The AA system will disrupt banking as we know it. But it is not all threat to banks, they have new opportunities too
By now, you must have heard of the account aggregator system going live after five years after the Reserve Bank of India issued directions. It has been rightly praised as the next step in India’s digital revolution in financial services. Simply put, these entities are non-bank finance companies licensed by RBI to smoothly aggregate and transfer financial data with the consent of consumers. Thus, this system puts more power in the hands of consumers by allowing them ownership over their…
