Account Aggregation at The Bank of Tokyo-Mitsubishi

Saturday 8 November 2003 10:57 CET | News

Account aggregation is on the rise in Japan. Introduced as recently as autumn 2001, the past year has seen nine new implementations. Celent estimates that by 2005, there will be close to 750,000 users of the service in Japan.

In a new report, Celent examines the phenomenon through a case study of account aggregation at The Bank of Tokyo-Mitsubishi. The Bank of Tokyo-Mitsubishi (BTM), one of Japans five megabanks, is quite active in adopting innovative technologies and strategies. And now, in a move that is sure to influence other Japanese financial institutions, BTM has become the first bricks-and-mortar bank in Japan to introduce account aggregation. The bank is offering the service, which couples the account aggregation function to a financial planning engine, to highly profitable customers only, with the goal of providing wealth management services, generating cross-selling opportunities, and increasing retention of these valuable customers. The report describes BTMs strategy in introducing account aggregation, the features and functionality of the service?provided by Account One, using technology supplied by Teknowledge?the bank?s vendor selection and implementation process, and results to date. The report also includes an overview section that lists the current account aggregation implementations in Japan, vendors active in the market, and the estimated growth of account aggregation services in Japan.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech


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