Case Study: Citibank's Success with Account Aggregation
Two years ago this July, Citibank became the first financial institution to launch an account aggregation solution called "My Accounts." Like other banks, Citibank launched the service with the hope of enhancing customer service, marketing campaigns and competitiveness. Over the past two years, the bank has had considerable success with the solution and has boasted above-average usage rates. Within just three months of launching the service, Citibank successfully signed up 50,000 customers. Less than two years later, just over 700,000 customers use the service. In addition to its outstanding adoption levels, Citibank is beginning to expand its service to other sectors of the market, such as small businesses and international consumers.
Although Citibank can attribute some of its success to its household name and large customer base, the firm has taken some wise, yet simple steps to drive adoption rates. This case study will look at Citibank's initiatives in the account aggregation space, focusing on its adoption rates and some of the steps it has taken to achieve this success. Citibank's practices exemplify how to achieve strong adoption. Citibank's success with account aggregation is of particular interest, as financial institutions fail to implement the necessary steps to fully leverage the application and achieve a high return on their investments. We conclude this case study with the suggestions for financial institutions to correct their deficiencies and improve their aggregation success.