Panel Discussion – Building Inclusive Personal Finance Models
India’s Account Aggregator (AA) framework is transforming personal finance management, broadening its accessibility beyond high-net-worth individuals to underserved populations. This was the focus of a compelling panel discussion at SamvAAd 2024, moderated by Neil Borate, Editor of Personal Finance. Featuring Rajat Jain (Genwise), Sandeep Jethwani (Dezerv), Aakash Nimare (Fold Money), and Sanchit Suneja (McKinsey & Company), the session highlighted the potential of AA to revolutionise financial inclusion.
The panel discussion explored various themes such as:
- Personalisation Over Uniformity
Panellists critiqued the one-size-fits-all model in personal finance, underscoring the need for hyper-personalized tools that leverage 360-degree financial views. Such innovations promise to simplify financial decision-making for diverse demographics, from rural entrepreneurs to differently-abled individuals. - Challenges in Data Accessibility and Quality
Despite AA’s promise, gaps in financial data quality and accessibility persist, limiting its effectiveness. Experts noted the slow adoption by financial institutions, citing concerns like customer disintermediation and lack of incentives. - Regulatory Discrepancies
A significant hurdle is inconsistent regulations governing financial advisors. While some entities can utilise AA data, others face restrictions, leading to fragmented advisory ecosystems. Panelists called for clearer guidelines to ensure the ethical and effective use of financial information. - Security and Trust
Data security emerged as a pivotal concern. Discussions emphasised robust consent mechanisms and oversight to protect user data while fostering trust in the AA framework. - Democratizing Financial Services
The AA framework’s potential to reduce costs and enhance accessibility was celebrated. From income verification to wealth management, its applications could bridge gaps for underserved communities, enabling financial growth and inclusion.
The session closed with optimism about the AA ecosystem’s trajectory, envisioning a future where technology and policy work to empower every Indian, regardless of income or location. Listen to the complete session here.
