As Aggregation Gains, Doubt on Cross-Selling
American Banker (09/19/00) Vol. 104, No. 37 p.1; Toonkel, Jessica

Financial services companies once excited about the wealth of cross-selling opportunities account aggregation would afford are changing their tune, a new survey suggests. Results from a focus group found that customers resent banner ads, targets ads, and opt-in marketing, or any other maneuver to persuade them to buy other products. Mickey Mencin, senior vice president of electronic services at KeyCorp, says the findings prompted the bank to reevaluate the goals of its upcoming aggregation service. Prior to the release of the survey's findings, KeyCorp and other bankers saw enormous cross-selling opportunities in account aggregation. In light of the report's findings, KeyCorp will not cross-market on its Web site but will rather use the information account aggregation provides to prepare its brokers and relationship managers.

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