By Ray Birch
ST. PAUL, Minn.—When the Wells Fargo scandal made big news in 2016, Affinity Plus FCU immediately sent out to members the email and phone number of its CEO, Dave Larson.
“We asked our members if anyone felt Affinity Plus ever opened an account in their name deceptively or offered them a service they did not need or want,” said Kristina Wright, SVP of member service. “We feel that is a great example of how we operate—with transparency and openness.”
Wright said that not one member told their CEO they had been treated unfairly, pressured, or without their best interests in mind.
The decision to send out the CEO’s contact information, however, strengthened what Wright said was already a very positive image for the $2.1-billion Affinity Plus.
“We got a ton of member feedback,” said Wright. “When you send out your CEO’s email and phone number to 130,000 members you never know what to expect. But the feedback was nearly 100% positive, with many people telling us they love banking with us and that they love the credit union. Love is a strong word, and to get that from your members says a lot about your organization.”
Contact The CEO
Right before the credit union sent out Larson’s contact information, staff were also asked to contact the CEO if they felt their bosses ever placed them in a position where they had to put their integrity on the line to sell a product to a member or make a decision that they felt was wrong.
“Not one employee called our CEO,” Wright said. “We didn’t hear from one employee.”
Wright said she believes it is those kinds of actions —ensuring members are treated well and with respect–that led to the credit union being named the “Favorite Financial Institution” in 2018 by Minnesota’s female consumers. For more than 20 years, the Minnesota Women’s Press has conducted the “What Women Want” recognition program to honor local businesses.
“We were excited when heard about the recognition,” said Wright. “Especially, because the recognition was organic—we did not reach out for it, apply for it, not anything like that. This award came to us from our members. When the Women’s Press put out a call to its readers, they are the ones who gave us this award.”
Wright said it is not easy to say what women value in their favorite financial institution, especially when compared to what men want from their FI. But she believes the credit union’s core values are very appealing to female members.
Our values are caring, excellence and integrity,” said Wright. “Those values guide all of our decisions and how we operate as an organization. I think women really want a financial institution they can trust. They don’t want someone who’s trying to make a buck off them and not operating with their best interests at heat. And they want to be treated with respect.”
Great Timing
Wright said that Affinity Plus does not track the percentage of women among its 190,000 members. The CU’s staff, however, is 70% female, with 66% of the leadership team made up of women.
“Six of our nine board members, too, are women, including the chairman,” she said.
Just after the credit union received the Minnesota Women’s Press award, Larson attended a conference during which one of the speakers said 89% of women make the household financial decisions, a statistic CUToday.info has shared in previous reports.
Wright said that Affinity Plus has never made a conscious effort to market more towards women than men, but the statistic has opened the CU’s eyes.
“I think the award and that statistic make for some great timing,” said Wright. “The honor is really a shot in the arm and confirms to us that the way we do business is the right way. Does this mean we will pour more of our efforts into serving female consumers? That 89% statistic is compelling. We’ll see where this takes us, but we know we are on a good path.”