Hi viewers! Wish there was an easier, more efficient way to apply for financial services? This video will show you how Account Aggregators (AAs) might just offer that flexibility.
First, we’ll explain what an Account Aggregator (AA) is and how it works. An AA is a digital service regulated by the RBI, designed to simplify financial data sharing. Instead of manually submitting bank statements and ID proofs, you could authorise an AA to securely fetch and share your data with various financial service providers.
Next, you’ll learn about the AA system’s three key players. First are Financial Information Providers (FIPs), like banks or mutual funds. Then come Financial Information Users (FIUs), such as lenders or insurers. Finally, you’ll understand how the AA functions between these as a digital courier, transferring your data with your consent.
Finally, the video will also discuss how security is a top priority in the AA framework. With end-to-end encryption, strict RBI regulation, and total user control, your data remains safe. You’ll see how you can review, modify, or revoke consent at any time.
So, next time you apply for a financial service, look for the AA option as it could be a smarter, simpler, way to share your financial information!
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