Citigroup has launched www.myciti.com, a financial services site which uses technology provided by Yodlee to offer consumers a one-stop account aggregation service.
Yodlee's account aggregation technology pulls in banking, investment and other information from consumers' online accounts and displays it on one statement. The consolidated view includes bank balances, investments, email, travel reward programs, news headlines and more.
Users of the service will be able to log-in to many sites directly from MyCiti without having to re-enter their user id and password. Account aggregation has been identified as potential killer ap for financial services companies.
Steve Franco, a managing director and senior e-finance analyst at US Bancorp Piper Jaffray, describes the Citigroup initiative as a "watershed event" in the financial services industry. "Financial services companies will increasingly look beyond their own set of products and services to provide customers with a holistic view of their financial situation, a view that requires data from many unrelated parties," he says.