US bank KeyCorp is launching an account aggregation service designed to provide its online customers with a comprehensive snapshot of their banking, investing and other lifestyle accounts.
The Complete Picture service, powered by technology from Yodlee, allows users to view a variety of personal accounts - including those of other institutions -from one location, by simply entering a single sign-on and password.
Each account shown is linked to detailed data for that particular account. Clients will receive the "My Dashboard" view that enables users to track their net worth; view all recent transactions across all their accounts; create and monitor a personalised, consolidated stock portfolio; and consolidate their emails and news headlines.
Information can be gathered from 2400 sites including banks, brokerages, credit unions, credit cards, mortgages and airline travel miles. Data on the page is refreshed daily or at the client's request.
Existing Key bill pay customers will be able to access Complete Picture at no additional charge, as part of their normal service. New individuals and small businesses can sign-up for a free 60-day trial of the aggregation service, which includes Key bill pay by logging onto the bank's Web site.
By 2005, nearly half of all online banking customers in the western Hemisphere will be managing their finances using an account aggregation service, according to Datamonitor. In a recent survey by McKinsey, nearly 25 per cent of those surveyed expressed interest in online aggregation, and 90 per cent of that group indicated that they want it provided by a bank.