More than a decade ago, storing financial documents meant renting a bank locker or keeping them in a safe at home. It was simple but not always helpful. Sharing financial documents was cumbersome. Thankfully, dealing with important documents has become easy due to digitalisation and platforms like Digilocker, Account Aggregator, or Digital Yatra.
Digilocker
DigiLocker is an online document storage and sharing platform introduced by the government. "It provides individuals with a secure digital space to store and access important documents such as identity proofs, educational certificates, and government-issued documents," says Adhil Shetty, chief executive officer (CEO), BankBazaar.
It is connected to government departments, making it easy to get and store official documents. "The documents in DigiLocker are uploaded to it by the issuing bodies themselves, and as per the provisions of the Information Technology Act, 2000, these electronic records are deemed to be legally recognised at par with the original documents," says Manoj Chopra, senior vice president & head products and innovations at Kiya.ai, a digital solutions provider.
"Take, for instance, that just recently it was in the news that one can now access National Pension System (NPS) transaction statements through DigiLocker. In the past, DigiLocker accounts have made it simple for individuals to share or download their official documents online, like Aadhaar copies, PANs, driving licences, etc,” says M Barve, founder, MB Wealth Financial Services.
DigiLocker requires internet access, which may be a limitation in areas with poor connectivity. "Also, not all organisations and agencies may recognise DigiLocker as a valid proof of identity or document. Physical copies may still be required in some cases," Shetty says.
Umang
Umang is short for Unified Mobile Application for New-age Governance. "It's an all-in-one app; with it, using your mobile, you can access a wide range of government services in one place," says Chopra.
The government launched this app to encourage digital payment transactions. With Umang, you can access a variety of e-government services such as filing income tax returns, booking gas cylinders, Aadhar and provident fund queries, or paying utility bills. Aadhaar and DigiLock are integrated with Umang. The government will automatically integrate all its new services with Umang. Additionally, it supports Aadhaar-based authentication and other types of authentication.
ABHA
Ayushman Bharat Health Account (ABHA) is a government health app. It helps you keep all your health records in one place. The app also allows you to request your health data from linked healthcare facilities through UMANG. "This way, you can easily access and view your complete health information. It could be helpful in case of an emergency to have all your health documents in one place if you are comfortable storing this data online," says Barve.
You can choose to give permission if doctors, laboratories, or clinics request to view your health data. The National Health Authority is expected to add a feature through which a user can create her ABHA ID using a face authentication service linked to her Aadhar number. Other personal health record apps available are Health-e, Eka Care, and Map My Health.
DigiYatra
DigiYatra is used for paperless and contactless entry at airports. "The service lets passengers travel without a boarding pass and uses a facial recognition system (FRS) to verify the identity of passengers linked to their boarding passes," says Lalka. M, a Mumbai-based travel expert.
A Digi Yatra ID must be shared when purchasing tickets. The departing airport will receive this ID and passenger data from the airlines.
Account Aggregator
Approved by the Reserve Bank of India, the aggregator lets you access and share financial information between banks or financial institutions. "In the past, to apply for a loan, you had to provide documents like bank statements, salary slips etc. But in AA network, the user gives the consent on her account aggregator app to share the data from her different financial institutions and share it with other regulated financial institutions (Eg the lending associations). This gives the individual control of their data. Also, the financial information user (FIU) has to declare the purpose, time period for processing the data," says B. G. Mahesh, co-founder, & chief executive officer (CEO) of Sahamati, a collective of the Account Aggregator ecosystem.
This aggregator is helpful for small businesses, which face a vast credit gap in India.
App safety
To stay safe, only download apps from official app stores. Before downloading an app, carefully read its privacy policy to understand how your data will be used and shared. Consider the access permissions the app requests for. When signing in to an app, use an email address and a unique password.