If there was any doubt that Yodlee is the 800-pound gorilla in the account aggregation space, two recent deals have helped make that fact clearer than ever. On back-to-back days, Yodlee announced it would be providing the Calabasas, CA-based Digital Insight and Emeryville, CA-based Financial Fusion with its account aggregation services.
With a good number of banks, credit unions and brokerages as customers, Yodlee now is going after software companies that provide financial institutions with Internet banking.
Digital Insight and Financial Fusion are two of the largest providers of Internet banking products. By aligning themselves with Yodlee, the software companies now offer products giving both banks and bank customers consolidated views of customer account information. The aggregation product will be plugged in to all existing customers’ online banking operations.
"Banks don’t want to manage customer information," says Mike Dutton, vice president of retail banking for Financial Fusion. "They want to leverage account aggregation to improve their opportunities to cross-sell."
Yodlee has a reported 80% share of all companies that license account aggregation software. In addition to Financial Fusion and Digital Insight, Yodlee signed a deal with Beaverton, OR-based Corillian last August.
"Eventually, account aggregation will be standard; you won’t think twice about it," says Ian Rubin, director of online financial services research at Framingham, MA-based International Data Corp. "Yodlee currently is looked at as the standard."