4 April 2005, London - Account aggregation is fast on its way to becoming a mainstream marketing tool for the financial services industry, according to eWise Systems, a leading provider of account aggregation solutions. eWise has just reported 750,000 users, aggregating over 2.5m accounts, signed up to the account aggregation service it makes available through financial institutions such as Egg and First Direct. More importantly, companies offering the eWise account aggregation service to their customers are reporting tangible benefits, such as increased average revenue per customer of 35% and increased online traffic by 300%.
Eggâs Head of Egg Money Services, Andy Thompson says "Egg Money Manager has been great for our customers in helping them understand their day to day financial position and is great for egg in that we have seen increases in customer satisfaction, in longevity of customer relationship and a 20% increase in the overall value of the customer."
eWise Systems (UK) Ltdâs Managing Director Mark Matthews says "Account aggregation is no longer âthe next big thingâ- early adopters are now experiencing a clear return on investment. Financial institutions see it as a means to increase customer loyalty, as well as generate more revenue per customer. Weâre experiencing a growing number of companies expressing an interest in account aggregation, especially since our solution overcomes the reservations that some people had a couple of years ago when the idea was first discussed, namely security and adherence to legislation."