'The Account Aggregator framework is a game-changer'

By sharing information digitally and securely through the AA framework, lenders get a host of data points like bill payments and investments to assess creditworthines

The Account Aggregator (AA) framework came from the NITI Aayog’s Data Empowerment and Protection Architecture to empower every Indian to have seamless and secure access to their data and to enable portability of trusted data between service providers. And as the Unified Payments Interface (UPI) did to payments, the AA framework can revolutionise financial services by simplifying data sharing. There are four main stakeholders within the framework — consumers, financial information providers (FIP), financial information users (FIUs), and AAs, which provide the digital infrastructure to enable data flows and manage consent for financial data sharing. 

Lenders rely on credit scores and