Account Aggregators, Screen Scrapers and Online Financial Services

March 15, 2000


Cambridge, MA, USA, March 20, 2000

Report published by  Celent Communications

Exploding from virtually nowhere to the number one concern of chief information officers at leading financial institutions in the USA is the issue of account aggregation, or screen scraping, on the Internet. In a new report titled “ ”, Celent Communications analyzes the significant competitive risks and potential financial impact that account aggregators will create in electronic financial services, and outlines how financial institutions can respond to the challenge posed by screen scrapers. This is the first in-depth report ever published on this issue. 

Members of Celent Communication’s Retail Banking and Retail Securities & Investments research services can be download this report electronically by clicking on the icon to the right. A Table of Contents for this report can be viewed online.

Account aggregators allow consumers to view their holdings and information at multiple financial institutions at a single location on the Internet. Account aggregators do this by having users provide them the usernames and passwords to all the accounts they wish to see in one place on the Internet, and by then accessing the user’s accounts, extracting the necessary data, and presenting these data to the client.

Octavio Marenzi, Managing Director at Celent, points out that "the quickest-moving financial institutions are planning immediate responses to account aggregators. They recognize that the screen scraper phenomena is a classic double-edged sword. Left to  others, it could commoditize financial services beyond recall, with potentially devastating impact on customer relationships. Alternately, this relatively straightforward technology offers one of the most aggressive marketing tools ever seen, for those who want to jump in the fray"

In addition to exploring the overall market for account aggregation, this Celent report charts potential strategies that financial institutions can implement to both prevent their customers' accounts from being aggregated on the web, and points to strategies to participate in this market. The report goes on to examine some of the leading providers of account aggregation software solutions. Including Corillian, EZ Login, PayTrust, VerticalOne and Yodlee.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents


Cambridge, MA, USA, March 20, 2000

Return to Abstract of this report.


List of Figures and Tables




What is a Web Account Aggregator?



Screen Scraping




  Corillian 10
  EZ Login 12
  PayTrust 13
  VerticalOne 15
  Yodlee 16



  Can Financial Institutions Stop Account Aggregators? 18
  Should Financial Institutions Become Account Aggregators? 19



A Typical User

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