Unlocking the Power of Data: How Anumati Simplifies Financial Interactions and Boosts Efficiency
Updated on May 26, 2023
Every new technology allows us to do more with less
Mobile phones allowed us to talk more and travel less. E-commerce helped us shop from more and more selection and spend less time filling up our shopping list. Mobile banking and payments allow us to do more with our money with far less effort in trekking it to our bank branch or writing out and mailing cheques.
Why is it so hard to deal with our own financial data?
Why should we have to patiently download and organize our bank statements, upload, or email them to a service provider, and wait days to get that loan or insurance policy?
Or consider the situation you face as a lender. Why do you need to integrate with different systems for different kinds of financial data – bank statements, GSTN returns, ITR filings? And why should you spend dozens of people-hours to check whether the statements are genuine, before finally deciding a borrower’s creditworthiness? By some estimates, at least 4 % of statements that lenders receive are either tampered with or outright fraudulent. And these numbers are worsening as unscrupulous borrowers get smarter and try to game the system.
There is a better way
Account Aggregators make it easy for customers to access, organize, and share their own data with whom they want. Lenders need to integrate with just one AA gateway to access a wide range of data – starting with banks, depositories, and insurers, and soon the GSTN network. And best of all, these data come straight from a bank’s systems with no “man-in-the-middle”. An entire workflow of checking and verifying the authenticity of data can now be eliminated.
But there’s much more that Anumati does so that you can do less
As a customer
- You need to sign up just once and link all your accounts to your Anumati ID. Thereafter all it needs is a “refresh” whenever you need to check your finances
- The next time you’re applying for say, a credit card, you simply need to allow the bank to fetch your data through Anumati – all it takes is two clicks
As a lender
- We understand your use case and customer journey deeply. As strange as it sounds, we make Anumati disappear into the background, so that customers can give you their data in 2 clicks and walk away with a smile on their face.
- Anumati allows you to fetch a wealth of customer data with their explicit consent. With just a few clicks, you can understand your customer far better than before and sell her 3 more products instead of just the one product she came for
- And of course, fetching data through Anumati comes at a fraction of the cost you pay to manually fetch, verify, digitize, and process the data using today’s systems.
In future blog posts, we will share some examples of industry-leading innovations that banks and NBFCs are already implementing.
Join the movement today and sign up to be at the cutting edge of innovation.
Anumati: Your Data. Your Consent. Your Benefit.
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