The AA framework also has an important element of ‘electronic consent architecture’ which is an improvement upon the open banking regimes of many developed countries. As UPI transformed the way people pay, the Account Aggregator has potential to transform credit by making it more seamless and accessible for everyone using digital infrastructure. The JAM trinity has done wonders for FI.
The next trinity consisting of UPI, e-KYC and AA is expected to enable the next revolution in banking in the provision of customised and inclusive credit services. Customer-first regulatory approach A paradigm shift in digital lending was noticed during the pandemic.