DiData`s account aggregation offering helps financial institutions improve customer focus

The US Financial Services practice of Dimension Data, a leading technology services company providing network and multi-channel solutions to global corporations, has launched an integrated e-business offering for account aggregation.

The Internet-based solution compiles all of a customer`s online data to create a complete picture of financial health and is targeted specifically at any financial institution that is focused on improving customer focus and retention.

By applying account aggregation technology, Dimension Data`s solution allows a financial institution to act as the intermediary between the customer and his/her various accounts, enabling him/her to view a consolidated statement of assets and liabilities on one page. This in turn helps customers make more informed financial decisions.

In addition, the institution is better able to assess a customer`s actual needs, provide more targeted offerings, and quickly becomes a lifelong, trusted advisor. For example, when an aggregating institution sees a customer with a significant credit card balance, an offer for a lower rate card can be made. Similarly, by collecting a customer`s various loan information, the financial institution is able to promote an offer, such as a home equity line of credit, thereby reducing the customer`s payments while also adding to his/her portfolio.

One of the largest commercial banks in the US, JPMorgan Chase, worked with Dimension Data to create the Chase Workplace Financial Services Gateway, which takes the first steps towards supporting customers` major life decisions based on their complete financial picture.

According to Tom Reilly, vice president for E-Business Strategy for Chase Workplace Financial Services, "the solution will provide a hub for each customer`s unique financial needs, while allowing Chase to offer financial advice through our customers` major life events. Eventually, using account aggregation, we will be able to deepen our relationship with our customers by cross-selling products and services based on their complete financial picture. Chase and Dimension Data market research has shown that Chase Workplace Financial Services Gateway can become the central place our clients go every time a financial decision needs to be made."

The Dimension Data account aggregation solution taps the latest direct feed formats to create a better service to customers by providing easier access to and performance of transactions involving aggregated data. These direct feeds, which create the straight path needed between multiple online accounts, rely upon Open Financial Exchange (OFX) and Interactive Financial Exchange (IFX) - both industry standards created and backed by major financial institutions.

According to a recent Gartner survey, more than one-third of online bank customers would be willing to pay for account aggregation services. Also, the American Bankers Association predicts that by 2003, nearly half of all online banks and brokerages will offer this service.

"By using account aggregation, banks and other financial institutions can more effectively synchronise their customer activity spanning a lifetime and increase revenue and operating efficiencies by understanding and managing customer experiences, needs and expectations,`` said Siddharth Suri, Dimension Data`s lead consultant for its US Financial Services practice. "Our approach manages the complexity of one-to-one customer relationships and extends them," Suri added.

For more information on Dimension Data`s Financial Services account aggregation offering, call toll-free (866) DIDATA US.