The State of the Account Aggregation Industry
|Boston, MA, USA January 23, 2002
In its latest report, Celent Communications clarifies the account aggregation industry's relationship to financial institutions and to companies who are considering their position in this market.
Two years ago, account aggregation made headlines in Web-based financial services. Since then, account aggregation has evolved from a consumer-direct service geared toward increasing a Web sites stickiness to a tool used by financial institutions to enhance their service offerings.Although portals had been considered most likely to use account aggregation as a tool to drive traffic to their sites, implementation of account aggregation solutions have proven surprisingly popular among financial institutions as well.
"Account aggregation presents a tremendous opportunity for financial institutions to gain a more comprehensive picture of their customers," comments Ariana-Michele Moore, author of the report. "This data allows financial institutions to target their marketing campaigns more precisely and to offer customers better and more personalized services."Despite this promising upside, many unresolved issues still dog the industry. Among the most important are: preserving customer privacy, adhering to regulatory guidelines, the need to support global expansion, technical constraints, and uncertainty as to the overall direction of the market. In this report, Celent Communications gives a brief overview of recent developments in the industry, and outlines the challenges facing this market. The report also analyzes the vendors of account aggregation, where consumer interest lies, and how account aggregation is expanding outside North America.
The account aggregation market has been a truly interesting market to watch over the past year. The market has been plagued by lawsuits, protests, and fear and uncertainty due to widespread dot-com failures. As a result, we have seen several shifts in business models, as firms leave the account aggregation market and others begin to embrace the service, says Moore.
A Table of Contents is available online.
of Celent Communication's Retail Banking research service can download the report electronically by clicking on the icon to the left.