Account Aggregation Vendor Assessment

The Challenge

account aggregation

A leading financial services firm acquired a fintech startup whose digital experience relied heavily on a third-party account aggregation vendor’s technology. The firm needed to decide whether to integrate the acquired firm’s aggregation technology into its existing offering, pursue a new aggregation vendor relationship or develop aggregation technology in-house. The firm engaged Corporate Insight to benchmark its account aggregation capabilities against offerings from 10 large financial institutions and eight emerging fintech startups to determine what features, if any, it should integrate into its own customer-facing website. The objective was to identify standard aggregation features and best practices, as well as assess the capabilities offered by different vendors.

The Solution

We worked with the firm to create a rigorous, two-tiered benchmarking framework to assess account aggregation services’ core and value-add features across eight distinct categories (e.g., analysis tools, account management, etc.). Using Corporate Insight’s live account relationships, we assessed 18 different private websites’ online account aggregation capabilities from a firsthand customer perspective. We produced a detailed matrix capturing and comparing each competitor’s account aggregation experience to that of the client’s acquisition, and identified a comprehensive set of best practice-based recommendations. Our analysis identified the major strengths, weaknesses and gaps in the acquisition’s current account aggregation functionality and provided actionable recommendations to address any shortcomings.

The Impact

The client leveraged our research to make an informed decision in favor of preserving its acquisition’s account aggregation vendor contract. The firm was also able to identify features to add to its aggregation-based offering to improve the overall experience.