India’s top banks will soon give consumers access to a considerable amount of their financial data, allowing them to control who sees what and when, the Hindustan Times reports. The “account aggregator” system will be licensed by India’s central bank and offered by banks. Users will be able to log in to authorized apps to access financial data, including spending patterns, tax returns and business transactions, which they can share to pursue loans, investments or insurance. “If it works, it could unlock the credit market for millions of Indians while offering new levels of data security and consumer control,” the article states.
Full Story