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Consumers win in the account aggregator system, but what about banks and fintechs?

The AA system will disrupt banking as we know it. But it is not all threat to banks, they have new opportunities too 

September 07, 2021 / 09:28 AM IST
Consumers win in the account aggregator system, but what about banks and fintechs?

By now, you must have heard of the account aggregator system going live five years after the Reserve Bank of India issued directions. It has been rightly praised as the next step in India’s digital revolution in financial services. Simply put, these entities are non-bank finance companies licensed by RBI to smoothly aggregate and transfer financial data with the consent of consumers. Thus, this system puts more power in the hands of consumers by allowing them ownership over their financial...

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