A South African bank has come out on top in the Lafferty 2016 Bank Quality Rankings. The inaugural rating system took into account various factors, including financial and non-financial disclosures and customer satisfaction.
Priya Pitamber
South Africa’s Capitec Bank has been ranked the best in the world, according to international banking advisory group Lafferty, in its inaugural Bank Quality Rankings.
South African bank ranked best in the world: https://t.co/O9w47aWh5V via @BusinessTechSA #Wow #Wow #Wow
— Capitec Bank (@CapitecBankSA) March 18, 2016
The organisation makes use of a combination of financial and non-financial disclosures to determine the quality of the banks and their respective business models.
“We saw a correlation between a bank’s quality and its value to investors,” reads the Lafferty website. “So we looked for the key factors that investors pay a premium for. Then we rated each bank for each of these key factors, to give an overall quality score.”
Other indicators were also taken into account when analysing results: strategy, culture, customer satisfaction, executing brand promises and other criteria.
“Our aim is to promote excellence in banking – for customers, staff, communities, society at large and not least for bank shareholders and investors,” said Lafferty Group founder and chief executive Michael Lafferty.
According to business news website, Businesstech, Absa was the second highest ranked South African bank with four stars. Standard Bank, Nedbank and FirstRand also featured in the top 100 banks.
Capitec Bank was rated the best bank in the world in Lafferty’s inaugural Bank Quality Rankings in March 2016. (Image: Businesstech)
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Source: Businesstech
