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.
