Some big banks still offer online account aggregation. Wells Fargo reported a $5.74 billion profit from January to September and ended the third quarter with 7.1 million active online customers, and 643,000 active online small businesses.Ĭitigroup ended its My Accounts program because of “pretty modest enrollment,” spokesman Mark Rodgers said. Typically, account aggregators let customers work with many accounts – such as mortgages, student and auto loans, credit cards, frequent-flier mileage, and accounts from other banks and brokerages – in one place. Like other banks, Wells Fargo also saw it as a way to market to customers who might want other banking services. In an e-mailed statement, Scott said “only a small portion of our customers” used OneLook.īut the bank still offers many Internet services, she said, including reports that track checking, credit and debit card and online bill-paying transactions.Īggregation became popular early this decade as a way for banks to encourage the use of their Web sites as primary sources for financial information. bank, abandoned a similar program earlier this year. “There is a bright future for the technology, but when one of the leading Internet banks drops it, it’s not a good signal.” “It is a bit of a blow to account aggregation,” said Jim Bruene, publisher of the Online Banking.
San Francisco-based Wells Fargo began offering the service in March 2001 as a way to let customers view balances in all their accounts, including those from other companies, in one place through a single sign-on. on Friday said it will stop offering its “OneLook” online account-management service early next year. In a retreat from the “one-stop” approach often favored by banks, Wells Fargo & Co.
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