Under Mr. Clancy’s leadership, the Financial Services Practice has established J.D. Power’s benchmarking studies as industry standards for determining drivers of customer satisfaction and measuring competitive performance for retail and small business banking, credit cards, auto loans, mortgages and investment services. Of the 20 largest banks, 16 subscribe to the Retail Banking Satisfaction Study and 10 of the top 10 credit card issuers subscribe to the Credit Card Satisfaction Study. Demonstrating the value and impact of J.D. Power’s work both for consumers and financial firms, customer loyalty and advocacy has risen significantly in the years since the Great Recession. For example, in the credit card business, which struggled with a reputation for consumer abuses, overall satisfaction scores have risen from 703 in 2009 to 796 in 2016, and the percentage of customers saying they “definitely will” recommend their card company has increased from 24% to 36%.
J.D. Power has also undertaken proprietary engagements with some of the most well-known and well-respected brands in the industry to identify competitive gaps, develop improvement plans and implement change management programs. In addition to conducting studies in the United States, the Financial Services Practice has expanded to also include Canada, China and Japan.
Mr. Clancy is the author of numerous articles and reports on the shifting underpinnings of customer experience; links between customer satisfaction and shareholder value; and key strategic challenges facing the financial services industry. He is a frequent speaker at domestic and global industry conferences and is frequently quoted in leading consumer and financial services publications.
Mr. Clancy’s career spans more than 30 years in the financial services industry, both as a banker and as a consultant. Prior to joining J.D. Power, Mr. Clancy was the director of planning and development at Sheshunoff Management Services, helping bank clients develop strategic plans, establish marketing and growth strategies and implement performance management programs. Previously, he was executive vice president of strategic planning and research at the Bank Administration Institute. He began his career with management positions in retail banking, marketing and operations at Bank One and First Illinois Corporation.
Mr. Clancy earned a bachelor’s degree in English literature from Northwestern University and an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University.