Round Table on Account Aggregators at the Global Fintech Fest (GFF)- An Enabler for Financial Inclusion

At the highly anticipated Global Fintech Fest, Sahamati and Accion hosted an exclusive roundtable discussion on “Account Aggregators—An Enabler for Financial Inclusion” on August 29th, the second day of the festival. This invite-only event brought together industry leaders, policymakers, and innovators from the digital finance sector to explore the potential, challenges, and future direction of financial inclusion through the Account Aggregator (AA) framework.

Key themes discussed included:

• How to design scoring or propensity models that cater to the financially underserved.
• Strategies to overcome the structural challenges within the AA ecosystem.
• Enhancing the user journey for a smoother, more customer-friendly experience.

Participants shared valuable insights on leveraging customer data more effectively, highlighting the need for strategic solutions over tactical fixes. The consensus was that collaboration between banks and FinTechs would be crucial to unlocking the full potential of AAs and improving outcomes, ultimately reducing failure rates in the process. Further, participants addressed key challenges pertaining to user-experiences and explored strategies to create a smoother, more seamless journey. Recommendations included establishing stronger trust markers, incorporating more visual and vernacular elements into the user interface, and clearly communicating the benefits to enhance user understanding and confidence on the ecosystem.

The session was both thought-provoking and engaging, opening up new avenues for discussions on how Account Aggregators can shape a more inclusive financial future for all.