Account Aggregators can assist you in obtaining the greatest Loan, Insurance, or Investment packages
Eight major banks have joined the Account Aggregator (AA) network in order to share client bank data and to market to new customers via the AA system. You must consent to AA sharing your credit information if you are a client of any of the major banks, including SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Indusind Federal, and IDFC First Bank. Consider how it works for you. Platform for Information Exchange The Reserve Bank of India-licensed Account Aggregator acts as an intermediary or exchange platform for banks and institutions that share data and also use data from the system. The platform's role is to centralise all financial data and function as a data custodian for the consumer. Consider that each bank, insurance business, or mutual fund that shares data with AA will be permitted to access the data only through the system. Thus, your bank or financial institution must be a member of one of the active AAs in the market. There is no documentation or Know Your Customer requirements The procedure of exchanging data becomes simple once your bank or institution provider is registered, since the institution is connected to the AA system via APIs. You don't need to submit any paperwork for KYC if you need a new loan, want to acquire an insurance policy, or want to invest in a mutual fund, for example. All you have to do is give AA your permission to share your data with banks and organisations. The AA will digitally extract the information from your bank and send it to the bank or organisation where you are asking for a new loan or investment. Safety If you're concerned that your personal information may be exploited or abused by others, the AA framework contains very rigorous data privacy requirements. From your bank to the institution you're asking for a new loan or any other business for a financial product, the data supplied by the AA will be securely encrypted. You have Complete Knowledge about Information Sharing As a client, you will have complete choice over the quantity of data you want to disclose on an AA platform, as well as the time period during which the data will be available for any bank or financial institution to access. You can also choose to transmit only loan information or only credit card information, for example. Other information intermediaries, such as a credit bureau, are used by the lending institution to obtain extra information about you.