Image credit: Moneycontrol
By Subhashish Bhadra and Tariq Musthafa
The new data exchange system represents a bold lead towards a user-centric data economy. We can push the boundary further towards inclusivity, and privacy
In the first week of September, India told a bold leap towards empowering Indians with their data by launching the Account Aggregator (AA) system to help consolidate their financial data in one place. Every Indian can then choose to share this data with other businesses, such as insurers and lenders, thus enabling faster onboarding and more customised products. Eight of India’s largest banks have signed on, which makes the system accessible to most Indians.
The importance of this moment cannot be overstated. While Europe and the United States are struggling to push through laws with the idea of users owning their data, India has gone a step further and made it possible through technology. In future, this system could be extended to areas such as healthcare and telecom, thus unifying large parts of an Indian’s digital footprint in one place — right under their control. The AA system is, therefore, an inflection point in the remarkable journey that the digital Indian has taken in the past few years.
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