Egg Money Manager achieves significant results using eWise account aggregation technology

Tangible marketing and sales benefits directly attributable to account aggregation – Egg quotes 20% increase in customer value

July 26, 2006 - Press Dispensary - eWise Systems (http://www.ewisesystems.com), a leading provider of financial software products, reports that account aggregation is providing proven business benefits to leading banks such as Egg. Egg was the first bank in the UK to introduce financial account aggregation, the means by which a customer’s personal data from multiple financial service providers can be viewed on a single screen, with a single sign-on.

Since the launch of Egg Money Manager in 2001, Egg has experienced steady growth in adoption of its account aggregation service, with close to half a million of its customers having registered to use this free service. Furthermore, the majority of these registered customers actively and frequently use this service, with an average of seven visits per month to the Egg web site.

Egg’s director of innovation and customer strategy, Steve Townend, says: “Egg Money Manager has been great for our customers in helping them understand their day to day financial position and is great for Egg as we have seen increases in customer satisfaction, in longevity of customer relationship and a 20% increase in the overall value of the customer.”

eWise Systems UK Managing Director, Mark Matthews, says: “Egg’s success is typical of the benefits reported by our account aggregation customers. Financial institutions recognise its ability to increase customer loyalty as well as generate more revenue per customer, while ensuring customer security and regulatory compliance.”

Egg contracted the services of eWise to help design and implement a service that fitted the bank’s requirements, recognising the inherent advantages of eWise’s patented, client-side account aggregation technology which ensures that confidential data, such as account information, resides on the user’s device. This important distinction from traditional server-based aggregation ensured the approach complied with UK and European banking terms and conditions.

“The eWise development and technical support team worked in tandem with Egg to meet our implementation deadlines in order to provide our customers with a service to fit with the customer experience required by Egg, without compromising on security,” says Nick Sarsfield, project manager for the bank’s initial account aggregation implementation.

He continues: “Egg Money Manager gives our customers more control of their money and makes it easier for them to review their finances on a more regular basis. Customers hate having to remember half a dozen different log-on procedures, so using Egg Money Manager makes it much simpler for them.”

“Egg Money Manager was also recently cited as a reason for winning Best Online Presence at the Credit Card Awards – a reflection of the consumer and business benefits of account aggregation for Egg,” adds Lynne Marples, savings business manager, responsible for Egg Money Manager.

Egg intends to continue its commitment to account aggregation and is currently looking at expanding the service. “We’re carrying out customer research to find out what additional features and services could be useful to customers,” adds Lynne Marples.

To download the full case study visit www.ewisesystems.com.

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About eWise
eWise is one of the world’s fastest growing providers of software designed specifically to meet the needs of today’s financial services institutions. eWise has sales and support locations in the UK, USA and Australia, which provide online payment, account aggregation, security and authentication services for financial institutions and online service providers.

About Egg
Egg is the world's largest pure online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.

For further information, please contact:
Mark Matthews, managing director, eWise Systems UK Ltd
Tel: 020 7661 9311
Email:
Site: www.ewisesystems.com