Account Aggregatory System
Account Aggregatory System is a data-sharing system launched by the Indian Government to provide consumers the greater control over their financial records and lenders and companies a larger pool of potential consumers. It brings together customer information obtained after user consent to make transactions smoother.
The system allows firms to access large amounts of data to assess creditworthiness of small businesses, recommend insurance product for individuals and their families. This will help millions of underprivileged people and small businesses who are denied loans due to the lack of collateral. It will give more to the power to the data owners rather than the holders of data (insurance companies, banks etc.).