Paul McAdam | Source | Senior Director, Banking and Payments Intelligence at J.D. Power
Paul McAdam
Paul is a client-focused strategic Advisor, Marketer and Content Creator who helps financial services companies drive business results by better understanding customer demand. He have led dozens of strategic content and primary research programs that have enabled the largest U.S. banks and global FinTech providers to size markets, benchmark performance, understand customer segments, and develop marketing, customer experience and revenue growth strategies.
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J.D. Power (http://www.jdpower.com)
Senior Director, Banking and Payments Intelligence
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J.D. Power: Customer Service Drives Online-Only Account Satisfaction - Banker & Tradesman
Despite the self-service nature of online-only checking and savings accounts, access to customer service channels, including phone and email, helped drive satisfaction with these direct bank accounts, according to a new study from J.D. Power.
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Digital Banking Drives Decline in In-Store Bank Branches
Paul says, "Digital banking services" are reducing the need for physical branches. Initially envisioned as sales centers, in-store branches failed to attract customers for account openings and advice. Alternatives like Walmart Money Centers offer more financial services, further diminishing the role of in-store bank branches.
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Today, 27 percent of banking customers in America use an online-only bank. As so much of our lives continue to shift to digitally based providers, direct banks have been in prime position to gain market share and mindshare by delivering around-the-clock access, along with products that have attractive fee structures and interest rates. Increasingly, we’re seeing the top-performing brands get the personalization formula right by helping customers reduce banking fees and grow their money, and by showing that they’re available to help customers in challenging financial times.
