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Account Aggregation

Account Aggregation Monitor

February 05, 2018

The Mapa Account Aggregation Monitor will help your business make sense of this evolving market, showcasing examples of best practice from bank and non-bank providers.

This new Monitor from Mapa Research tracks providers from the UK, US, Sweden, Germany such as Centralway Numbrs, Moven, Money Dashboard, Tink, Bud, OnTrees, Pariti, Cleo, Mint, Level Money, ING’s Yolt and more. It asks the following important questions:

  • What will be the impact on traditional providers of new aggregation services?
  • How can banks stay up-to-date with the new services being offered already and going forward?
  • How are non-bank aggregation platforms positioning themselves?
  • What are the processes for setting up aggregation tools and adding accounts?
  • What services are provided, what are the hygiene factors, and who leads the market?
  • What features should you consider adding to your own platform(s)?

Account aggregation is a central component of Open Banking and the next generation of banking platforms. This is not only because the technology and regulation is in place to facilitate the safe and seamless aggregation of bank accounts, via APIs instead of screen scraping, but also because platforms that combine data from a range of cards and accounts can deliver real benefits for customers. They will also further reduce dependence on non-digital channels. While we have seen a slower-than-expected start to Open Banking, in terms of API integration between incumbent banks and third-party providers, the market for aggregation is expanding rapidly.

Many aggregation platforms may not make it to maturity, but they still present useful ideas, inspiration and insight for banks, credit card providers, and financial institutions. Non-bank providers will have trust barriers to overcome but once they do, they will have the opportunity to break into the market and grasp customer attention through novel services.

Starling: Explore APIs or Partner with us

Key journeys assessed include the sign-up and authentication process, adding and removing accounts, and managing alerts and notifications. In addition, there is an in-depth look at the PFM features offered, analysing money management tools such as spending categories, analysis and goals. A comparison matrix, quarterly report and presentation at your offices are all provided, to give you a detailed insight into this developing market.

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