Banks watching account aggregation closely

ASB Bank will keep a 'watching brief' on its parent company's roll out of 'account aggregation' in Australia but has no plans to introduce a similar service in New Zealand yet.

ASB Bank will keep a "watching brief" on its parent company's roll out of "account aggregation" in Australia but has no plans to introduce a similar service in New Zealand yet.

Account aggregation allows online bank users to see their full range of accounts from different banks on one site, but head of electronic banking for ASB Bank, Matthew Bartlett, says there are issues around disclosure of details that have yet to be worked out.

"Our terms and conditions are very clear on this - you cannot give out your password or PIN to anyone else and that sort of issue would have to be addressed before we could proceed with this kind of service."

He says issues of liability in the event of a breakdown or service failure also have to be sorted out before any bank could roll out such a service here. The Commonwealth Bank of Australia is the first of the big retail banks in Australia to offer account aggregation, but website nineMSN has a programme in place in conjunction with Australian Post.

BNZ head of online banking Phil Tate says the bank will continue to monitor the situation and any development would be dependent on customer demand.

Xtra spokesperson Matt Bostwick says XtraMSN is always looking at improving the service on the website.

"This is something we've started to look at and potentially in the future will launch, but we've got to find out first if this is the sort of thing customers want and would use."

WestpacTrust is also keeping an eye on the Australian market but spokesman Peter Thornbury says he can see the opportunity for far more than simply looking at accounts across banks.

"We have a service on our intranet where customers can call in and we will tell them the status of any investments they've made with the bank even if they're with a variety of fund managers or whatever."

The next stage would be to allow the end user direct access to that kind of information without having to go through one of the bank's relationship managers."It's definitely a trend and we're keeping a close watch on it," says Thornbury.

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Tags account aggregation

More about ASB BankBNZCommonwealth Bank of AustraliaXtra

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