Consumers Prefer Their Primary Financial Institution as Their Provider for Account Aggregation.

March 23, 2001,  OAKBROOK TERRACE, IL--
A recent study by the Raddon Financial Group (RFG) found that two percent (2%) of households currently use an account aggregation service, and fifteen percent (15%) were interested in learning more about the service.  Seventy-one percent (71%) of those who were interested or use an account aggregation service said they would prefer to receive their account aggregation service from/at their primary financial institution’s Web site.  The remaining twenty-nine percent (29%) indicated they would prefer to receive their account aggregation service from/at an Internet financial services company’s Web page.    RFG’s semi-annual national consumer research study is syndicated by over 200 financial institutions and reports on consumer product pricing and delivery channel behavior.

Some financial institutions and Internet companies like Quiken and PayTrust offer a service that allows individuals to consolidate all of their online financial activities on one Web site (Account Aggregation). Users create their own personal financial Web page that is secured by a password. By supplying account numbers and online passwords, these sites can obtain online account information that is currently viewed at different sites, such as banks and/or brokerage firms, then automatically update and have available on their personal financial Web page. 

The study also found that consumers who were interested in or are currently using an account aggregation service, were likely to conduct online financial activities and/or use an online banking service. Vice President of Research, Robert O'Meara points out "With the increased number of financial institutions offering account aggregation, we expect to see growth in the number of users. Adaptation may be slow, as it was for online banking".

For over twenty years RFG has provided custom and syndicated national consumer research to the financial services industry. This recent study was conducted for over 200 financial institutions. To receive this complete research study or to subscribe to RFG's syndicated research, call 800.827.3500 ext. 383.