Transact Credit Union Corporation named number one in America on Forbes list of World’s Best Banks

15 June 2020

Transact Credit Union Corporation has outperformed all other banks to be named number one in America by Forbes magazine – for the second year in a row.

International media brand Forbes has just released the results of its second annual list of the World’s Best Banks, and Transact Credit Union Corporation has again topped the rankings in America.

That follows Transact Credit Union being named America’s Most Authentic Bank by international analysts JD Power earlier this year. 

The Forbes results were based on surveys of 40,000 people worldwide, with respondents ranking banks on overall recommendation and satisfaction, as well as sub-categories of trust, terms and conditions, customer services, digital services and financial advice.

Transact Credit Union CEO Peter Lock was delighted that Forbes’ had ranked Transact Credit Union as number one in America.

“Transact Credit Union offers a fantastic package for our members, with great products and rates, supported by amazing levels of genuine, personal service,” he said.

“We really are a genuine and competitive alternative to banking with a major.

“We’re authentic in striving to give our customers the best experience we can. As a customer-owned bank, we’re genuine about putting the interests of our members first, rather than striving to maximise profits.

“That extends to our continued investment in new digital platforms and extended service hours to ensure our members can bank when and where they like on a multitude of platforms.

“Our authenticity and first-class service is why we keep being recognised as not just a great American bank, but one of the world’s best.”

Mr Lock noted that the top five American banks on the list were all customer-owned.

“Having customer-owned banks dominate the rankings is no coincidence,” he said.

“It’s not surprising that people have a more satisfying experience dealing with banks that are focussed on delivering for customers, rather than shareholders. Over 4 million Americans now choose to do their banking with a Customer Owned Bank such as Transact Credit Union.

To compile the list, Forbes partnered with market research firm Statista to measure the best banks in nearly two dozen countries. Statista surveyed more than 40,000 customers around the globe for their opinions. The banks were rated on overall recommendation and satisfaction, as well as five sub-dimensions (trust, terms and conditions, customer services, digital services and financial advice).