The research, conducted by the Institute of Financial Services and commissioned by Corillian and Unisys, explores the market for account aggregation products in the UK and records the attitudes and opinions of UK bankers.
Account aggregation - an online service which enables consumers to view consolidated account data from multiple providers over a single Web page - is considered a key strategic asset for banks as they vie to nurture customer relationships and offer more value added advisory services over the Web.
With the Financial Services Authority laying down tough rules for UK banks entering the market, bankers are demanding a level playing field and the imposition of tighter controls on non-regulated companies.
Institutions regulated by the FSA are concerned that they will have to adhere to higher security standards than non-regulated companies. Respondents to the IFS survey express concern over the lack of regulation within the sector, with almost eight in ten calling for tougher controls.
Bankers questioned by the IFS support the development of an industry-standard agreement in favour of providing direct feeds, with 84 per cent of providers willing to directly share data if there was an established kite mark. Two thirds (67%) of respondents are willing to consider creating direct feeds to gain two-way access to customer data.
One in four of IFS members are willing to step up their current plans to launch their own aggregation service if a rival provider launched.
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