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The Center for eBusiness@MIT welcomes you to:

The Center for eBusiness@MIT welcomes you to:. Where is the ROI? April 17, 2002 Annual Conference April 17-19, 2002. Aggregation and Mobile Financial Services What Impact Will They Have And When? 9:15am – 10:45am “Where is the ROI in Financial Account Aggregation?

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The Center for eBusiness@MIT welcomes you to:

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  1. The Center for eBusiness@MIT welcomes you to: Where is the ROI? April 17, 2002 Annual Conference April 17-19, 2002

  2. Aggregation and Mobile Financial Services What Impact Will They Have And When? 9:15am – 10:45am “Where is the ROI in Financial Account Aggregation? Dr. Michael Siegel – Principal Research Scientist, Sloan School of Management, MIT Professor Stuart Madnick – Professor, Sloan School of Management, MIT James A. Kuser - Vice President, Client Solutions Group, Merrill Lynch Wealth Management Services Ruer-Er Chang– Vice President of Customer Relationship Management (CRM), Citibank 1:30pm - 3:00pm “Where is the ROI in Mobile Financial Services?” Octavio Marenzi – Managing Director, Celent Communications Blaise Heltai – Managing Director of Internet Strategy, FleetBoston Financial MakotoShibata – Senior Manager of eBusiness & IT Initiatives Division, Bank of Tokyo-Mitsubishi Hiroshi Egami – Director and General Manager of eBusiness & IT Initiatives Division, Bank of Tokyo- Mitsubishi

  3. Aggregators: A Primer to The Promise Stuart Madnick (smadnick@mit.edu) Michael Siegel (msiegel@mit.edu)MIT Sloan School of Management

  4. What is an Aggregator? Web Sources Aggregator User (or user program) • Transparently collects information • -- with or without prior source arrangement -- resolves contextual differences • Performs analysis • -- not merely gather information • Represents user • --acts as agent for user

  5. Aggregator: Types & Examples • Comparison Aggregator • Gather price information • Relationship Aggregator • Integrate frequent flier mileage programs • Integrate financial accounts • Intra-organizational Aggregator • Integrate separate departmental calendars • Inter-organization Aggregator • Integrate information about a company from multiple sources (financials, news, etc)

  6. Aggregation Strategy: Everyone Is Impacted • Aggregator / Aggregatees: • Aggregators create new marketplaces & information spaces • Aggregatees need to be in these marketplaces (external impact) • Aggregatees need data from these marketplaces (internal impact) • Needs to be part of every eBusiness and core business strategy • Increasingly, organizations are both Aggregatees and Aggregators

  7. Aggregation Strategy • Implications • Be part of strategy planning • Identify new applications and business opportunities • Entirely new types of applications can be defined • Who will own these spaces • This must be exploited • What relationship do you want • Must be prepared for changes • Insights • Everyone impacted • Aggregators not limited to price comparison • Aggregators can be combined and aggregated • Create new info spaces • After-aggregation important • Aggregators changes relationships • Business models and market conditions continue to change

  8. MIT Aggregation Research: Historical Perspective • MIT Aggregation Project • Strategy, Application, and Technology of Aggregators • Active Participation of 15-20 MIT Research Students • Awarded Patents for Key Aggregation Technology (1996) • Developed early Universal Banking Application – aka Financial Account Aggregation (1998) • Research and Consulting Partners Include: Citibank, Merrill Lynch, FleetBoston, Deutsche Bank, British Telecom, Banco Santander, ABN Amro Bank, PricewaterhouseCoopers, Suruga Bank

  9. Current Aggregation Research Topics • Aggregation Strategies (esp. Financial Account Aggregators) • The Economics of Aggregation(ROI) • Regional Issues – Cultural & Legal (USA, Europe, Japan, Latin America) • Global Aggregation – Opportunities & Challenges • Wireless Services and Mobile Aggregation • Semantic Issues in Aggregation • Open Aggregation & “After Aggregation” Services • Data and Integration Standards

  10. Universal Financial Account Aggregation: The Vision Leading to a world where all financial transactions (e.g., bill payment, online shopping, banking, investment, credit) are all handled through a single portal.

  11. Concept of a Financial Aggregator Citigroup Credit Cards MerrillBrokerage B R O W S E R User FleetBanking FA Cambridgeport Savings

  12. “After Aggregation” Services and Transactions Other Internet Sources First Call Asset Allocation Financial Sources FS #1 Financial Aggregator FS #2 Excel User FS #3 User Information Account Analyst Intranet and Internet Sources and applications Advisors Wizards Agents

  13. Aggregator Aggregatees Banks Account aggregation - Summarize multi accounts - Classified each transaction Securities Product/service comparison Insurers - Compare deposits, loans, mutual funds, stocks, and Insurances Credit Card Issuers - Compare fees, usability, security, and customer support E - mail service providers Real estate After aggregation services companies Utilities Account Management Payment service - Fund transfer between accounts - Management of EBPP providers Online shoppers Wealth Management - Advice of asset management - Calculate of future profit Other financial data The Universal Financial Aggregator E-Aggregation: The Present and Future of Online Financial Services in Asia-Pacific Stuart Madnick, Michael Siegel, Hiroshi Fujii, Taeko Okano 2002

  14. Business Models for Financial Aggregators • Players • Financial Institutions • Portals • Financial Software (e.g., eWise, Quicken, MS Money) • Technology Providers • Financial Aggregation Technology • Systems Integrators • Aggregatees

  15. Universal Financial Account Aggregation: Is there an ROI?

  16. Things can go wrong…an example Citigroup Credit Cards MerrillBrokerage Q U I C K E N User FleetBanking Financial Institution Acts as Aggregator of Accounts … Ends up as back office for Quicken or other Application Cambridgeport Savings

  17. Industry Vision James A. Kuser is a Vice President in the Client Solutions Group for Wealth Management Services at Merrill Lynch Ruey-Er Chang is the Managing Director of eConsumer's eDevelopment team responsible for online banking and investing platforms at Citibank Where is the ROI?

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