Celent Opinion: State Street and ByAllAccounts Announcement Indicates the Future Integration of Wealth Management and Account Aggregation.Business Editors BOSTON--(BUSINESS WIRE)--Jan. 8, 2002 Today, State Street Corporation and ByAllAccounts, a US-based account aggregator, announced a partnership that will enable State Street to use ByAllAccounts' aggregation technology to enhance its wealth management services. Not only will State Street use the aggregation solution to service its clients, but it will offer it as a private-label solution for its corporate clientele. "This announcement substantiates the shift we are beginning to see in the account aggregation Account aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or business accounts, into a single place. industry," comments Ariana-Michele Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. , an analyst with Celent Communications. "The market is diverging di·verge v. di·verged, di·verg·ing, di·verg·es v.intr. 1. To go or extend in different directions from a common point; branch out. 2. To differ, as in opinion or manner. 3. into retail and wholesale segments where the former enables financial institutions to deliver an account aggregation solution directly to consumers and the latter aggregates information for financial advisors so that they may better assist their high-net-worth clientele." State Street Corporation will also become a minority investor in ByAllAccounts as part of the partnership. "This is a big step for the account aggregation industry," remarked Octavio Octavio is also the name of a character from King of the Hill, a television series. Octavio is a character from the video game . He is an anthropomorphic lion. History When Octavio was younger, everybody loved to hear him sing opera. Marenzi, Managing Director of Celent. "For a while, the industry has been sustained by poorly funded start-ups. Now the account aggregation industry, specifically the wholesale portion of the industry, will be backed by a large, well-established financial institution. State Street's commitment confirms the importance of account aggregation in the wealth management space and will force other aggregators to reevaluate Verb 1. reevaluate - revise or renew one's assessment reassess appraise, assess, evaluate, valuate, value, measure - evaluate or estimate the nature, quality, ability, extent, or significance of; "I will have the family jewels appraised by a professional"; their position in the market." ABOUT CELENT COMMUNICATIONS Celent Communications is a research and advisory firm dedicated to helping financial institutions formulate formulate /for·mu·late/ (for´mu-lat) 1. to state in the form of a formula. 2. to prepare in accordance with a prescribed or specified method. comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. technology, and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. For inquiries visit www.celent.com or email info@celent.com. Reporters may contact: Ariana-Michele Moore, Celent Communications, 1.617.573.9454 |
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