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In the dynamic landscape of personal finance, where individuals often maintain multiple bank accounts, accessing and managing transactions across different platforms can be a cumbersome task. Recognizing this challenge, Axis Bank and ICICI Bank have introduced a revolutionary solution—the account aggregator-enabled facility. This cutting-edge feature empowers customers to gain a single-view access to all their transactions effortlessly.
What is Account Aggregator?
An Account Aggregator (AA) is a type of RBI regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network. Data cannot be shared without the consent of the individual.
There will be many Account Aggregators an individual can choose between.
This innovative system facilitates secure data sharing between banks, enabling customers to obtain a quick snapshot of all their transactions with just a click. This not only streamlines financial management but also fosters better control over one’s finances.
Account Aggregator Facility by Axis Bank & ICICI Bank
In a strategic move to enhance customer experience, Axis Bank’s one-view and ICICI Bank’s iFinance have emerged as game-changing single-view dashboards. These dashboards, integrated into mobile apps and internet banking platforms, serve as a centralized hub displaying comprehensive information across diverse bank accounts.
Upon successful implementation, customers gain a comprehensive view of transactions across all their bank accounts, covering both savings and current accounts. This includes detailed insights into bank balances, top spending and income categories, expense breakdowns, daily inflows, expenses, and balance analysis.
Step-by-Step Guide to Accessing the Account Aggregator Facility
For existing ICICI Bank customers, accessing iFinance is a breeze. Simply log in to your ICICI Bank net banking or mobile application, choose iFinance, and undergo a mobile OTP verification facilitated by Setu—an RBI-regulated account aggregator. The process is similarly straightforward for Axis Bank customers, with Finvu serving as the regulatory backbone for mobile OTP verification.
Data Accuracy and Security
The accuracy of the displayed data hinges on the information shared by other banks, relying on financial information providers (FIPs). Importantly, the banks do not alter or modify this data. The security of linked bank accounts is paramount, with account aggregators designed to prioritize customer consent and data privacy.
The accuracy of the displayed data hinges on the information shared by other banks, relying on financial information providers (FIPs). Importantly, the banks do not alter or modify this data. The security of linked bank accounts is paramount, with account aggregators designed to prioritize customer consent and data privacy.
In addressing concerns about data safety, it’s reassuring to understand that account aggregators operate with customer consent and data privacy as core principles. The data-blind nature of this system ensures that actual data is visible only to users upon logging into the secure channels of Axis Bank and ICICI Bank.
Flexibility and Control: Delinking Accounts
Customers enjoy the flexibility of delinking their accounts from other banks at any time. A simple visit to iFinance on ICICI Bank’s net banking or mobile app allows users to revoke consent and remove data of a specific bank account from iFinance. Re-linking delinked accounts follows the same user-friendly process as initial linking.
Conclusion
The account aggregator-enabled facility stands as a testament to the evolving landscape of banking services. With Axis Bank and ICICI Bank leading the way, customers can now revel in the convenience of a consolidated view, transforming the way they manage and interact with their finances. Embrace the future of banking—seamless, secure, and tailored to your needs.
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