Use Cases

A list of existing as well as upcoming use cases of the account aggregator ecosystem.

1. Money Management: Consolidated view and analysis of inflows and outflows using AA consent framework

   1. Portfolio Managers can profile customers based on periodic data on income, investment and spending patterns.
   2. Timely and better advisory services to clients with 360-degree view of the financial assets.
   3. Access to analytics to offer personalized insights into financial well being, planning and goal setting.
   4. Notifications, MIS, Consent Management Dashboard, Reminders and Alert notification for prompt actions.
      
      

2. Bank Account Verification via AA: Using customer’s consent for collecting PAN, DOB and Bank Account

   1. Instant verification and seamless process. No need for penny drop, IMPS, third party verification or PDF upload.
   2. Additional security layer of validation logic added.
   3. Easier customer on-boarding.

3. Bank Statement Analyzer: Complete digitization of bank statements with customer's consent

   1. Provides verified capacity-to-pay.
   2. Identifies relevant recurrent transactions.
   
   

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   According to reports, the amount of transactions (transfers of bank statements) through AAs is projected to reach 5 billion by 2027.

4. Fraud Monitoring
   Monitor for fraud by cross-referencing income data sources, detecting discrepancies in income levels, comparing with declared incomes, and triggering potential suspicious transaction report (STR) alerts.

5. Wealth-Tech Offering

   Ability to provide 360-degree wealth management solutions by leveraging precise insights from customer inflows and outflows, consolidated financial data, and historical trends over the specified time frame.

   
   
   

6. Reconciliation
   Facilitate reconciliation by concurrently verifying pending credit confirmations from payment gateways with real-time bank statement data via AA.

7. Underwriting
   Streamline underwriting processes by dynamically assessing payment intent and ability using Account Aggregator (AA) data, ensuring clarity and precision in a reduced timeframe.

8. Credit Monitoring
   Enable effective credit monitoring with instant access to comprehensive past and current financial data, resolving challenges in tracking borrower behavior and assessing credit ratings.