Expected Evolution of Account Aggregator Ecosystem 2023-2027

Account Aggregator (AA) Framework has been the latest addition to the India Stack, introduced as a consent layer to strengthen the data stack. In 2016, RBI, with joint FSDC consultations, released the Master guidelines for a new class of NBFC entities called Account Aggregators, mandated to operate as a consent manager for the citizens for sharing data.

AA seeks to empower the citizens by enabling them to share their data only with their explicit consent captured in an electronic consent framework. The data can be shared in a digital format on a real-time basis, directly from the existing financial services provider (FIPs) of the citizens to the potential financial services provider (FIUs) of the citizens.

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Whitepaper covers:

  • Executive Summary
  • History and Evolution of Account Aggregator Ecosystem
  • Current trends and landscape in the Ecosystem
    • Existing Participants
    • Performance Report
    • Emerging use cases
    • Early benefits of the Ecosystem
  • Expected evolution of the Ecosystem
    • Projected Data Transactions: 2023-2027
    • Projected Mix of Use Cases for Bank Account Statements
    • List of Use Cases included in the projections
  • Factors that are expected to drive growth in the Ecosystem
    • Broadening the base of FIPs
    • Achieving interoperability
    • Deepening usage and wider innovation
    • Increasing customer adoption
    • Continued policy and regulatory encouragement
  • Evolving Data Governance Framework in India