Bank bet on consumer info aggregation

Aggregation is a tricky issue for top banks. Do you really want to offer tools providing a window into assets that may be custodied somewhere else? The answer seems to be mixed.

Bank of America appears to have embraced the idea. Its ''My Portfolio'' feature aggregates account data from its competitors, which has caught the attention of the industry. Other big banks so far have not moved as aggressively. They would be wise to see this as an opportunity, however. The movement toward aggregation continues to be led by the little technology companies that are getting bigger everyday.

When Intuit bought Mint.com, it seemed to validate the industry. Intuit is folding some of Mint.com's capabilities into FinanceWorks, the personal finance management software sold to banks by its Digital Insight unit, notes the AP. About 400 banks currently offer FinanceWorks services on their Web sites. Fewer than half of all banks offer personal financial management tools, but more banks--especially smaller ones--are jumping on the bandwagon every day. 

For more:
- here's the AP article

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