View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
November 28, 2005

Account aggregation ditched by Wells Fargo

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.

By CBR Staff Writer

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.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU