Why Banks Haven’t Sold Consumers on Account Aggregation—Yet

In theory, the consumer benefits of aggregating bank accounts are numerous, starting with one-stop, 360-degree oversight. And yet a remarkable number of consumers say they actually prefer to monitor their financial accounts one at a time, one app at a time. Understanding these preferences in the context of the enormous potential for open banking facilitated by aggregation sheds light on consumers’ underlying attitudes and expectations about aggregation and will play a profound role in determining how banks and credit unions position aggregation as a steppingstone to broader open-banking connections. 

Aggregation succeeds only when it moves beyond a passive “link accounts” feature and becomes understood by consumers for providing insight, personalization, and proactive engagement. Integrated into core digital experiences, aggregated data enables earlier signals of customer needs, richer segmentation, and more timely interventions. FIs that treat aggregation as strategic data plumbing rather than a check-the-box personal finance feature are far better positioned for sustained engagement, cross-sell opportunities, and primacy.

Companies Mentioned:

Chase, KeyBank, Navy Federal, Truist, U.S. Bank