CHICAGO, March 15, 2016 /PRNewswire/ -- J.D. Power is expanding its banking research business with the launch of the VoX 360 Banking Solution, a collection of specialized advisory services, data benchmarking and analysis tools designed to help midsize banks1 establish indelible connections with their customers. Industry veteran Paul McAdam has been tapped to lead the new initiative as senior director of banking services in the J.D. Power financial services practice.
"Historically, midsize banks have differentiated themselves by providing superior customer experiences, but that trend has shifted in recent years as the largest banks have actually surpassed their midsize counterparts in customer satisfaction," said Rocky Clancy, vice president of Financial Services at J.D. Power. "As midsize banks struggle to differentiate themselves in an increasingly challenging marketplace, it is critical that they have a 360-degree view of the competitive landscape, combined with in-depth insights into their own customer base so they can tailor the kinds of offerings that most delight their customers."
The J.D. Power VoX 360 Banking Solution provides banks with information, tools and advice to help them understand their target markets; prioritize opportunities; create business cases; track progress; and drive cultural development and changes within the organization. The customer experience measurement and management program combines industry benchmarks from the J.D. Power U.S. Retail Banking Satisfaction StudySM delivered through a breakthrough technology platform to help banks quickly make data-driven decisions that can improve the customer experience and drive positive financial results.
Paul McAdam, an industry expert with more than 20 years of experience in banking and professional services, was brought in to lead this new initiative at J.D. Power. He joins the company from Fidelity Information Services (FIS), the world's largest provider of banking and payments technology solutions, where he served as senior vice president of strategic thought leadership. Prior to FIS, McAdam was a partner with eCom Advisors and managing director of research at BAI.
"Paul has led dozens of research programs that have enabled the leading U.S. banks and global financial technology companies to quantify market demand and measure customer experience," said Clancy. "He will work closely with our senior director of banking, Jim Miller, to not only manage our banking studies in the United States and Canada, but also to provide banks with a measurement and management program designed to enable them to improve their customer experience and drive positive financial results."
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1 Big banks are defined as the six largest financial institutions based on total deposits as reported by the FDIC, averaging $180 billion and above. Regional banks are defined as those with between $180 billion and $33 billion in deposits. Midsize banks are defined as those with between $33 billion and $2 billion in deposits.
SOURCE J.D. Power