Financial data of customers is spread across banks and other institutions, each having different methods and platforms to access information. Account aggregation solves this issue by compiling data from multiple accounts under one roof. This may include deposits, investments, insurance policies, pension schemes etc. In 2016, RBI approved a new class of licensed NBFCs called Account Aggregators (AAs) to provide these services based on a customer's consent. AAs are regulated by RBI, SEBI, IRDAI and PFRDA and do not store any user data. The ecosystem includes Financial Information Providers such as banks, AMCs, pension funds etc and Financial Information Users (FIU), entities that consume this data.