The phenomenon of account aggregation, the facilitating of online access to several banking accounts and services through one security log-in, appears to be on its way out as leading US bank Wells Fargo has joined others in ditching its system.
San Francisco-based Wells Fargo launched its account aggregation system, OneLook, four years ago to provide its online customers with one point access to balances across multiple financial institutions. The service was designed to attract customers to the efficiency the bank could offer through online operations, while also opening up cross-selling opportunities from the bundling of product services.
However company spokeswoman Michele Scott has confirmed that the system will end on February 7, 2006. The move follows Citibank’s decision to dump its system earlier this year and is reflective of a general apathy towards the product from customers.
The system was until recently expected to have a bright future. However, an increase in concern over Internet safety and the introduction of two-factor authentication has pushed account aggregation towards extinction.