Account Aggregation at The Bank of Tokyo-Mitsubishi
Tokyo, Japan September 30, 2003
Account aggregation is on the rise in Japan. Introduced as recently as autumn 2001, the past year has seen nine new implementations. Celent estimates that by 2005, there will be close to 750,000 users of the service in Japan. In a new report, Celent examines the phenomenon through a case study of .
The Bank of Tokyo-Mitsubishi (BTM), one of Japan's five megabanks, is quite active in adopting innovative technologies and strategies. And now, in a move that is sure to influence other Japanese financial institutions, BTM has become the first bricks-and-mortar bank in Japan to introduce account aggregation. The bank is offering the service, which couples the account aggregation function to a financial planning engine, to highly profitable customers only, with the goal of providing wealth management services, generating cross-selling opportunities, and increasing retention of these valuable customers.
The report describes BTM's strategy in introducing account aggregation, the features and functionality of the service用rovided by Account One, using technology supplied by Teknowledge葉he bank痴 vendor selection and implementation process, and results to date. The report also includes an overview section that lists the current account aggregation implementations in Japan, vendors active in the market, and the estimated growth of account aggregation services in Japan.
"A firm of Tokyo-Mitsubishi痴 stature embracing account aggregation is sure to have an influence on the market," says Neil Katkov, author of the report. "Banks, securities firms, insurers and credit card issuers in Japan will keep a close watch on BTM's experiment as they consider providing the service themselves."
The 25-page report contains 5 figures and 7 tables.
A is available online.
of Celent Communications' Retail Banking research services can download the report electronically by clicking on the icon to the left. Non-members should contact firstname.lastname@example.org for more information.