Why Trust is at the Heart of Our Mission
May 24, 2023
As a member-owned financial institution, Affinity Federal Credit Union makes the needs of our members the top priority. Whether in our branches, over the phone or through our digital services, Affinity’s decisions are made through the lens of our members – to support their financial lives and wellbeing..
Despite the strides we take with our members, we recognize there remains a significant trust gap between consumers and the larger financial service industry. The consulting firm Forrester found1 half of Americans lack confidence and faith in the banking, credit card, insurance and investment sectors. The company’s most recent annual Customer Trust Index found banks had the highest disparity of, 18%, between respondents who felt the institutions earned their trust and ultimately kept their trust. Global analytics and advice firm Gallup have similar findings2 around confidence in banks slipping in 2022. Only 27% of respondents to their annual Confidence in Institutions survey felt “quite a lot” or “greater” confidence in banks last year, the lowest point in the better part of a decade.
We know how important trust is to our members and our community when it comes to who they bank with. In our survey conducted as part of the Spring 2023 Wellbeing and Your Wallet Index trustworthiness was the most important factor cited by respondents when it came to how they describe who they bank with. This was nearly double the next closest attribute, “responsible.”
Trust is hard to earn but can be easy to lose. An organization can do a multitude of things in their customers’ or members’ best interest, but it only takes one unpleasant experience to change someone’s perspective.
We feel a credit union can earn the trust of its members by finding a unique blueprint that will resonate with the consumers in the communities it serves. At Affinity, we see ourselves as a financial partner and difference-makers, in alliance with individuals and businesses that make up the identities of these places they call home. Additionally, through the work of the Affinity Foundation, we help those who need assistance in achieving wellbeing – both through community events and grants given to organizations that provide career, social and health services.
We constantly work to raise the bar for the member experience and value each and every interaction we have with our members. I recently joined the conversation on our mission of ‘people helping people’ in an episode of our Wellbeing and Your Wallet podcast. In the episode I shared what my philosophy and goals are for serving out members and how we can be better corporate citizens in service of the communities surrounding our branch locations.
Whether you’re facing financial hardship, a business owner searching for the right financial partner or, particularly in these challenging economic times, need guidance or assistance with managing your budget and wellbeing, Affinity is here to help you navigate those paths and realize your financial dreams. Visit our website to learn more about the resources and services available to our members.
This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition.