Can AA framework help digital lending?
But I know your question.
Can AAs view personal information? How secure is the data sharing?
No. Data is never made available to Account Aggregators. They just help to move your data with your consent from one financial institution to another.
Also, AAs encrypt the data they share so that only the recipient can decrypt it. With digital signature being mandatory, it is much more secure than paper documents.
The hassle of converting paper documents into soft copies or uploading e-documents using net-banking credentials is eliminated.
When a borrower enjoys simplicity, ease, and security with just a few taps of their mobile, then isn’t it a winning #digitallendingstrategy?
Undoubtedly, #Accountaggregators is a massive opportunity for #banks and #NBFCs to increase safe digital lending velocity.
#manispeaksmoney #fintech #accountaggregators #digitallending #security #ease #simplicity