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Account aggregator is transforming the India’s digital economy and a leap towards paperless ecosystem

Project Overview:

 

Account aggregator is a step in building the consent framework as part of India Stack. This will enable sharing of secure and authentic data with the consent of the data owners. Account aggregator is one of the important additions to transform India’s digital economy and a leap towards paperless ecosystem.

Client

mPokket - New Product

Year

2022

Category

New Product

Finance

Type of Work

UI/UX Design

Product Design owning

Usability testing

My Role

As an UI/UX Manager, I have headed the user research and competitive analysis, wireframes and scope. Am responsible to validate the scalability of the UI, use-cases in a 4-week sprint.

Objective: ​

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Account aggregator is enabling individuals and organizations to share and access data, governed by an ethical digital governance. AA is bringing diverse financial institutions on one platform to share authentic data over a common platform thus reducing cost of collecting and sharing data.

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The AA framework will facilitate consented sharing of financial information of an individual and an enterprise. 

 

  1. Enabling the end user to access its own data via a secure infrastructure. 

  2. Enabling secure sharing of data to the third party with consent.

  3. Initiative by RBI as part of building consent framework.

Why Account Aggregator:

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  • Frictionless data movement among financial institutions.

  • Realtime access to financial data.

  • Collect customer’s financial data directly from source FIPs via APIs.

  • Minimal changes required at FIUs for collecting data from newly added FIPs in the AA ecosystem.

  • Efficient and consistent data collection. Goodbye to the old hacky way of collecting data via PDFs, screen scraping and SMSs.

  • Build insight on authenticated data and not worry about fraudulent data sources.

  • Access data from multiple sources and with consent from customers.

  • Significantly reduce data verification and cleaning effort for data teams since all data will be accessed with consistent format.

Design Process:

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5-Stage Design thinking model has been used. The stages of this Design Thinking process are as follows:

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  • Empathize

  • Define

  • Ideate

  • Prototype

  • Test

 

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Design Toolkit:

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  • Adobe Illustrator

  • Adobe XD

  • Useberry

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Workflow as FIU with an AA:​

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  • Interact with AA with API driven tech platform based on ReBIT (Reserve Bank Information technology) FIU specifications.

  • Allow users to register to AA. Redirect users to AA’s registration page. If already registered then allow users to navigate to AA’s page for consent request and linking of bank accounts.

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  • Request for customer consent. (Call the AA /Consent API)

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  • Process notification from the AA when the customer has accepted/rejected the consent on A domain.

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  • Store the customer consent and request for financial information via AA

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  • Process the data ready notification received from AA, and call fetch API of AA to fetch the financial data.

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  • Decrypt and store the data for the various use cases.

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  • AA onboarding will enhance the customer experience for sharing their financial data.

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