Consumers Show Interest in Aggregation American Banker/Gallup Consumer Survey 2000 (09/00) Vol. 16, No. 8 p.8A; Quittner, Jeremy
The latest American Banker/Gallup consumer survey shows
that nearly half of all consumers are interested in aggregating
their financial accounts. Specifically, consumers are embracing
the aggregation of financial services and information via the
Internet. Increasingly, banks are utilizing a single Web site
for consumers to consolidate all their financial account
information. According to U.S. Bancorp Piper Jaffray, one
million people presently use account aggregation services. In
2005, this number is expected to surge to 80 million.
Forty-three percent of those consumers expressing an interest in
online account aggregation said they would be more inclined to
participate if the service was offered by their financial
institution. Additionally, 30 percent of respondents interested
in account aggregation have incomes of more than $75,000
annually. Banking officials involved in account aggregation have
found that the information in the survey supports their own data.
Gayle Wellborn, First Union's director of customer advocacy for
the Echannels group reported that, "[consumers] understand
financial institutions are in the business of protecting customer
information and are best qualified to provide account
aggregation." First Union is one of many financial institutions
addressing the growing trend in online-account aggregation.