Deregulation of the financial services industry through the Gramm-Leach-Bliley Act of 1999 has the potential to stimulate a structural transformation, but whether one-stop shopping will succeed is still uncertain.Not only is the industry struggling to achieve the customer-centered view required for one-stop shopping to work, but convergence also is stymied by process issues, such as who owns the customer, says Faith Trapp, managing director of the global insurance industry for EDS, Plano, Texas.

In the insurance industry, in particular, a lot of the customer data resides with the agent rather than with the company. And agents will share data only if it's in their best interest to do so.

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