Hughes Federal Credit Union took the number one Arizona spot on Forbes’ inaugural “Best-In-State Banks and Credit Unions” list published on June 28. Locally-owned Hughes received the top rating, a customer satisfaction score of 87.60, among all credit unions in the Mountain West Credit Union Association area that covers Arizona, Colorado and Wyoming. Only 2.4% of financial institutions nationwide earned a Best-In-State designation.
Forbes partnered with Statista on an independent survey of more than 25,000 customers across the nation, seeking their opinions on current and former banking relationships. Banks and credit unions were ranked on overall recommendations and satisfaction as well as on five key areas: trust, terms and conditions, branch services, digital services and financial advice.
“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,” said Forbes staffer Kurt Badenhausen, in a June 28 announcement. Statista CEO Friedrich Schwandt added that the popularity of credit unions is due to customers seeing themselves as shareholders and this could be considered in keeping with the motto “small is beautiful.”
President and General Manager of Hughes Robert J. Swick said “we are honored to be recognized as the best credit union in Arizona by Forbes in its first-ever nationwide survey as this validates our dedication to making a positive difference in the financial lives of our members through best-in-class products, services and customer care and the leadership of our volunteer board of directors.”