DelhiDesk India’s account aggregator (AA) network aims to empower consumers with greater access and control over their financial records, expand the potential pool of customers for lenders and fintech firms, and allow healthcare and telecom data to be accessible to individuals. The framework brings banks, insurers, registrar and transfer agents onto a single platform to allow seamless sharing of financial data of investors after getting their consent. As of 31 October, 10 entities regulated by the Securities and Exchange Board of India, including registered investment advisors and brokers, had joined the AA ecosystem.
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👉 The AA network aims to empower consumers with greater access and control over their financial records and expand the potential pool of customers for lenders and fintech companies.
👉 Financial data pertaining to tax, pensions, securities, and insurance cannot be shared without the consent of the individual concerned.
👉 The AA framework aims to bring regulated financial entities onto a single platform to allow seamless sharing of financial data of investors after getting their consent.
👉 Currently, the banking sector accounts for 74% of all data transfer consent, particularly where it pertains to retail and MSME lending use-cases.
👉 Sahamati estimates that the share of banking sector will settle down to 58% by 2027, while the securities market will see significant growth in data transfers.
👉 The AA system will help investment advisors to save on manpower and resources needed for data gathering.
👉 Individual MF distributors may not be able to access the AA ecosystem right now, but consolidated MF data of investors can be accessed from depositories or the RTAs.
👉 The AA ecosystem can help investment advisors understand whether their clients are under-insured or over-insured, the nature of their income, and spending patterns.
👉 Clients can be offered more personalized solutions since they have better access to their own data.
👉 The AA ecosystem could help identify duplication of investments and investments that don’t have a nominee.
👉 The AA framework manages customer consent, where the customer can decide on the period for which the data-sharing consent is to be given, the frequency of sharing it, and also revoke the consent when required.
👉 The Digital Personal Data Protection Bill is expected to further strengthen the data privacy framework in the country once it is passed in the parliament.
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