According to Meridien, the long-term acceptance of online aggregation for financial services remains in doubt, with the current level of 600,000 active users far from the level needed to signify a success. Meridien says they believe that financial institutions, particularly those whose services are known and trusted, that implement and continue to develop online account aggregation as the gateway to deliver more value-added services to help customers feel more in control about their financial well being should gain competitive advantage.
"Online account aggregation is not an end to itself. Rather, aggregation needs to become a tool to understand and add value to customers," said Bill Bradway, Research Director at Meridien Research. "This may be an important answer to the persistent question of how financial institutions can better connect with their customers electronically and deliver more effectively on their e-CRM strategies."
Meridien says their 30-page report, entitled "Beyond Account Aggregation: A Magic Key to E-CRM?" explores a number of critical issues surrounding how consumers define their financial needs, the role of online account aggregation services, and the opportunities for financial institutions to create value for their consumers. It includes case studies detailing different approaches to the online account aggregation process at myciti.com and AMP (Australia) and reviews of eight vendors in this space.
The full report is available at www.meridien-research.com or call (617)796-2800.