Account Aggregator will change how consumers interact with their banks and financial institutions. It will light up the way consumers can share and control their financial data. It’ll be one of the most disruptive technologies in financial services. The account aggregators in india can be used by any Indian bank, with more banks joining the platform every day. Consumers need access to their financial data and make more informed financial decisions. This is where the Account Aggregator comes in. The Account Aggregator allows a consumer to securely access and manage all their financial accounts (including savings accounts, loans, insurance, and investment accounts) from one single electronic record. For example, an Account Aggregator connected to a consumer’s bank can tell that consumer’s bank if their Loan account has been paid off on time when it was paid off, the amount paid off, and if it was paid off by direct debit or card payment. The information shared by the consumer’s bank with the Account Aggregator could be used by a wealth management company, for example, to get a better picture of a consumer’s financial health and set up a Financial Planning and Investment product for them.
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It collects your transactions, reconciles and posts transactions to your bank account on a regular basis. This process can be automated to reduce the time it takes to reconcile your account each month. The goal of this network is to ensure you are always aware of any changes that occur to your accounts and have immediate access to all relevant information. For example, suppose you forget about upcoming bill payments and forget to pay them. In that case, the Account Aggregator network will send a notification to your phone or email alerting you that something isn’t correct in your accounts. While not every bank or credit card provides this type of technology, the ones make it easier for you to stay on top of your finances and prevent unnecessary expenses from piling up.
Introduction to aggregation of financial accounts is very important as the Account Aggregator network is the infrastructure behind all of your financial accounts. The Account Aggregator (AA) handles the customers’ data to allow businesses to share information. Customers provide their data to Financial Information Providers (FIPs), usually banks, asset management firms, insurance firms, and other financial institutions. The Account Aggregator (AA) serves as a consent manager for financial information, maintaining the consent records and functioning as a data-sharing enabling platform. After receiving the consent requests from the FIPs, the FIUs encrypt the consent data and send it to the customers. The FIU decrypts this information for agreed-upon applications such as cash flow-based lending, credit risk monitoring, personalized wealth management, and more. Customer consent controls whether they know the purpose, the amount of time the data is accessible, and the data’s vintage. They easily share their one or six-month bank statement data with the FIU as a result of this. Furthermore, data collection is less difficult, and data hijacking and sharing are simpler due to this. Users may also revoke their consent by directly contacting the AA.
Anumati is a new way of aggregating and analyzing customer data in real time. Anumati is powered by Machine Learning and AI technologies to provide actionable insights to businesses. The key value proposition of Anumati is that it enables businesses to gain real-time insight into their customers’ journeys. The platform allows businesses to see what customers do at every stage of their journey, from the point of first contact through purchase and repeat usage. It also provides insights into customer behaviour at different stages of the customer cycle, such as first visit, trial, early repeat usage and long-term retention. This helps businesses make informed decisions about marketing strategies, pricing and product offerings.
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