Account aggregator framework set to change dynamics in retail finance scene

The AA framework is creating a huge marketplace - based on customers' consent for sharing data - for all manner of financial vendors

Among the key data points in  this year’s Economic Survey were the following: More than 1.1 billion bank accounts are being shared under the account aggregator (AA) framework; 23 banks are now live on it; and 4.4 million users have shared their data on the platform. It confirms the finding of the country’s first analysis of AA performance in August 2022 — by Finbox, a B2B fintech credit infrastructure company — that the financial services sector is on the cusp of some truly exciting developments.

The analysis showed that 90 per cent of those who opted for the AA route