Benefits of choosing the right account aggregator service

Think about a scenario where you need a modest loan, but banks and other financial organizations are unwilling to provide one since you don't have a credit history. Your requirements and preferences will determine which account aggregation service will be ideal for you. Although customers won't be able to use the system for transactions, the essential procedures for client identification will be in place. Here mentioned are the benefits of having an account aggregator service:


100% data security:

The sender encrypts data sent between AAs, and only the receiver can decrypt it. Customer data may be transmitted from one financial institution to another with a person's permission, but it may not be retained, processed, or sold by AAs. It is essential to choose the right account aggregation service. 

Streamlining customer's data:

A borrower's financial information that is dispersed across many financial institutions must be located, which is highly time-consuming and challenging. With the customer's consent, an AA plays a crucial role in this scenario by compiling and organizing a large amount of data and then providing it to the designated bank or lender upon request.

Easy to use:

Investing in account financial aggregation that is too complex to utilize entirely makes little sense. It should be simple for your customers to set up their accounts and get started with your account aggregation service. Critical solutions promoting adoption and loyalty should be used to provide tools that enable quick account verification and aggregation.

Customer-friendly:

The account aggregator architecture is based on UPI, which uses automated bank account fetching and linking along with OTP-based authentication. The success of UPI is evidence that the account aggregation service will be user-friendly, resulting in a very high conversion rate.

Recurring access to data:

A consumer has the right to revoke their consent at any time. Consumers have the right to cancel their consent at any time if they have previously agreed to share their data repeatedly over an extended period (for instance, during the term of a loan). Anumati AA will be the right choice for you. 

Final thoughts

Account Aggregators centralize all the data and offer a single digital framework for exchanging it in real-time, enabling you to obtain financial information about your customer quickly. If you are looking for the best account aggregation service, then Anumati AA will be your best option. You can compare several services and choose the best one. 

Also read: What are the 3 uses of account aggregators?

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