BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
Monday, 20 May, 2002, 13:46 GMT 14:46 UK
Egg offers one-stop shop for banking
Egg website
Egg: Putting all finances in one basket
Online bank Egg is offering customers the chance to organise all their finances through a single webpage.

Egg Money Manager is the first financial aggregation service of its kind to be launched in the UK.

It allows users to check details of all their financial accounts regardless of whether they are Egg customers.


If the individual is driving it, they would have to be very confident about security

Anne Hinde, Assistant Information Commissioner
Using ActiveX technology, the system stores a customers' personal security details encrypted on their own PC.

Users are not required to disclose security details to Egg although, for extra security against a hack attack, Egg stores one of the encryption keys.

Guarantee against fraud

Security has been a big barrier to such aggregation services in the past. To encourage customers, Egg is guaranteeing all accounts against fraud.

Recent research from Egg and Mori identified an overwhelming appetite for aggregation services with some three quarters of the 6.6 million people who bank online wanting a simple way to keep an eye on their accounts.

Analyst firm Datamonitor estimates that 35 million consumers will be using account aggregation services by 2005.

It believes the scheme will be a success.

"Egg is already the largest online bank in Europe. This account aggregation offering should help it both increase its customer base and increase its revenue per customer," read a statement from Datamonitor.

Data protection

The office of the Information Commissioner believes there could be problems with some aggregation services.

"Some services require you to give information to a third party and that raises serious data protection issues," said Assistant Information Commissioner Anne Hinde.

For services like Egg's Money Manager, which rely on individuals, the biggest issue will be security.

"If the individual is driving it they would have to be very confident about security," she said.

See also:

24 Apr 02 | Business
22 Apr 02 | Science/Nature
25 Feb 02 | Business
29 Jan 02 | Business
21 Jan 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes