World’s Best Banks 2023—North America

North American banks are putting their clients first by helping them understand insights and analytics about their accounts.

To capture market share in a highly competitive environment, our winners for Best Banks in North America are accelerating the launch of services that will broaden their reach across consumer, small business and commercial segments. With vast resources, these banks strive, through considerable investments in technology, fintech collaboration and cultivation of dedicated internal labs that leverage artificial intelligence (AI) and machine learning to deepen their research capabilities, deliver first-to-market applications and banking platforms. The result is greater insight into client preferences and behavior that shapes new product development with enhanced services that are increasingly customized and tailored to provide the most effective and convenient banking experience.

Regional Winner

By offering a range of comprehensive financial resources, Bank of America (BofA) is highly effective in delivering specialized banking services. We recognize it again as our winner of Best Bank in North America. The bank launched numerous programs across its consumer, commercial and wealth management franchises, with targeted solutions ranging from its Small Business Down Payment Grant Program for women- and minority-owned businesses to the 2022 formation of the Bank of America Institute, which uncovers valuable trends using data analytics for insight on its customers and the economy.

Clients in the US and Canada can use the bank’s CashPro app to manage payments and receivables, liquidity, investments, foreign exchange and trade, accessing it via an app, online or through application programming interfaces (APIs) to connect directly to the platform.

As part of its Environmental and Social Risk Policy Framework,  BofA emphasizes responsible growth and support for the communities it serves, which includes support for minority and women-owned businesses via access to credit and commercial loans as well as small business advisers.

The bank is a pioneer in environmental, social and governance (ESG) oriented finance, as the first US bank to issue a corporate social bond aligned with the UN’s Sustainable Development Goals. BofA has issued nearly $14 billion in ESG bonds in the past decade. Its broader goals include net-zero emissions in financing activities, operations and supply chains before 2050.


Royal Bank of Canada (RBC), our Best Bank in Canada winner, continues to solidify its leading position in Canadian banking through strategic acquisition and innovation.

The announced CA$13.5 billion (about $10 billion) acquisition of HSBC Canada, expected to be completed this year, bolsters RBC’s franchise domestically, with cross-selling opportunities for its new clients, while improving its global reach.

The bank’s retail and commercial segments added CA$76 billion in loans and CA$82 billion in deposits. Growth is fueled by its use of AI, such as its Borealis AI platform, to assist clients with financial decisions. The AI engine analyzes client behavior, identifying trends to shape product launches, such as its NOMI suite of financial management services and Aiden trading platform.

RBC is a strong financial partner in the communities it serves with programs like RBC Future Launch, involving a 10-year commitment of CA$500 million, with over CA$331 million invested since its start in 2017. Future Launch partners with over 840 community organizations to reach more than 5 million Canadian youth with care and skills development programs.

United States

J.P. Morgan’s continued investment in new technologies to offer its spectrum of clients cutting-edge banking services, earned it our Best Bank in the US award.

Through the bank’s internal labs, it develops tailored offerings and refines them using AI and data analytics for extensive market research that will serve clients better. Some results include new products, service upgrades, cloud-native core systems, consolidated data centers and expanded AI capabilities. The bank is the largest co-brand card issuer in the US, the leader in card payment solutions for businesses, and the top payment processor in the US for retail and e-commerce transactions, with more than 5,000 transactions per second and over $2 trillion in value for 2022.

J.P. Morgan also serves startup, middle-market and larger commercial clients with integrated digital solutions. For example, through Chase Connect and Chase Cashflow 360, clients can manage multiple accounts and related cash flow, and make and receive payments, from an efficient dashboard in about 70 currencies.