It is the best thing that our smartphones memorise our passwords as there is a huge part of them to keep a record of these days. A customer’s bank account, investment applications, lending firms, and more are frequent individual entities offering diverse information regarding features of the consumer’s financial or monetary wellbeing.
So what if a person needs access to all of this information at the same time? That is where bank account aggregator software comes into the picture. Let us discuss in detail what this software is all about, why customers need it, and how to select the best one.
What Is Bank Account Aggregator Software?
Bank account aggregator software accumulates a person’s fiscal data from different accounts and combines it into a single platform. This signifies that customers and financial institutions can access bank, credit card, investment details, and other clients’ or business accounts all in one place. With this complete view, it is simple to assess an individual’s economic condition.
How Does Bank Account Aggregator Software Work?
Account aggregation (AA) may only consist of data kept within a particular financial institution. It can also fetch information from outside the organisation if the account holder gives consent. Data has previously been gathered via screen scraping with a safe login, but more data is accumulated using direct API links to the monetary institution that gives cleaner information and is highly safe. All thanks to tokenised (apart from credentialed) access.
Reasons Customers Need Bank Account Aggregator Software for Financial Data Management
1. Customers must be able to identify the big picture. Thus, they can make the finest choices, small or big. That is particularly true when we talk about fiscal planning and management. Account holders and monetary institutions both need to check what is going on in each aspect of the person’s finances so they can make the best fiscal decisions.
2. Bank account aggregator software can assist in monetary planning and management. For instance, with monetary details all in a single place, an account holder can check that their investments are providing them with a good return. However, their credit card deficit is counterbalancing that progress, making it tough for them to attain their goal of saving for a downpayment on the home. With that whole picture, customers can see clearly what they require to modify to reach their economic goals.
3. AA is also significant, for instance, for families with manifold financial goals. They might be saving for college funds, retirement, and paying down their debt all in one go. Having all of this information in a single place makes it simpler to keep a record of each of those goals and their growth.
4. Bank account aggregator software makes managing fiscal data direct for their users. By easily offering login credentials to the software, account aggregators give users one centralised location for all their account transactions and balances. Thus, it saves effort, time, and money by removing the requirement to amend details manually or sign into different accounts one by one. Aggregators also assist users in accessing credit more quickly, using dependable information from bank statements to check credit profiles of borrowers as well as payback capacities.
5. AA makes finance management easier for users by combining all accounts in one place. Therefore, it saves both effort and time while reducing the possibility of missing payments or acquiring penalties.
Other advantages of bank account aggregator software include:
A. The capability of tracking individual and business expenditures.
B. Extra insights and analytics that are not feasible without aggregation.
C. The ability to create and plan budgets.
D. Reminders and alerts for bills or big transactions.
E. Account tracking for scams and identity theft.
For account holders and monetary institutions, information is essential to making the best financial verdicts. The use of bank account aggregator software is a huge step toward gathering and employing that detail in a manner that takes you towards prudent decisions. What makes this achievable? The answer is account aggregation APIs.
8 Things to Consider While Searching for an Account Aggregation API
While an account aggregation API might not be on an account holder’s scan, it is important for financial organisations, fintechs, and different financial service providers to select the best one for their consumers. Here are 8 features people and financial institutions must consider in an account aggregation API:
1. It offers appropriate and clean data
2. It incorporates into all the apps you require it to
3. It is adaptable to the institutions most frequently used
4. It has user-responsive attributes
5. It has personalisable data accumulation
6. It has a low price to value
7. It offers powerful compliance and safety features
8. It provides the best customer care and service
One of the best account aggregators provides transaction aggregation that employs an award-winning data accessibility and insights API. This API works as the building block of customer-permissioned information, which is then shown to consumers in a user-responsive layout. This data comes directly from monetary institutions, so it is precise and all set to go.
In addition, if you are employing it for lending, the transaction and statement aggregation is a solution that enables the customer to ensure it is correct. The key account details include the following:
1. Account balances
2. Transactions
3. Loan transactions
4. Investment positions
5. Expenditure classification
6. Normalised merchant name
7. Transaction summary
With all of this information accessible with a single look, account holders and fiscal institutions can make better economic decisions.
Final Words
Today, there are various financial services and accounts we are required to access: bank accounts, investment applications, debt incorporation services, lending firms, and the list is neverending. Since having an overall view of our personal finances is important for making the best decisions, bank account aggregator software is a game changer! If you are also looking for a significant account aggregation provider, Anumati is the best option. It offers AA services that assist both customers and financial service providers in creating that essential holistic view.