Around 1.6 lakh bank accounts linked to at least one account aggregator
By MYBRANDBOOK
According to news reports, around 160,000 bank accounts have been linked to at least one of the account aggregators. Although the actual number of users who have signed up with an account aggregator is likely to be quite lower. About five account aggregators have launched operations while around 25 institutions and most of the large private banks live on the account aggregator system.
But the data on mutual funds, insurance and goods and service tax is not linked yet, which limits the utility of account aggregators. Kotak Institutional Equities said, "These are still early days given that some of the large banks (like State Bank of India and Bank of Baroda) are yet to go live and most of the non-bank data is yet to be made available."
Account aggregation or financial data aggregation is a process whereby data from several or all of an individual's or household’s financial accounts are collected in one place. In terms of online banking, the user may be provided with a service that curates a home page on which account holders can see information from all of their checking, savings, CDs, and brokerage accounts. Personal finance software, apps, and online services like Quicken or Mint provide such account aggregation services, and are thus called account aggregators.
Kotak Equities said that the adoption of account aggregators will likely happen in two ways--user-initiated sign-up through mobile application download and linking their accounts or during the process of service delivery, financial information users will request for a consent to fetch data from such aggregators and if the user is not signed-up, then a profile would get created on the fly.
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