Digital has changed the world of financial services. Cutting-edge technologies and the disruption introduced by on-demand aggregators and marketplaces has brought about a huge shift in consumer expectations of speed, safety, security and convenience.
The Account Aggregator (AA) framework is the next big disruptor and has the potential to change the lending and investment landscape in India. Under the Account Aggregator ecosystem, customers can give their consent to share their financial data with other financial entities in a completely hassle-free and secure manner through the use of APIs. It gives customers greater control over their financial information as well as gives them the ability to share data lying in a disaggregated manner with multiple financial entities with ease, significantly reducing the time and effort when applying for a loan or other services.
Bank of Baroda has gone live on the AA platform as both a Financial Information Provider (FIP) and a Financial Information User (FIU).
There are two common pain points faced by financial services institutions in general i.e. Seamless Customer On-Boarding and Customer Engagement. In order to tackle the above pain points with the assistance of the Account Aggregator framework, Bank of Baroda is organising the “bob Word hAAckathon”. The aim of the hackathon is to leverage the AA framework to come up with ideas and solutions to solve for the above issues.
The ideology adopted and prototype designed and developed by the participants should cover the below mentioned parameters:
• Seamless Customer on-boarding
• Deepening Customer Engagement & Increasing Stickiness
• No Compromise on Security
• Low Implementation Cost and Time
• High on Innovation
• Rich User Interface/ User Experience
• Use of Data Analytics to identify target customers
The best solutions meeting the above mentioned parameters shall be shortlisted by the jury. The top 3 use cases will be adjudged the winners.
Read more on AA, Sandbox, and API details available for building innovative solutions for this hackathon here
Master Class and Speaker Session (YouTube Links): Click Here
Reference to Sahamati AA Projects during hackathon 2020: Here
bob World hAAckathon's Email
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