oa South African Journal of Information Management - Financial aggregation and open finance : views from South Africa's financial portals
Financial portals have emerged as the new platform through which consumers can handle all their financial affairs from a central point on the Web. However, most South African financial portals provide consumers with a fragmented view of their financial position, as they are only able to view accounts held within the single organization. These portals also offer financial products and services that are exclusively restricted to the organization's own products. This is in stark contrast to the emerging disciplines of 'open finance' and 'account aggregation', which are rapidly being adopted by international financial portals. The aim of this research was to explore various views from South Africa's financial portals with regard to financial aggregation and open finance. The study of four South African financial portals was conducted to shed light on the future direction of the financial portal market in South Africa. Results revealed that financial portals viewed basic functionality of the portal, services delivered by the portal and the selection of products and services from the portal to be the main customer drawing factors - aggregation and open finance as yet played no role. It was discovered that most South African financial portals were considering collaboration with other organizations. It was, however, unclear whether this collaboration would actually occur, with many financial portals working on their own unique approaches. Results also revealed that the market was large enough for many different financial portals. The financial portals believed there was enough space for between two to four large players, with the rest of the portals having to focus on specific niche sectors.
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