Account Aggregator is a data framework which allows data owners to share their data in a safe, secure way only after they give their Consent. Also, whenever the data shared is refreshed (the data consumer again asks for the same set of data, but updated version), the data owner is notified about it. This way the data owner knows who is accessing their data, for what purpose.
Indians are data-rich but never before anything has been done to convert this data asset to making them more economically wealthy. Corporates have benefited from our data, but not the data owners themselves.
AA Empowers Data Owners
As of today, the most powerful Use Case of Account Aggregator (AA) framework is flow-based lending. Many more Use Cases will emerge and evolve for the AA ecosystem.
A mere 8% of MSMEs in India have access to formal credit. Few do have access to loans from the informal market (money lenders, private lenders etc) but pay a very high-interest rate. AA will help MSMEs get a small sachet of loans which was not possible before. This is a big win for the lenders also as they are having a smaller exposure and loans get repaid in about 80-100 days.
MSMEs with a good track record will no longer have a cash crunch (working capital). They can now invest in the growth of the business which will help the country’s economy in the long run.
What is the result of the data empowerment – Prosperity, Peace of mind (for e.g. apps can tell us our financial health)
Every institution that uses AA Framework will have Sahamati’s logo. We need to consumerize the logo.
The best examples of logos which have been consumerized are Visa, Mastercard, WiFi, Bluetooth. These logos are seen on consumer products.
For e.g. WiFi routers manufactured by Cisco, Tenda, Nokia have their respective logo and WiFi logo. When consumers see the WiFi logo on their phone, they infer the product supports “WiFi”, the phone will work with any WiFi router (which has the WiFi logo). To put in nutshell interoperability is supported by devices that follow the WiFi standards.
Extending the analogy of WiFi to the AA world, institutions that use the AA framework and have been certified by Sahamati will need to display Sahamati’s logo. Assuming the consumer’s bank has Sahamati’s logo will give confidence to the consumer in many ways,
- Consumers will know his/her Bank is on Account Aggregator ecosystem.
- This bank can interact with any certified Account Aggregator (which will have Sahamati’s logo too)
- Consumers data can be shared with any institution (Financial Information User) which has Sahamati’s logo
Our Thoughts On The Logo
We are reaching out to creative minds to help us create the next most recognizable brand in India. Your work will have a direct & huge impact on financial inclusion in India.
We do not want to influence your thinking in designing the logo but want to share our thoughts.
- The logo should represent what Sahamati stands for – empowerment, ease of getting working capital and business growth.
- What will Consent mean for the data owner? Possibly, the data owner should feel far more empowered. We should also note, we have never felt empowered by our own data, many may not understand the beauty of the outcome.
- What happens because of financial empowerment, financial inclusion?
- The logo should not be directly connected to Consent but to the OUTCOME of Consent.
- Sahamati’s logo must be able to gel easily with other institution’s logo.
Are you up for this challenge? We are happy to have a discussion with any of you to take this forward. What are you waiting for, contact us NOW!