With the advent of digitalization in financial services, customers now want a personalized and hassle-free seamless experience when they are dealing with any kind of financial service or product. As a result, financial organizations need to adapt to the needs of the customers and should start the use of financial data aggregation to provide the best experience to the customers. These aggregators come with an open banking platform and a comprehensive and convenient system, which will immensely benefit financial institutions and their customers. Before we delve into the benefits of such an aggregator, let us start with the basic definition.
What is financial data aggregation?
The process starts with the collection of information of the customers from different accounts, such as credit card accounts, bank accounts, loan accounts, investment accounts, etc., and all this information accumulated from different accounts is combined together at one place. Now customers are able to view their entire accumulated accounts in an easily accessible platform, thus making it easier for them to take financial decisions.
How can financial institutions benefit from financial data aggregation?
Financial institutions can function more effectively and productively with the data offered by financial aggregator tools. They can form better relationships with their customers, and data updates can be automated with the requirement of manual labour. The entire process of data collection and asset gathering can now be streamlined. The financial advisors are now better equipped to manage assets and also expand their service offerings. With this, they will be able to target new customers with specific offers that can provide value to these potential clients.
Why choose Anumati as an account aggregator?
Anumati, an account aggregator and consent manager platform, educates people about data principles and how much data can be generated from connected devices, how the apps and services use this data, and making people aware of data privacy and how their consent plays a crucial role in stopping the use of data in unethical ways. The platform offers a single interface where you can link all your bank accounts, you can decide with whom you want to share your financial data, and also keep a tab on how your data is fetched. With this platform, you get the complete right to modify, renew, or revoke any consent of data.