ST. PAUL, Minn. (June 29, 2018) – Global media company Forbes has named Affinity Plus Federal Credit Union as tops in Minnesota in its Best-In-State Banks and Credit Unions ranking.
The recognition is the fourth award the statewide credit union has received in 2018 for leadership, operational excellence and financial performance.
Forbes is known for its many lists and rankings, including the largest 100 banks in the United States, which is published each January. This was Forbes’ first-ever look at Best-In-State Banks and Credit Unions.
“Over the past five years, we’ve made substantial changes as a credit union, and outside organizations are starting to notice the strength we’ve built for our members and employees,” said President/CEO Dave Larson.
“Every day, Affinity Plus operates in a way that members feel our core values of care, excellence and integrity. They trust we have their best interests at heart,” Larson said. “We’re confident Affinity Plus is having a positive impact on members and communities, and that we’re headed in a really positive direction.”
RANKING BASED ON TRUST, SERVICE, SATISFACTION
To compile the list, Forbes partnered with market research firm Statista, which surveyed more than 25,000 customers across the country to gather opinions on their current and former banking relationships.
Forbes said that the banks and credit unions were rated on overall recommendations and satisfaction, as well as five additional factors:
• terms and conditions;
• branch services;
• digital services;
• financial advice.
Forbes’ overall list includes 145 credit unions and 124 banks, and credit unions outpaced banks with an average score of 80 as compared to 75.2 for banks. On a scale of 1 to 5, most respondents logged a general satisfaction rating of 4.42 for credit unions and 4.24 for banks.
Credit unions are unique in the financial-services industry because they are not-for-profit financial cooperatives, owned by members and democratically controlled by volunteer boards of directors.
Because of their cooperative structure, credit unions are known for having lower loan rates, exemplary customer service and strong connections to their local communities.
“With the proliferation of online banks, it is even more important for local banks to demonstrate their advantages in regards to customer service, accessibility and financial advice,” the Forbes article said.
LOCAL AND STATE ACCOLADES
The Forbes Best Credit Union listing is the fourth honor Affinity Plus has received in the past few months.
In April, Affinity Plus was named the “Favorite Financial Institution” in 2018 by Minnesota female consumers, in a survey conducted by the Minnesota Women’s Press. That recognition is bestowed on local businesses nominated by readers of the Twin Cities-based publication.
In mid-June, Affinity Plus received two awards from the Star Tribune, Minnesota’s largest newspaper.
Affinity Plus ranked #7 in the Top 150 Workplace awards, based on employee engagement, organizational health and satisfaction. The Star Tribune’s survey partner analyzed 71,000 employee responses from more than 2,400 companies to produce these awards.
As part of the same survey, the publication recognized President/CEO Dave Larson as “Top CEO” out of all large companies (500+ employees) in Minnesota.