The term “AA” or “account aggregation” refers to a non-banking finance company (NBFC) that facilitates the collection of financial information for its customers on behalf of other financial information providers. The rbi account aggregator is a non-banking finance company, typically providing a service-based alternative to banks. The key difference between an account aggregator and a credit bureau is that while a credit bureau is used to compile information about the creditworthiness of individuals, an account aggregator focuses on accounts. The rbi account aggregators are a group of non-banking finance companies authorized by the Reserve Bank of India to collect financial information from multiple financial information providers on behalf of their customers. These entities are termed “financial information providers”, and each entity that wishes to have a licence needs to be registered with the RBI as an “account aggregator”. This consolidated network of accounts aggregators helps financial institutions obtain financial information from various providers and make better informed credit and savings decisions.
Before selecting the best rbi account aggregators, what are the features to look into?
Data and links
Data and links is a feature for aggregators that enables you to determine the entire span of your bank account history rather than just the last few months or years. You should do this if you’ve seen recent issues with your account that could be tied to your bank’s policies or behaviours. A span of data and links also enables you to see how long different financial institutions have been in your bank account, which can help you understand why they may not be getting paid properly or how they’ve changed over time. Another important aspect of this feature is linking to credit cards and loans. If you are opening a new card or loan, it will show up as new on an aggregator, but it may take several days for the bank to update its records. Ideally, choose an aggregator that provides a full span of data and links so you can see every statement from every institution that has ever been in your account.
Use
The simplicity of use is one of the most important factors to consider before choosing an aggregator. It should be as simple as possible to sign up, log in, and start monitoring/receiving alerts when needed. At a minimum, the aggregator needs to provide an easy way for users to view their account balance, account history and transaction history. This can include searching in real time for recent transactions and viewing historical transactions by date range or category. It would help if you always looked for a user-friendly and intuitive platform. You must figure out how to use the system within minutes to get the most out of your deposits and withdrawals.
Data precision
Data precision is the degree of accuracy in your data. When choosing a rbi account aggregator, you need to select one with the highest data accuracy and reliability level. The higher the data quality, the more accurate your results will be. A high-precision data aggregation service also provides many other advantages. For example, it can help improve business performance by gathering accurate data on customer behaviour. It can also improve the quality of research by providing accurate market segmentation statistics. It can also provide insights into how customers use the product, helping to identify new products or services that may appeal to them. In short, a high-precision data aggregation service is essential for any business looking for actionable insights from their data.
API Offerings
API Offerings can be a major differentiating factor in any account aggregator. While every aggregator provides account aggregation and data integration services, some have unique offerings that may make them more appealing to specific users. Here are some of the most important things to consider when deciding which aggregator is right for you: You want to ensure that the aggregator you choose has an offering for your type of business. This will help you focus on other aspects of your business and not waste time on setup or maintenance. Second, you need to know how easy it is to integrate with the aggregator’s API. Some aggregators provide APIs that make it very easy to connect your apps, while others require developers to build integrations from scratch. While both approaches have their merits, if you’re new to account aggregation, it’s best to start with a simple integration approach, as it will be easier for you to get started quickly.
Data security
Data security is one of the most important aspects when choosing a rbi account aggregator. Data breaches are becoming increasingly common, and they can cause significant damage to your business. If your data is stolen, it can be used to commit fraud against your customers, damaging your reputation and leading to a loss in revenue. When choosing an account aggregator, make sure you choose one with strong data security practices. Investing in tools like encryption and authentication ensures that your customers’ information stays safe. When choosing a rbi account aggregator, make sure you choose one with strong data security practices. Investing in tools like encryption and authentication ensures that your customers’ information stays safe.
Recurring access to data
Recurring access to data is a valuable feature of any account aggregator. Whether for work purposes or personal use, having this feature ensures that you always have access to your most important data. It also ensures that you can handle remember to log in on a regular basis. Recurring access to data is important because it helps you stay organized and on top of your finances. It enables you to identify trends early on to take action before it’s too late. And it lets you check up on your investments without having to contact an individual provider.
Value added services
Value added services are crucial because they allow you to make every rupee count in your business. You can increase your profit margins and build a loyal customer base by providing additional value through convenience and savings. An account aggregator is an online service that allows businesses to earn money by routing all payments through one account. These services offer numerous benefits, including convenience, security, and protection against fraud. However, it’s important to remember that there’s more than one way to pay. So, it’s essential to do your research before choosing an aggregator.
Summary
The FinTech ecosystem comprises a myriad of players that contribute different aspects to the financial services industry. Account Aggregators are the new players and that’s why essential tip to select account aggregator is required as they are expected to play a significant role in making financial services smarter and more inclusive. Anumati’s AA platform helps you access financial data quickly and on demand. They are a team of technology experts and data analysts who turn your data into actionable insights. They leverage Artificial Intelligence(AI), Machine Learning and Big Data to deliver high-quality solutions.
