Account Aggregators -Putting Customers First
To kickstart economic growth in the post-pandemic era, simplification of business loans for SMEs turns out to be a crucial step. Longer timeframes for loan processing will put lenders at a competitive disadvantage. Additionally, they are also one of the leading factors that affect customer satisfaction. In this aspect, the use of reliable data analytics software solutions can help out. What is Data or Account Aggregator? Account Aggregator or an advanced data analytics platform serves to be a dedicated framework that has been designed to ensure the respective financial service providers to share data centric to applicants seamlessly across different stages of the credit-related decision-making process. The RBI recently started offering licenses to specialized NBFCs -referred to as AAs or Account Aggregators. The primary purpose of Account Aggregators is to gather consumer-centric financial data like bank statements, utility payments, frequency of online shopping, IT returns, and s