Recognizing InnovAAtion at SamvAAd 2023

24 May 2023
  • Sahamati sought nominations from market participants to showcase their innovative solutions addressing customer needs using Account Aggregator framework
  • Entries were evaluated by Independent Panel of Judges, with varied expertise in the financial sector
  • 11 entries were selected as winners in their respective categories, with additional 4 entries selected for special mention
  • Winners were felicitated at SamvAAd 2023 held in Mumbai, by Guest of Honour Shri Nandan Nilekani, Non-Executive Chairman, Infosys

Ahead of the first Account Aggregators community event, SamvAAd 2023, Sahamati sought nominations from the AA ecosystem participants to showcase their innovating solutions addressing customer needs in the realm of Open Finance using AA framework. Nominations were sought from teams consisting of three key participants: Account Aggregators, Technology Service Providers (TSPs), and Financial Information Users (FIUs). With a strong response from the community, the event received concept notes, demos, and consumer testimonials from 24 teams across 5 citizen needs.

Panel of Judges

The evaluation process aimed to recognize and celebrate the most impactful and promising entries and was conducted by an independent panel of eminent judges.Panel comprised of four distinguished judges, each bringing expertise from their respective fields:

  1. Mr. Anand Raman – Senior Financial Sector Specialist, CGAP (World Bank entity)
  2. Mr. Harsh Roongta – Director, ARIA (Association of Registered Investment Advisors)
  3. Ms. Kanika Kumar – Director, IDEO (leading global design innovation company)
  4. Ms. Sugandh Saxena – CEO, FACE (Fintech Association for Consumer Empowerment)

The Evaluation Process:

The evaluation process spanned several rounds to ensure a thorough assessment of each entry’s merits. Here is an overview of the steps taken:

Initial Screening:

The evaluation panel conducted an initial screening of the received entries to ensure they met the submission criteria and aligned with the event’s focus. The nominations were asked from the following five customer needs:

Detailed Evaluation:

The judges meticulously assessed shortlisted entries based on five key parameters:

  • Potential Impact for Consumers: The scale and ease of access offered to consumers were considered, evaluating how the solution could address their needs effectively.
  • Potential Impact for Financial Services Providers: The judges examined the potential benefits the solution could bring to financial services providers, such as increased efficiency or new business opportunities.
  • Demonstration of Potential Impact: Entries were evaluated based on the strength of their potential impact, taking into account the evidence presented through concept notes, demos, and consumer testimonials.
  • User Interface and User Experience (UI/UX): The judges considered the design and usability of the front-end journey, emphasizing a seamless and intuitive experience for end-users.
  • Adherence to Explicit Consent: As the foundation of the framework, judges assessed entries based on their adherence to the spirit of explicit consent, ensuring that consumer privacy and data protection were prioritized.

Deliberation and Discussion

The judges engaged in thoughtful deliberation and discussion, sharing insights and perspectives to arrive at a well-rounded assessment of the entries.

Scoring and Ranking:

After careful consideration, the judges individually scored and ranked each entry based on the evaluation parameters. This allowed for an objective and fair comparison of the submissions.

Final Selection:

The scores and rankings were collated to determine the winners across the various categories. After the rigorous selection process, 11 entries were selected as the winners, showcasing their exceptional impact and innovation.

Sl. No.Citizen NeedCustomer segment Theme TSPAAFIU
1Access to credit for long-term needsSecured credit for low to mid-income citizens, NTC, Thin FileAffordable housing loans: Leveraging AA for underwriting and easy loan applicationsFinarkein AnalyticsFinvuHomeville Group
2Access to credit for short-term needsSmall and Medium EnterprisesOffering cash flow (GST) based unsecured business loans with stronger underwriting and risk monitoringPerfiosAnumatiAxis Bank
3Access to credit for short-term needsSalaried Citizens in Middle to High IncomeShort-term loans with digital and improved underwriting & risk monitoringSetuAgyaSnapmint
4Access to credit for short-term needsSalaried Citizens in Middle to High IncomeShort-term loans with digital and improved underwriting & risk monitoringPerfiosAnumatiHDFC Bank
5Access to credit for short-term needsSmall and Medium EnterprisesOffering cash flow (GST) based unsecured business loans
with stronger underwriting and risk monitoring
FinboxFinvuIIFL Finance
6Adequate insurance coverMiddle to High Income SalariedEasing Onboarding and Risk Assessment for insurance with Account aggregatorFinarkeinNaDLAditya Birla Sun Life Insurance
7Adequate insurance coverSelf Employed and Low income SalariedLeveraging data for risk assessment and marketing analytics to expand the reach to under penetrated segments in insuranceFinarkeinNaDLAegon Life
8Easy BankingMiddle Income to High-Income HouseholdsConsolidated view across financial accounts.MoneyoneOnemoney Goal teller
9Easy BankingMiddle Income to High-Income HouseholdsConsolidated view across financial accounts.FinfactorFinvuINDmoney
10Well-balanced investments and savings portfolioHigh Net Worth householdsUshering in advisory led growth in investments and wealth managementKFIN Technologies Ltd.OnemoneyDezerv
11Well-balanced investments and savings portfolioLow to middle income HHs, women, seniorsUshering in advisory led savings, investments and retirement planningMoneyoneOnemoney Goalteller

Additionally, 4 entries were selected for special mention, acknowledging their noteworthy contributions and innovative use case.
These entries were showcased at the SamvAAd 2023 event held on 24th May, at Mumbai. The winners were felicitated by Guest of Honour, Shri Nandan Nilekani, Non Executive Chairman, Infosys

You can also click here to watch it on Youtube.

By acknowledging and promoting these groundbreaking solutions, Sahamati aims to inspire further advancements in Open Finance, ultimately benefiting both consumers and financial services providers alike.

These consumer-centric solutions demonstrate the inclusive nature and transformative power of the Account Aggregator Ecosystem. By providing individuals with greater control over their financial data and empowering them to make informed choices, this ecosystem paves the way for a more inclusive and efficient financial landscape.

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