The bankers have a new technology pal. They have decided that they have had enough of bad borrowers who default with one of them and then cooly apply for a loan with another. Therefore, eight major banks have signed up for a technology platform launched by the central bank. This platform, known as the Account Aggregator (AA) Framework, will do as its name says. It will aggregate data of individuals (with their consent) and make it available to all the subscriber banks and financial institutions. The platform promises data security, better assessment of credit worthiness of small businesses and sharper customisation of financial products. No more living life king size on borrowed money.
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