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Thinking Exercises: Integrated Account Aggregation

By Jim Bruene Posted on September 3, 2004
Categories: Account Aggregation

If a picture is worth a thousand words, what’s a Flash demo worth? Even
though we go to great lengths to describe innovative new services, it doesn’t
really sink in until you’ve personally sampled it. To loosen the cobwebs, we
recommend a hands-on session running an innovative online service through its
paces. If you need ideas, see Table 2, below. These are the innovative services
we’ve selected each of the past six years. You can find more information about
each by consulting the appropriate OBR back issue.

Table 2

OBR Thinking Exercises

1999 through 2004

 

Year

Subject

Exercise

2004 Integrated account aggregation Use OneView from Everbank
2003 Premium online banking Review 1st Source Bank of Indiana’s
segmented online banking offering
2002 Account alerts Use fyiAlerts from Charter One
2001 Savings Open a savings account and setup automatic
transfers at ING Direct
2000 P2P payments Pay for an eBay purchase with PayPal
(now owned by eBay)
1999 Account aggregation (stand alone) Sign up and use account aggregation at
VerticalOne
(now Yodlee)

 

Source: Online Banking Report, 9/04

 

2004 Exercise:
Integrated Account Aggregation

Direct banking pioneer Everbank (Jacksonville, FL; $2.7 billion) has
raised the bar again with its new online banking platform (screenshot left).
There is
much to be learned from its implementation, the culmination of three years of
effort. We’ll be reporting on it in depth in an upcoming report. But don’t wait
for us to tell you about it. Get out a pad of paper, study its website, and take
notes. If you really want to see it in action, you’ll need $1500 to open an
account, and you’ll need to wait a week for your paperwork to be processed.
Either way, pay special attention to the degree of integration occurring with
the account aggregation technology.

Time Needed:

–          60 to 90 minutes

Material Needed:

–          paper for note taking

–          (optional) $1500 to fund an initial deposit

–          (optional) username/password for at least one outside
account to aggregate at Everbank

Instructions:

1.       Visit the bank 
www.everbank.com

2.       Navigate to online banking demo and follow the instructions.
Optional: Open an actual account ($1500 needed). Note how Everbank’s account
opening process works compared to yours; jot down ideas for improvement.

3.       Observe how the bank displays its online banking options. Pay
special attention to how account aggregation plays a role throughout the
service.

4.       Finally, look closely at the boxed content on the right. Note the
features and functionality and think about what you would put in a similar box
within your online banking application.

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