MILAN, Italy, November 11, 2002 - According to research published by IDC, a major increase in online account aggregation subscribers in the Western European finance sector is expected from early 2003. After the intervention of APACS, the FSA and other international watchdogs, the market seems to have defined its guidelines, though there is still some controversy between financial institutions and aggregators. These conflicts should be resolved by the end of 2002 with the launch of new account aggregation offerings and technologies, said IDC.
While account aggregation is not yet available in most European countries, it is being pioneered in the UK. This new solution has highlighted some concerns about security, privacy, the failure to comply with terms and conditions, and changes in competitive roles. All these doubts have slowed the development of this online application in the UK, where it was launched in autumn 2001. In terms of numbers of users, Europe has shown slower progress than the US.
"This delay caused by changes in competition strategies and security and privacy adjustments will contribute to higher growth in the future as online banking consumers' interest in account aggregations seems lively," said Mirko Corbetta, Research Analyst with IDC's European Vertical Markets Group.
The Status of Account Aggregation in Europe (IDC #FB37J) covers market environment and regulation and a description of how account aggregation tools work. It also includes several case studies of financial institutions offering account aggregation services and a list of the main IT vendors offering account aggregation solutions.
The document is available to purchase from your local IDC office.
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IDC is the foremost global market intelligence and advisory firm helping clients gain insight into technology and ebusiness trends to develop sound business strategies. Using a combination of rigorous primary research, in-depth analysis, and client interaction, IDC forecasts worldwide markets and trends to deliver dependable service and client advice. More than 700 analysts in 43 countries provide global research with local content. IDC's customers comprise the world's leading IT suppliers, IT organizations, ebusiness companies, and the financial community. Additional information can be found at www.idc.com.
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For more information, contact:
Mirko Corbetta
+39 02 284 57 328
mcorbetta@idc.com