Axis Bank is already live on several account aggregators like Permission-AA, Vanmani-AA, finviu-aa, covering retail and SME customers. Bank’s loan disbursements grow by over 30% month-on-month since Go-Live account aggregator frameworkSaid it.
Sameer Shetty, President and Head, Digital Business & Transformation, Axis Bank said, “Keeping our open approach in mind, we are delighted to offer instant, digital and paperless loan solutions to all Indians.” “Now through a simple digital journey, customers can share their bank details with us and avail loans. Axis Bank believes in the power of ‘open’ banking and is investing in digital-first products that re-imagine customer propositions.
Account aggregators are entities licensed by RBI and provide a seamless digital journey for customers to share their bank accounts with other regulated entities. The framework is growing rapidly and provides easy and quick access to customers’ financial information in a safe and secure manner.
Being able to access this data securely helps banks create new customer friendly journeys in lending, credit monitoring and wealth management.
The USP of this framework is that a customer’s financial data, which is spread across multiple banks, insurance companies, mutual funds and other institutions, can now be consolidated under a digital framework that makes it easily accessible.
In a routine scenario, this involves significant effort, wherein the customer has to share his banking data with other banks or financial institutions using hard copy or PDF documents.
The framework, however, provides a secure way of sharing information that has customer consent and data privacy as its core design principles.