Private sector lender Axis Bank on Thursday said that it has started lending through the Account Aggregator (AA) Framework. The bank offers personal loans, credit cards, auto loans and small business loans through the account aggregator journey. It provides instant loans that are completely digital and paperless, both for existing and new customers.
Axis Bank is already live on multiple Account Aggregators like Anumati-AA, OneMoney-AA, FinViu–AA, covering retail and SME customers. The Bank’s loan disbursals have increased more than 30% month-on-month since Go–Live on the Account Aggregator framework, it said.
“In keeping with our OPEN approach, we are delighted to offer instant, digital and paperless loan solutions to all Indians,” said Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank. “Now through a simple digital journey, customers can share their bank details with us and get access to loans. Axis Bank believes in the power of ‘OPEN’ Banking and have been investing in digital-first products that reimagine customer propositions.”
Account Aggregators are entities licensed by the RBI and offer customers a seamless digital journey to share their bank accounts with other regulated entities. The framework has been scaling up rapidly and provides easy and instant access to financial information of customers in a safe and secure manner.
Being able to access this data securely enables the banks to build new customer friendly journeys in Lending, Credit Monitoring and Wealth Management.
The USP of this framework is that the financial data of a customer, which is spread across multiple banks, insurers, mutual funds and other institutions can now be consolidated under a single digital framework which makes it easily accessible.
In a regular scenario, there is significant effort involved, wherein the customer has to share their banking data with other banks or financial Institutions using hard copies or pdf documents.
However, this framework, provides a secure way of sharing information which has customer consent and data privacy as its core design principles.
Axis Bank is already live on multiple Account Aggregators like Anumati-AA, OneMoney-AA, FinViu–AA, covering retail and SME customers. The Bank’s loan disbursals have increased more than 30% month-on-month since Go–Live on the Account Aggregator framework, it said.
“In keeping with our OPEN approach, we are delighted to offer instant, digital and paperless loan solutions to all Indians,” said Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank. “Now through a simple digital journey, customers can share their bank details with us and get access to loans. Axis Bank believes in the power of ‘OPEN’ Banking and have been investing in digital-first products that reimagine customer propositions.”
Account Aggregators are entities licensed by the RBI and offer customers a seamless digital journey to share their bank accounts with other regulated entities. The framework has been scaling up rapidly and provides easy and instant access to financial information of customers in a safe and secure manner.
Being able to access this data securely enables the banks to build new customer friendly journeys in Lending, Credit Monitoring and Wealth Management.
The USP of this framework is that the financial data of a customer, which is spread across multiple banks, insurers, mutual funds and other institutions can now be consolidated under a single digital framework which makes it easily accessible.
In a regular scenario, there is significant effort involved, wherein the customer has to share their banking data with other banks or financial Institutions using hard copies or pdf documents.
However, this framework, provides a secure way of sharing information which has customer consent and data privacy as its core design principles.
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