Workshop on Account Aggregator (AA) Ecosystem at the Capital

12 Jun 2024

As part of its continuous advocacy of Account Aggregator (AA) , Sahamati hosted a day-long workshop in Delhi for organisations based out of the region. This was the second initiative focused on AA Ecosystem by Sahamati following the successful event in Chennai. The workshop brought together over 57 financial institutions, including lenders, brokers, RIAs, and insurance companies to exchange valuable insights regarding the AA framework.

The session provided a comprehensive overview of the AA landscape by engaging participants in discussions about a wide range of practical implementations such as Lending, Personal Finance Management, Insurance, and Capital Markets. It also served as a platform to address common misconceptions surrounding the AA ecosystem through thought-provoking discussions. And that’s not all – Sahamati also delved into understanding Fair Use, Code of Conduct, leveraging Common Community Resources, reference UI/UX journeys and Success Rate Optimisation all of which added depth to our discussions and made the session even more impactful.

The session shed light on how the AA Framework would aid in bridging the digital divide and make financial services more accessible, especially to the underserved demographic. The workshop witnessed one to one discussions among the participants surrounding the AA Ecosystem which added to ongoing dialogue of the role of AAs in facilitating real time, consented and secure digital sharing of information across various sectors through demonstration of multiple use cases by the AAs themselves. Moreover, highlighting a wide range of use cases beyond just lending also proved to be beneficial for the audience.

On an interesting note, FIPs also shared their experience of implementing the AA services in collaboration with AAs, offering valuable insights to the participants from the lens of the customer.

The active engagement of cross-sectoral participants was a clear indication of the growing maturity of the AA ecosystem. This diverse involvement demonstrated how various industries are increasingly recognizing and leveraging the benefits of Account Aggregators, reflecting a robust and evolving ecosystem.

Overall, this workshop at the Capital provided a shared platform for various stakeholders to gain a deeper understanding of the AA ecosystem. Through insightful and forward-looking discussions, participants engaged with key aspects of how India’s data empowerment journey will evolve in the coming years. This collaborative exchange of knowledge and ideas encourages us to relentlessly continue our mission towards advancing the Account Aggregator Framework and advocate for its active adoption.