Axis Bank goes live on account aggregator platform; 30% increase in loan distribution every month

Axis Bank on Thursday said it has started distributing loans through the Account Aggregator (AA) framework, which provides easy and quick access to customers’ financial information in a secure manner.

The country’s third largest private sector lender has already gone live on multiple account aggregators such as Aamut-AA, OneMoney-AA and Finviu-AA, covering retail and SME customers.

Axis Bank, an early investor in the AA framework, has seen its loan disbursements grow by over 30 per cent month-on-month since it went live on the data sharing platform.

Axis Bank said in a release that the bank offers personal loans, credit cards, auto loans and small business loans through an account aggregator system.

The lender said that one can avail instant loan in a completely digital and paperless manner.

AA is a powerful proposition that is growing rapidly to provide easy and quick access to customers’ financial information in a secure manner.

For customers, the AA framework is a big enabler as their financial information spread across multiple banks, insurers, mutual funds and other institutions is consolidated under a single digital framework, making it easily accessible.

Sameer Shetty, President and Head of Digital Business and Transformation, Axis Bank, said that in keeping with the bank’s open approach, it can provide instant, digital and paperless loan solutions to customers.

“Customers can share their bank details with us and get access to loans. Account aggregators are entities licensed by the RBI and provide a seamless digital journey for customers to share their bank accounts with other regulated entities. Are.

“We believe this is transformative, as it will improve lending to digital products and help democratize access to credit,” Shetty said.