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Why account aggregators spell great news for rural financial customers

Money Control · 5m

Protean eGov Technologies, one of the 13 live and operational account aggregators (AA) in India, went live with its services in July 2023. Bertram D’Souza, the Chief Product & Innovation Officer at Protean, discusses the benefits of AA services, including improving access to loans for citizens in rural areas, reducing loan processing time through digital data sharing, and helping wealth managers create financial plans for investors. However, there are limitations such as intermittent issues with data fetches and the exclusion of joint accounts from the AA framework. As of March 2024, there are 148 financial information providers and 406 financial information users on the AA platform. Ultimately, customers should choose an AA they trust to protect their consent and allow for easy management and revocation.