Introduction
Navigating the complex terrain of financial data can often feel like a herculean task. For consumers in India, the introduction of Account Aggregators (AAs) by the Reserve Bank of India (RBI) has significantly simplified this journey. As secure intermediaries facilitating the sharing of financial information across institutions, AAs have emerged as invaluable tools for transparent and efficient financial management. However, with a rapidly growing market of AAs, choosing the one that best suits your needs can be overwhelming. This article takes an in-depth look at the leading Account Aggregator apps in India – Finvu, Protean SurakshAA, Anumati, CAMSfinserv, NADL, OneMoney, PhonePe and Saafe. We will examine their safety features, limitations, user ratings, pricing and funding details to help you determine the best AA app for your requirements. Read on for a comprehensive comparison and analysis of India’s current Account Aggregator apps.
What is an Account Aggregator?
The Account Aggregator (AA) framework, an initiative by the Reserve Bank of India, is a tool to make financial data easily accessible. It introduces entities known as Account Aggregators, licensed by the RBI, to help share your financial data securely. This data sharing takes place between a Financial Information Provider (FIP) holding your data, and a Financial Information User (FIU) needing it, but only with the user’s permission. What’s unique is that these AAs don’t see or store the user’s data. The AA framework connects different financial entities, all regulated by authorities such as the RBI, IRDA, PFRDA, and SEBI. Recently, even GSTN can share GST information through this system. The goal is to kickstart open banking in India, making it easy for millions to access and share their financial data digitally, securely, and efficiently. With AA, the user is in control. The user decides what bank account details to share, for how long, and for what purpose. If the user changes their mind, they can withdraw their consent. For a deeper understanding of the Account Aggregator system in India, check out our blog on Account Aggregators (AAs) in India.
Comparison of Account Aggregator Apps in India
Account Aggregator | App | App Rating | Is the app safe? | Issues | Pricing | Funding |
Android: 3 stars (67 reviews) iOS: NA |
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| User: Free FIU: Rs 20 - Rs 30 per data fetch | Total funding of $2.5 million | ||
Android: 4.6 stars (16 reviews) iOS: 5 stars (2 ratings) |
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| User: Free FIU: Rs 2 - Rs 10 per data fetch | Public limited company | ||
Android: No rating available iOS: NA |
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| User: Free FIU: Rs 5 - Rs 25 per fetch for statement requests; Re 1 per fetch for profile & summary data | Total funding of $2.09 million | ||
CAMSfinserv (CAMS Financial Information Services Pvt. Ltd) | Android: 2.5 stars (147 reviews) iOS: NA |
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| User: Free FIU: Contact CAMSfinserv | CAMS (parent co) has raised a total funding of $636 million | |
NADL (NESL Asset Data Limited) | Android: 3 stars (25 reviews) iOS: 2.6 stars (9 reviews) |
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| User: Free FIU: Rs 2 per transaction or annual fee of Rs 10 lakh to Rs 15 lakh | Union Government company | |
OneMoney (FinSec AA Solutions Private Limited) | Android: 3.2 stars (55 reviews) iOS: NA |
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| User: Free FIU: Rs 11 per account statement | Total funding of $299k | |
PhonePe (PhonePe Technology Services Private Limited) | Android: 4.4 stars (1.01 cr reviews) iOS: 4.7 stars (4.6 million reviews) |
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| User: Free FIU: Contact PhonePe | PhonePe (digital payments co.) has raised a total funding of $1.1 billion | |
Android: 4.5 stars (13 reviews) iOS: 5 stars (3 reviews) |
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| User: Free FIU: Contact Saafe | Dashboard Account Aggregation Services has raised a total funding of $77.5M (Crunchbase) |
*App Ratings sourced in July 2023
**Funding information is sourced from Tracxn, unless stated otherwise.
Note: The information presented in the table was gathered in July 2023. For the most current information, please refer to the respective AA websites and apps.
Which is the best account aggregator in India?
Based on the available information and developments till date, Protean SurakshAA offers a promising solution for individuals seeking a secure and seamless way to manage their financial data. Protean SurakshAA is a secure and easy-to-use account aggregator app provided by NSDL e-Gov Account Aggregator Limited, a subsidiary of Protean e-Gov Technologies Ltd. Protean e-Gov Technologies Ltd. is a Non-Government Company with a track record of delivering large-scale projects like National Tax Identity (issuance of PAN / TIN), National Pension System (NPS), Atal Pension Yojna (APY), processing Aadhaar-based ID Authentications, etc. Protean SurakshAA impresses as a versatile and secure financial data aggregator. Its availability as a Web App, iOS App, and Android App ensures easy accessibility across devices. The platform’s association with leading banks and financial institutions inspires confidence in its data integration capabilities. Notably, the app’s consent-based data sharing system reinforces user privacy and control over their sensitive information, making it a standout feature. With the user-friendly consent management feature, individuals can tailor data sharing preferences to their needs. However, the platform’s limited partner institutions may restrict data aggregation from some sources. While Protean SurakshAA showcases commendable strengths, addressing reported bugs would enhance the overall user experience. For more details, read our in-depth review of Protean SurakshAA.
