chase maintains its leadership by enhancing customer engagement through digital transformation. Emirates NBD’s retail banking division leads the top 50 banks with a pre-tax retail return on assets (ROA) of 5.6% in FY2023, supported by significant growth in customer lending and deposits, and a 77% current account savings account ratio. Its aggressive digital strategy, including 94% digital customer onboarding and 98% automated transactions, has significantly enhanced efficiency and customer experience. Standard Chartered Hong Kong strengthened its retail banking segment with a digital-first approach. In FY2023, the bank saw stronger retail revenue growth, improved retail ROA and a better retail cost-to-income ratio (CIR). Key initiatives like the revamped mobile app and the myWealth platform have boosted customer satisfaction and digital sales. Commonwealth Bank of Australia, CaixaBank, Bank of China (Hong Kong), CTBC Bank, HSBC, UOB and First National Bank rank in the top 10 The top 10 banks in this year’s ranking also include Commonwealth Bank of Australia, CaixaBank, Bank of China (Hong Kong), CTBC Bank, HSBC, UOB and First National Bank, a division of FirstRand. Bank of China (Hong Kong) excelled in the retail financial performance dimension, achieving the highest growth in retail revenue among the top 50 banks in FY2023, excluding HDFC Bank, which saw a 65% rise in retail revenue, following its merger with its parent HDFC. Bank of China (Hong Kong)’s retail revenue grew by 51%, driven by higher interest rates, leading to an 86.8% increase in net interest income, partly offset by a decline in non-interest income. In the sales management dimension, First National Bank and CTBC Bank reported the highest ratios of non-interest income to total income in their retail banking businesses, at 48.5% and 41.4%, respectively. First National Bank's retail non-interest income increased by 12% in FY2023, driven by customer acquisition, increased activity and higher transactional volumes. CTBC Bank’s retail non-interest income saw a 16% rise, fuelled by wealth management and credit card offerings. HSBC performed strongly in the digital customer base dimension, with 54% of wealth and personal banking customers being monthly active mobile users in 2023, up from 49% in 2022. Additionally, the proportion of sales completed digitally increased to 49% in 2023, compared to 43% in 2022. Top 50 retail banks post modest gains amid digital transformation and innovation The top 50 retail banks saw a slight improvement in profitability in FY2023, with the average pre-tax retail ROA edging up from 1.7% in FY2022 to 1.8%, and the average retail CIR decreasing from 51% to 48%. Emirates NBD and JPMorgan Chase reported the highest pre-tax retail ROA, at 5.6% and 4.9%, respectively, while Emirates NBD and China Construction Bank reported the lowest retail CIR at 26.6% and 30.5%, respectively. Meanwhile, the proportion of digitally active customers and digital sales has continued to rise, reflecting a shift towards digital engagement in the banking sector. Overall, banks are increasingly focused on improving customer experience and efficiency through innovation to meet the evolving needs of customers in a digital world. View the full World’s Best Retail Banks Ranking here View the World’s Best Retail Banks Ranking report here About the World’s Best Retail Banks Ranking TABInsights, the research arm of TAB Global, evaluates leading retail banks and ranks them based on their performance across seven critical areas: retail financial performance, retail focus, digital customer base, brand strength, sales management, customer experience and risk management. This thorough assessment provides a detailed analysis of each institution’s strengths and performance across these dimensions. About TABInsights TABInsights is the global research arm of TAB Global, interacting with a wide spectrum of financial institutions across the Asia Pacific, the Middle East and African regions. TABInsights provides a range of custom and bespoke research for financial institutions in emerging and established markets to facilitate management decision-making process and guide business strategy. TABInsights provides strategic analysis and recommendations to institutions across all verticals including retail, transaction, risk and technology functions. Visit https://tabinsights.com/ for details. About TAB Global TAB Global owns and manages a number of world class digital content platforms namely, The Asian Banker, Wealth and Society, BankQuality.com as well as learning platforms like The Banking Academy and The Skill Store. Incorporated in Singapore, it has offices in Beijing, Dubai and support offices in Kuala Lumpur and Manila, with plans to expand to Johannesburg, London, Zurich and New York. Visit https://www.tab.global/ for details. For further information, you may get in touch with: Mr. Foo Boon Ping President and Managing Editor TAB Global M: +65 9826 9470 [email protected]
