Case Study: Citibanks Success with Account Aggregation

May 15, 2002

Abstract

Boston, MA, USA May 15, 2002

Case Study: Citibank's Success with Account Aggregation Published by Celent

Two years ago this July, Citibank became the first financial institution to launch an account aggregation solution called "My Accounts."  Like other banks, Citibank launched the service with the hope of enhancing customer service, marketing campaigns and competitiveness.  Over the past two years, the bank has had considerable success with the solution and has boasted above-average usage rates.  Within just three months of launching the service, Citibank successfully signed up 50,000 customers.  Less than two years later, just over 700,000 customers use the service.  In addition to its outstanding adoption levels, Citibank is beginning to expand its service to other sectors of the market, such as small businesses and international consumers.

Although Citibank can attribute some of its success to its household name and large customer base, the firm has taken some wise, yet simple steps to drive adoption rates.  This case study will look at Citibank's initiatives in the account aggregation space, focusing on its adoption rates and some of the steps it has taken to achieve this success.  Citibank's practices exemplify how to achieve strong adoption.  Citibank's success with account aggregation is of particular interest, as financial institutions fail to implement the necessary steps to fully leverage the application and achieve a high return on their investments.  We conclude this case study with the suggestions for financial institutions to correct their deficiencies and improve their aggregation success.  

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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 subsidiary of Marsh & McLennan Companies [NYSE: MMC].

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Table of Contents

 

Boston, MA, USA May 15, 2002

Case Study: Citibank's Success with Account Aggregation

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 5
CITIBANK 7
  Customer Demographics 10
  Small Businesses 12
  International Opportunities 12
CONCLUSIONS 14

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