Recognizing InnovAAtion at SamvAAd 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:
- Mr. Anand Raman – Senior Financial Sector Specialist, CGAP (World Bank entity)
- Mr. Harsh Roongta – Director, ARIA (Association of Registered Investment Advisors)
- Ms. Kanika Kumar – Director, IDEO (leading global design innovation company)
- 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 Need | Customer segment | Theme | TSP | AA | FIU |
|---|---|---|---|---|---|---|
| 1 | Access to credit for long-term needs | Secured credit for low to mid-income citizens, NTC, Thin File | Affordable housing loans: Leveraging AA for underwriting and easy loan applications | Finarkein Analytics | Finvu | Homeville Group |
| 2 | Access to credit for short-term needs | Small and Medium Enterprises | Offering cash flow (GST) based unsecured business loans with stronger underwriting and risk monitoring | Perfios | Anumati | Axis Bank |
| 3 | Access to credit for short-term needs | Salaried Citizens in Middle to High Income | Short-term loans with digital and improved underwriting & risk monitoring | Setu | Agya | Snapmint |
| 4 | Access to credit for short-term needs | Salaried Citizens in Middle to High Income | Short-term loans with digital and improved underwriting & risk monitoring | Perfios | Anumati | HDFC Bank |
| 5 | Access to credit for short-term needs | Small and Medium Enterprises | Offering cash flow (GST) based unsecured business loans with stronger underwriting and risk monitoring |
Finbox | Finvu | IIFL Finance |
| 6 | Adequate insurance cover | Middle to High Income Salaried | Easing Onboarding and Risk Assessment for insurance with Account aggregator | Finarkein | NaDL | Aditya Birla Sun Life Insurance |
| 7 | Adequate insurance cover | Self Employed and Low income Salaried | Leveraging data for risk assessment and marketing analytics to expand the reach to under penetrated segments in insurance | Finarkein | NaDL | Aegon Life |
| 8 | Easy Banking | Middle Income to High-Income Households | Consolidated view across financial accounts. | Moneyone | Onemoney | Goal teller |
| 9 | Easy Banking | Middle Income to High-Income Households | Consolidated view across financial accounts. | Finfactor | Finvu | INDmoney |
| 10 | Well-balanced investments and savings portfolio | High Net Worth households | Ushering in advisory led growth in investments and wealth management | KFIN Technologies Ltd. | Onemoney | Dezerv |
| 11 | Well-balanced investments and savings portfolio | Low to middle income HHs, women, seniors | Ushering in advisory led savings, investments and retirement planning | Moneyone | Onemoney | 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.
Related Readings
