When it comes to the financial information ecosystem, there is a challenge in the dissemination of financial asset information. Financial entities might not get the complete financial picture of potential customers which limits them from offering their products and services. This is where Account Aggregators come into the picture. The introduction of Account Aggregators has revolutionised how financial asset information is shared. Let us understand.
What are Account Aggregators?
Account aggregator platform is a highly secure, consent-based, and real-time platform that aggregates and provides consolidated information of financial assets. They collate all the financial asset information of an individual, without storing, from multiple financial information providers (FIP), encrypt it and securely send it- with consent- in near real time, to the authorized financial information user (FIU). They help citizens to digitally view and share their financial asset information that otherwise remains in silos across multiple financial institutions like Banks, Mutual funds, Insurance, Pension Funds and more.
How do account aggregators work?
If you, as a consumer, want to use the account aggregator platform, you can simply download the app on your smartphone. Account aggregators like CAMSfinserv have an easy-to-use and free mobile application.
Once you have downloaded the app, register yourself on it with just your phone number. You can then discover and link all your financial accounts (bank a/c, brokerage a/c etc.) Once linked, all the information of your investments and financial assets would be available on the account aggregator app. You can view the data whenever you want and also provide consent to share the information with financial institutions whose services you want to avail of.
The CAMSfinserv account aggregator app is one such platform that allows you to collate all your financial asset information at one place and then share when needed. The steps to use the CAMSfinserv app are as follows –
- Download the app on your Smartphone and register with your mobile number and OTP
- Link your asset holdings with a few easy clicks
That’s it!
Benefits of account aggregators
Account aggregators provide a host of benefits to consumers. Here’s a look at them –
- One platform for all your financial asset information
You might have a diversified portfolio wherein your investments are allocated to different avenues. How do you keep track of your overall portfolio? By checking each investment independently? What if everything is consolidated into one? Wouldn’t it be easier?
Account aggregators do just that. They fetch and provide a holistic view of all your financial assets information – bank accounts, equity investments, mutual funds, fixed deposits, etc. You can track your portfolio on the go and keep a tab on your assets from a single platform.
- Convenience
With the help of AAs, you don’t have to run from pillar to post (i.e., from one financial institution to another) to collect and share the information of your financial assets. One single platform collates so that you can check your financial assets at the swipe of your Smartphone’s screen. All you need the account aggregator app like CAMSfinserv on your smartphone.
- Ease of sharing financial asset information
Imagine sharing the details of your financial assets online with a simple consent! That is what account aggregators do. Rather than printing and submitting your financial asset information to financial service provider you can simply give your consent to account aggregators and securely share the information online, in real time. You don’t have to flit across different financial service providers to gather your financial asset information. You just have to approve the sharing of information and the account aggregators would do the work for you.
- Faster loans
Account aggregators prove to be a game changer when it comes to the lending ecosystem. With the information shared through the account aggregator platform, it becomes easier to avail of loans. All the required financial documents can be shared with lenders online by simply giving an approval. This makes loan processing and approval quick and easy. Lenders can also get a look at the other financial assets that you have, like bank accounts, investments, etc. and grant you a loan even when you are a small borrower or have no credit history.
- Availability of financial services
Account aggregators make it easy for you to avail of different financial services whether it is portfolio management, wealth advisory or investment advisory. You can share your financial asset information with the service providers enabling them to offer you their services in an easy and hassle-free manner. Wealth managers can get digital receipts of your financial data from trusted sources, keep a tab on all your investments, without missing any out, understand your true risk profile, make quick investment decisions based on the available data and maximise your portfolio through the help of automated data collection. They can also customise your portfolio for better advisory solutions and track your savings trend with the help of account aggregators.
- Security of financial asset information
The security features add to the relevance of account aggregators in this digital age. Account aggregators are data blind, i.e., they are not able to see the data that is being shared through their platform. As such, your sensitive financial asset data is completely secure from prying eyes. The data sharing is end-to-end encrypted so that there is no unauthorised usage of any kind. Your data is also safe from being sold to third parties as you have full and complete control over its usage. Your financial asset information is shared only after your consent and that too only with the institution that you choose. You can revoke your consent at any time you wish to. So, you can use the account aggregator platform with complete security knowing that your data will not be misused.
The account aggregator ecosystem is a revolution in the financial data sharing space as it makes sharing easier, secure, and quicker. You can join the account aggregator platform completely free of cost and get access to a wider range of financial services without any hassles. So, what are you waiting for? Download the CAMSfinserv app and experience what the account aggregator platform can offer.
For more information Visit : https://www.camsfinserv.com/