You’ve heard that community banks are the best choice for small businesses since they offer personalized customer service to meet your company’s needs. But, how do you measure this difference and how big of a difference is quantifiable? We decided to find out. In order to prove this superior customer service claim, we asked a few of our prospective business loan partners to record the time it takes them to connect with a loan officer on the phone the first time they call a bank.
Each small business owner tested the customer service response of each bank by calling the small business contact number and asking about a small business loan. We kept track of the time it took to look up a telephone number and speak to someone regarding our small business lending questions. Here are our findings:
1. National Bank A
National Bank A is a very large institution with its own small business division. Unfortunately after looking over their site, many were unable to find a contact number for “existing accounts”. One owner called this number and was connected to a recording which asked her to speak her responses. After going through a few choices she responded to the recording “apply for a loan”. Her frustration grew as the recording kept interpreting her selection with “report a lost or stolen card”. Finally after a few minutes the recording sent her to a sales associate but, to her dismay, she was put on hold for about five minutes.
Conclusion:
Time to speak with a live person: 8 minutes
2. National Bank B
National Bank B is slightly smaller than Bank A but still has a commercial lending department. When one owner accessed their website for a contact number for asset-based lending the site led him through a series of three questions before giving him a telephone number. Unfortunately, the questions did not allow him to choose options for a new business and led him back to their general business banking telephone number. After calling the main number he had to once again speak his options to a recording and was then asked to enter his bank account number before speaking to a business banking associate. Since he was a new customer, he was unable to enter this and therefore was never able to connect.
Conclusion:
Time to speak with a live person: 10 minute attempt, unable to reach a live person.
3. Celtic Bank
We also asked people who called Celtic Bank about their experience. One owner called using the small business loan number listed on our blog and a live person answered and asked where she would like her call directed. When she shared her interest in a small business loan, she was immediately connected to a local loan officer who was able to answer all of her questions. She voiced her relief as she was not only connected with a loan officer, but a loan officer that specializes in small business lending.
Conclusion:
Time to speak with a live person: Less than 1 minute
It’s easy to see customer service matters and certainly matters to Celtic Bank. Beyond boasting superior customer service, community banks offer flexible loan criteria and small business knowledge to help guide you through the financing process. By partnering with a community bank that is also an experienced small business lender you can be confident in the service you will receive throughout the lending process.
