Egg aggregates finances for UK consumers
17 May 2002 | 4328 views | 0
Internet bank Egg is to launch Money Manager, a new online service allowing customers to securely view and operate all of their financial accounts in one place.
Egg Money Manager claims to be the first aggregation service to be launched in the UK covering all the country's key financial services providers (FSP). FSPs who have signed up to the service include Abbey National, Amex, Ample Interactive Investor, Bank of Scotland, Cahoot, First Direct, FT Portfolio, Halifax, HSBC, HSBC Offshore, Intelligent Finance, Lloyds TSB, Natwest, Nationwide, Royal Bank of Scotland, and Smile.
The aggregation service offers detailed account personalisation, enabling customers to view and service all of their online financial products from different providers in real-time on Egg's site using their single Egg security login. Egg's model of aggregation stores a customers' personal security details encrypted on their own PC. They are not required to disclose these private details to Egg or anyone else.
Egg's aggregation service is accompanied with a guarantee, under which the bank will cover monetary loss for third party fraudulent activity on all Egg and non-Egg accounts accessed through Money Manager.
Andy Deller, director of banking and insurance, Egg UK, says: "Egg Money Manager allows customers to organise their finances simply and securely from one convenient place, with the added comfort of knowing that they are covered by the Egg Guarantee in the event of any fraudulent activity."
Recent research from Egg and Mori identifies an overwhelming appetite for aggregation services with three-quarters of the 6.6 million people who bank online wanting an aggregation service and a third of the UK's adult population expressing a desire to see such services developed in the near future.