Account aggregators have been integral to personal financial management and account aggregation in the previous decade. This is quickly becoming a crucial option for everyone involved in the financial services industry, whether it is a financial institution, an adviser, a business owner, or simply someone who cares about the well-being of their customers.
What does the term "Account Aggregation" refer to exactly?
Accumulating financial data from numerous sources, such as bank accounts, credit cards, and investment accounts, and presenting it in an easy-to-understand format is the goal of bank account aggregation software.
Account Aggregation Software's advantages
The following are just a few of the many advantages that account consolidation software can provide:
One's financial knowledge
The major advantage of account financial data aggregation is the capacity for customers to view and access their account information and financial insights in a single spot, at any time and from any place. Better information leads to stronger choices, which in turn leads to better connections and more potential to create extra money.
There are fewer questions and less effort.
For example, having information that is constantly current and accessible on the internet saves time, enhances teamwork, and eliminates confusion for clients.
Increased Revenue and Expanded Services
Bank account aggregation enables you to examine "held-away" assets and give more complete advice and counsel to your clients by giving you a full, unfiltered picture of their financial condition.
Checklist for Finding a Top-Notch Financial Account Aggregator
Increasing demand for account aggregation software has led to an increase in the number of solutions available for purchase. Choosing the correct account aggregation solution may be time-consuming and expensive if you don't know what to look for. As you search for an account aggregator, here are some things to look for:
The breadth of the data and connections.
There are tens of thousands of data sources around the globe and hundreds of thousands of account kinds with a virtually endless number of transaction types, most of which are not covered by any sort of industry-standard format. When it comes to standardizing financial data across institutions, the aggregation system with the most variables will be the most effective. The power of an account aggregation solution is directly related to the size of its account aggregator (AA) network.
Easy to Use
Investing in bank account aggregation that can't be fully used is a waste of money. You need to make it simple for your customers to set up their accounts and begin using them. We need readymade solutions that encourage user adoption and loyalty for account verification and account aggregation tools
Accuracy and Cleanliness of Data
For the best account aggregation platform, you must have the ability to intelligently cleanse and enrich user data. If your platform is drawing data from several sources, it will take time to improve the quality of the information. Banks, credit cards, investment vehicles, loans, mortgages, insurance, payments, loans – all of this must be taken into consideration when preparing your budget.
Aside from that, the platform should be able to gather data from a wide variety of sources, including structured and unstructured formats like HTML, OFX and bespoke feeds from a large number of different suppliers RESTful APIs should be available for developers to use to interact with financial and transactional data from the aggregation platform's online transaction processing system database, and the platform's service-level agreements should allow for this.