S1 reports that nine enterprise Internet banking clients have licensed its Yodlee-powered account aggregation module, as demand for added value Web functionality accelerates among small and mid-size banks.
Steve Ely, senior vice president, worldwide marketing for S1, says the combined banking and aggregation package hits the "sweet spot" for small and mid-sized banks that need to remain competitive with larger banks but may be limited by financial and IT resources.
He says: "The many recent deals and momentum we're seeing for S1 Account Aggregation shows that financial institutions recognise the value of data and payment consolidation."
An October 2002 study conducted by Oliver Wyman & Co. found that aggregation resulted in a six per cent lift in customer retention; 94% for aggregation customers, versus 88% for other online customers. The study concluded that over five years, account aggregation can boost the per customer profitability of a retail banking customer by $150.