Most community bankers, when asked what makes them different from the regional and national banks, will tell you their personalized service is the difference. That may be the case with some community banks, because we know a few of those, but it’s certainly not the case with the vast majority. Saying you have great service doesn’t make it so. If I had to guess, I’d say 90% of community banks miss the mark. We’ve shopped hundreds of community banks over the past few years and the reality is that most are going to lose every time they go up against the larger banks. Most offer nothing different and sometimes less in the way of personalized service. When you compare that to all the bells and whistles and conveniences the larger banks provide, the typical community bank is destined for failure and mediocrity at best.
Need convincing? Listen to the three short recordings below. We were trying to get rates on refinancing a mortgage loan. About as simple as it gets. Would you do business at any of these banks? I can assure you that the larger banks and regionals, at the very least, would get us to someone that could quote a rate. One employee from these recordings pretty much blew us off and didn’t even answer the call using the bank’s name. The other two just sent us to voice mail. Either their business is so good they don’t need these types of loans, leadership is clueless as to what’s going on, or they’ve just settled for the leftovers of the larger banks. I just can’t believe any banker would think this is acceptable.
Each of the shops below were called on the same day, within a 30-minute time span and each were in different cities. Have you ever shopped your bank? Have a friend call one of your branches and listen in. Odds are, you’ll be shocked.
Bank 1
Bank 2
Bank 3
