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‘Make it easy for the customer’ is a rule that banks often violate when designing their account-opening procedures.
While online social networks offer banks a medium to engage with consumers, the business case remains a question mark.
For Yodlee executive Sukhinder Singh, account aggregation's real promise lies in value-added applications such as funds transfer and wealth management tools.
Though Internet banking is barely out of its infancy, institutions must anticipate its mass market destiny.
Bankers may not wholeheartedly embrace account aggregation, but they will need to offer it if that's what customers want.
To meet multi-faceted customer needs in the emerging online market, financial intermediaries must function as co-developers with major business partners.