The Account Aggregator (AA) framework is transforming the way financial data is shared and used across India. With consent-driven, secure, and real-time access to verified financial information, institutions can now build faster, more inclusive, and data-driven services. From simplifying onboarding to strengthening underwriting, AA is powering a wide range of innovative use cases across lending, investments, insurance, personal finance, and regulatory compliance.
This table highlights some of the most prevalent and impactful use cases currently live or under development in the AA ecosystem.
| S No | Use Case | Description | FIU Categories | Current Status | Impact | Leading FIUs |
|---|---|---|---|---|---|---|
| 1 | To verify financial account details for service delivery | AA enables real-time verification of bank account ownership and activity during onboarding, KYC, and repayment journeys. | Banks, NBFCs, Stockbrokers, AMCs | Live for onboarding, KYC, and payment initiation | Reduction in reliance on penny drops resulting in higher accuracy, lower costs and instant account verification | - |
| 2 | Vendor risk profiling | Lenders assess vendor financial health using AA-sourced banking data for income stability and fraud signals. | Banks, HFCs, NBFCs | Live with a few lenders | Stronger due diligence and higher efficiency replacing manual paper work based processes with digital, authentic financial data | Bajaj Finance |
| 3 | Regular obligatory customer risk profiling for stockbrokers | AA provides verified income and holding data for brokers to fulfill periodic customer risk profiling obligations. | Stockbrokers | Live with leading brokers | Improved customer profiling, digitisation, higher and quicker onboarding rates for F&O accounts | AngelOne, Dhan, Upstox, Groww |
| 4 | Loan underwriting | FIUs use AA to access reliable financial data for assessing loan eligibility, particularly for New to Credit and priority sector borrowers. | Banks, HFCs, NBFCs | High adoption in retail and unsecured business loans | Faster turnaround time, inclusion of New-to-Credit and PSL (priority sector lending) customers, lower processing cost, zero document fraud, improved eligibility. | Bajaj Finance, LenDenClub, Aditya Birla Finance, Tata Capital, Axis Bank, ICICI Bank, HDFC Bank |
| 5 | Income verification for life insurance | AA helps life insurers access verified income data to underwrite and price policies more efficiently. | Life Insurance Companies, Insurance Brokers, Corporate Agents | Live for term policy underwriting with leading insurers | Faster issuance, improved accuracy, reduced fraud rates, better risk pricing, ability to implement straight-through processing | MaxLife, SBI Life, Aditya Birla Sun Life, Tata AIA, HDFC Life, Jio Insurance, Khatabook. |
| 6 | Personal finance management | PFM apps use AA to aggregate financial data and generate user-specific insights and provide incidental recommendations. | RIAs, Banks | Used in onboarding and advisory flows | Improved personalization, faster onboarding, seamless financial planning, increased app engagement | Mobikwik, Jupiter Money, Epifi Wealth, Fold Money, INDMoney, Yes Bank, HDFC |
| 7 | Wealth management and advisory | Advisors and platforms access consolidated user data through AA to provide holistic portfolio insights and tailored recommendations. | RIAs, PMS, Stockbrokers, Banks, RTA | Insights-driven personal finance management tools | Holistic, 360-degree view of finances to customers, actionable insights, higher user engagement | HDFC, Dezerv, Mobikwik, CRED, Indmoney, Epifi, Paisabazaar, Jupiter Money |
| 8 | Customer self-access to their financial information | Customers can view a unified, real-time picture of income, spending, and savings across accounts using AA. | AAs | Live on select AA apps | Provide end customers a unified transaction view, easier tracking of income, expenses, savings | Saafe, FinVu, Onemoney |
| 9 | Loan account monitoring for repayment capability and early warnings | Lenders use AA to monitor borrower accounts for balance drops or credit signals to prevent delinquencies. | Banks, HFCs, NBFCs | Adopted by major lenders; early studies show NPA reduction | Proactive portfolio monitoring, dynamic credit limit resets, improved eNACH success, reduced collection costs, minimized default risk | Tata Capital, DMI Finance, ICICI Bank, HDFC Bank, Axis Bank, Shubham Housing, India Shelter |
| 10 | Monitoring overdue accounts for collections | tracking overdue borrower accounts for loan/credit card/credit line collection | Banks, HFCs, NBFCs | Consent being taken; workflows evolving | Improved collections, early delinquency detection, lower NPAs | Tata Capital, DMI Finance, ICICI Bank, HDFC Bank, Axis Bank, Shubham Housing, India Shelter |
| 11 | Account balance check before debit/eNACH representation | Real-time balance checks via AA before debiting accounts help reduce failed transactions and unnecessary fees. | AMCs, PMS | Implemented by some lenders | Reduced repayment debit failures | Dezerv |
| 12 | Monitoring recovery agents, employees and partners | Institutions use AA to ensure that their agents or partners are not financially entangled with customers | Banks, HFCs, NBFCs | Initiated by some lenders | Stronger compliance, reduce fraud rates for customer facing functions,increased collection efficiencies and improved customer trust | Bajaj Finance, Axis Bank |
| 13 | Employee trading activity monitoring | AA can be used to monitor key employees’ and relatives’ trading activity to prevent insider trading and regulatory breaches. | Merchant Bankers, PMS | Adopted for SEBI compliance | Ensures fairness and enables shift from manual, paper-based compliances to digital, fraud and error free compliances for preventing insider trading, | Equiris, Axis Capital RA, HDFC securities RA, Julius Bear RA, Sundaram MF, Groww MF, True Beacon PMS, Angel One PMS |
| 14 | Research dissemination based on holdings | Brokers and research firms use AA to deliver targeted research based on actual customer holdings. | RAs | Live with select RAs | Accurate holdings collection, timely delivery of tailored research | Sampadha, Mool |
| 15 | Monitor the implementation and efficacy of welfare schemes | Government ministries and departments can use AA to monitor beneficiary accounts to assess the delivery of welfare schemes | Financial Institutions | Pilot underway | Enables efficient monitoring of the skills development programmes of the government, ensuring end beneficiaries are gainfully employed | NABARD (for MoRD) |
As adoption of the Account Aggregator framework deepens, more institutions are tapping into its potential to reduce friction, enable inclusion, and build more responsive financial services. These use cases reflect just the beginning of what’s possible with trusted, consented data access.
Download the list of use cases here.