A Paradigm Shift In Financial Data Handling

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Account Aggregator is a data empowerment platform that is expected to revolutionize credit, insurance, and investment by making it more effective and efficient information asymmetry. Like the game-changing payment platform UPI, the account aggregator platform will be the world's cutting-edge digital financial infrastructure that has brought structural change to the financial data landscape.                                 


What is an Account Aggregator?

An account aggregator rbi is a specialized entity, often a non-banking financial company, tasked with the role of securely gathering and consolidating financial information from various sources on behalf of an individual or business. This data can include details from bank accounts, mutual funds, insurance policies, pension funds, and more.


What are the functions of an account aggregator platform?


Data Collection and Organization:

Collects diverse financial data from multiple institutions

Organizes the data comprehensively for unified access


Unified Presentation:

Presents the compiled data in a unified format

Accessible to authorized users for comprehensive financial oversight


Secure Information Sharing:

Enables secure digital sharing across financial institutions in the AA network

Requires explicit customer consent for data sharing


Multiple Account Aggregators:

Offers a choice of Account Aggregators for customers

Customers can select from various AA options


Data Handling Limitations:

Account Aggregators cannot read, store, or process digitally signed or encrypted customer information

Cannot create profiles or store collected data contrary to the name


Encryption and Data Sharing Process:

Sender encrypts the shared data for secure transmission

Ensures the confidentiality and security of shared information


What is the necessity of Account Aggregator Framework?


Data Sharing Challenges:

- Customers generate vast amounts of data, but securely sharing it with service providers requires effort.

- Lack of control over who accesses the data, how it's used, and for what purpose.


Enhancing Digital Adoption:

- Only a small percentage of retail/SME loans are digital.

- Framework facilitates standardized data sharing to boost digital transactions and resolve trust issues.


Fragmented Customer Information:

- Customer data is scattered across banks, lenders, insurers, government entities, etc.

- Account aggregators consolidate and enable secure sharing of data among Financial Information Users (FIUs) from Financial Service Providers (FIPs).


Streamlined Access to Financial Services:

- Eliminates the need for manual document collection for account openings, tax filings, loans, etc.

- Secure and compliant data sharing gives individuals/businesses control over their data, accelerating access to financial products.


Cost-Efficient Information Access:

- Offers low-cost access to information while maintaining security and compliance standards.

- Provides faster and more affordable access to financial services and products.


How does it work?

FIP – Financial Information Providers are data fiduciaries that hold customer information.

FIU – Financial Information User – uses data from a FIP to provide various financial services to customers. A FIU is a lending bank or asset manager that wants to access borrower information to determine whether the borrower is eligible for a loan.

Secure and Compliant Data Transfer - AAs enable the secure, compliant (while protecting user privacy) transfer of financial information relating to various accounts such as bank deposits, equity, mutual funds and pension funds that require access to this information.


The Revenue model for AA

AA provides services to retrieve or collect financial information about its customers' financial assets. AAs will charge financial institutions a service fee.


Players that benefit from the Account Aggregator System


MSMEs and New Borrowers:

- Lack access to formal credit due to unorganized financial records.

- Enables access to credit based on verified information like GST invoices, bank statements, and security data.

- Reduces risk of tampering and fraud, fostering financial inclusion.



- Offer credit across the spectrum based on verified data.

- Lower customer acquisition costs, especially with smaller customers.


Raking Compliance:

- Monitors customer financial health and profitability.

- Facilitates debt consolidation.

- Enables cross-selling of products like deposits, wealth management, and insurance, enhancing operational efficiencies.


Retail Users:

- Access to better lending and deposit rates.

- Availability of specific financial products.

- Offers a consolidated view of financial accounts, spending patterns, and enhanced control over financial matters.

This breakdown highlights the key beneficiaries segmented into MSMEs, lenders, compliance operations, and retail users, emphasizing the advantages and opportunities that the account aggregator platform brings to each sector.


On what criteria can AAs distinguish themselves?


Operational Presence:

- Launch and operational licenses for Account Aggregator Systems (AAS).

- Potential for more AAS entries due to an extensive and untapped market.

- Existing AAS processing a significant number of transactions monthly across multiple lenders.


Market Accessibility:

- Opportunity for users to choose from multiple AAS providers.

- Differentiation in user experience, app interface, and data flow among AAS.

- Functional parity across AAS platforms, but with varied user experiences.


Key Differentiators:

- Focus on user experience, emphasizing ease of use and navigation.

- Speed, stability, and scalability are pivotal aspects setting AAS apart.


Customer Onboarding:

- Registration through an app or website, providing a unique handle (e.g., username) for the consent process.

This overview highlights the competitive landscape of AAS without mentioning specific company names, emphasizing the market potential, differentiation factors, and customer onboarding methods among Account Aggregator Systems.


How does an AA differ from a credit bureau; Will it be complementary or competitive?

AA functions differently than credit bureaus. AAs provide infrastructure for sharing information about customers' financial assets.  

On the other hand the bureau shares data on the customer's liability (showing loan history and/or credit score).

So, the datasets that bureaus deal with and how account aggregator rbi facilitates them are very different.



In the evolving financial management landscape, account aggregator platforms mandated by the RBI represent a seismic shift. In compliance with RBI guidelines, these platforms revolutionize how financial data is managed and accessed. Within this transformative sphere, Anumati emerges as a pioneering force, reshaping the future of account aggregation. Beyond mere aggregation, Anumati prioritizes user trust, data security, and intuitive interfaces, empowering users to navigate their financial realms confidently. 

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