How Is Account Aggregator Framework A Boon To The Financial Institutions

From the age of having a savings account to reaching a current account, a salary account, or a business account, people surely go through a long way by the time they have touched their 30s. Amidst this, managing each of the accounts and taking care of the financial transactions becomes very difficult. If you are facing the same situation, then there is something to help you out. This is the new account aggregator framework initiated by the Reserve Bank of India.

Why Is The Account Aggregator Framework Initiated?   

Earlier companies experienced a lack of transparency of financial information because it had to be accessed and disclosed among several accounts at once. This led to ambiguity and translucency in managing financial issues.

Thereby, the core reason behind the development of account aggregators is how it is easing out the manageability of financial account transactions and broadening the idea of making compelling financial decisions in the industries. This helped in enhanced communication for the financial information among the financial service providers. This is more or less like creating a dashboard where information from multiple sources can be reflected at one board. This has given more accessibility and control over the financial data so that companies can act responsibly and introduce innovations and competition among the financial industries.   

How Has The Initiative For Account Aggregator Framework Helped Overtime?

1. Convenience: 

Account aggregator eliminates the need to visit multiple sites and platforms for getting the financial information from each source. This saves a lot of time and effort as everything is centered at one place. This makes accessibility to multiple sources way easier and convenient.  

2. Innovation:  

The account aggregator framework has promoted innovation to a far extent because the information is shared to new financial assistance providers. This helps to bring new and updated financial products and services.  

3. Control:

Since the data is exposed at one platform itself, it becomes easy to filter the information to be shared and the one to be kept confidential. This adds to the security and privacy of the information because it is shared to reliable sources.   

4. Credit Accessibility:  

With this account aggregator framework creditors can easily find the creditworthiness of the borrowers in real time. This leads to precise and better financial decisions regarding interest rates, loan approvals, and all the other related information.   

5. Financial Planning:  

It gets convenient to regulate financial decisions like investments, savings, business capital investment etc. because the financial service providers can find all the sources of information and comparison under one place.  

For this, it is important to choose reliable services for better and safe account aggregator framework. So, create your profile at Anumati to get in touch with professional and secure service providers.

Also read: Blooming Benefits of NBFC Account Aggregator for Loan Seeking Customers

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