and Use in Account Aggregation Growing;
Willingness to Supply Account Numbers and PINs Strong.
1, 2001, OAKBROOK TERRACE, IL--
A recent study by the Raddon Financial Group (RFG) found that three percent (3%) of all households currently use an account aggregation service and nearly one-fifth (19%) of all households would be interested in learning more about the service. These numbers are up since the fall of 2000 when two percent (2%) of all households were using the service and fifteen percent (15%) were interested in learning more. 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.
Respondents who currently use or are interested in account aggregation were asked if they would supply their account numbers and PINs to use an account aggregation service. Forty-five percent (45%) said they were willing to supply all or some of their account numbers and
PINs. "Financial services companies are viewing account aggregation as a tool for relationship management, and with the consumers' willingness to provide account number and
PINs, account aggregation may become the vehicle for the convergence between banking and brokerage services" adds Bob
O'Meara, Vice President of Research.
The study also found that six out of 10 (61%) households who currently use an account aggregation service and respondents who are interested in this service would let their account consolidator analyze their aggregated personal financial information to make financial recommendations based upon their needs.
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.