Introduction
Are you searching for a comprehensive solution to manage your financial assets efficiently and securely? Meet Saafe, a state-of-the-art account aggregator transforming the landscape of financial management. In this article, we delve into the key features of Saafe, scrutinize user reviews, and discuss its pros and cons. Additionally, we’ll uncover its pricing structure and explore potential alternatives. Through this deep dive, we aim to provide you with a clear understanding of how Saafe can be a game-changer in personal finance management, empowering individuals and businesses alike to take control of their financial health with a few taps on their devices.
What is Saafe Account Aggregator?
Saafe is an Account Aggregator app launched by Dashboard Account Aggregation Services Private Limited (DAAS). DAAS, incorporated in 2021 and based out of Chennai, is a Reserve Bank of India (RBI) licensed NBFC Account Aggregator (NBFC-AA) with an operating license for the business of aggregating financial assets. Available as a Web App, iOS App, and Android App, Saafe is an innovative solution designed to provide real-time aggregated views of financial assets for both individuals and businesses. Its API-driven platform propels its users into the driver’s seat of their financial management and personal wealth. Saafe seamlessly and securely connects its users to a myriad of financial institutions, such as Banks and NBFCs, Mutual funds, and Insurance providers, alongside EPFO, Income tax, and GSTN.
The main users of Saafe are individuals and businesses who gain total control and complete visibility of their financial data. It grants them the ability to share their information, based on consent, with various financial institutions. This process equips them with the power to handle their financial information in an integrated, unified manner, fostering an environment of transparency and ownership. Financial Institutions, on the other hand, can immensely benefit from Saafe’s offerings as partners. Upon customer approval, Saafe provides these institutions with comprehensive financial information about their current and prospective clients. This invaluable data simplifies and automates processes such as credit assessment, consequently reducing loan approval turn-around times. Furthermore, it enables the continuous monitoring of a borrower’s financial health, fostering proactive financial management.
What are Account Aggregators?
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 2023.
How does Saafe Work?
End users who wish to share their information for availing a financial service or product can start using Saafe by following these easy steps:
- Create an account: First, users need to create an account on the Saafe app.
- Linking Accounts: Thereafter, users link their financial accounts with their Saafe Profile.
- Consent Management: Once accounts are linked, users can provide consent to share their financial information with the financial institutions of their choice.
Key Features
- Streamlines loan and credit approvals by sharing financial asset information securely and seamlessly.
- Utilizes end-to-end encryption ensuring data security throughout the data flow process.
- Employs 256-bit base 64 encoded nonce for robust security, preventing data mishandling.
- Saafe neither stores nor analyzes data on its servers, mitigating data risk.
- Facilitates user-controlled, consent-based digital sharing of financial information.
- Allows users to grant, review, and revoke consent for information sharing at their convenience.
- Optimizes personal finance and wealth management through automatic real-time data feeds.
- Provides easy access to financial information 24×7 via user-friendly web/mobile apps.
- Offers a consolidated view of all financial information across different asset classes.
- Ensures that the user’s financial information is always up-to-date and available in real-time.
Pros
- Available as a Web App, iOS App, and Android App.
- Saafe works with several leading banks and financial institutions.
- The Saafe platform boasts of a secure, consent-based data sharing system.
- Users can manage their consents on the Saafe app, giving them full control over their financial data.
- By sharing financial information swiftly and securely, Saafe reduces the time taken for loan and credit approvals, providing a modern alternative to traditional, paperwork-heavy processes.
- Saafe’s state-of-the-art web and mobile applications are intuitive and accessible 24×7, making financial management more convenient.
Cons
- Certain financial institutions are not yet working with Saafe as partners.
- Some users have reported experiencing issues while attempting to log into the Saafe Android app on Android devices.
- Some users have experienced the Saafe app unexpectedly crashing.
Is the Saafe app safe?
According to Saafe, your data is safe. Saafe key assurances include:
- Saafe is a RBI licensed NBFC Account Aggregator, which provides the app with a strong regulatory framework to adhere to, ensuring the safety of user data.
- Data transmitted between financial institutions and the application is encrypted at all times, keeping it safe from potential security threats.
- Saafe adheres to a policy of not storing or analyzing data on its servers.
- Users can control the digital sharing of their financial information, with the ability to grant, deny, or revoke consent as per their choice.
Saafe Funding and Key Investors
According to Crunchbase, Dashboard Account Aggregation Services (the company that owns Saafe app) has raised a total funding of $77.5M.
Saafe’s Pricing
Saafe’s services are free for customers and the app is free to download. Saafe charges Financial Information Users (FIUs) on a per-fetch basis. You can contact Saafe for price details.
Saafe Contact Details: E-mail ID and Office Address
Saafe E-mail ID: [email protected]
Saafe Office Address: Workafella, Suite 520, New No: 431, Anna Salai, Chennai-600018, Tamil Nadu, India.
Saafe Account Aggregator’s Alternatives & Competitors
- CAMSFinServ
- CRIF Connect Private Limited
- Cookiejar Technologies Private Limited (app called Finvu)
- FinSec AA Solutions Private Limited (app called OneMoney)
- NESL Asset Data Limited (NADL)
- Protean eGov Technologies Limited (formerly NSDL E-Governance Infrastructure Limited) (app called Protean SurakshAA)
- Perfios Account Aggregation Services Pvt Ltd (app called Anumati)
- PhonePe Technology Services Private Limited
- Unacores AA Solutions Private Limited
- Yodlee Finsoft Private Limited
For a detailed comparison of Saafe with alternative account aggregator apps, click here.
Review of Saafe
Rating: ★★★★☆
Saafe is an innovative solution designed to streamline the financial management process for both individuals and businesses. It’s a useful tool that allows users to connect seamlessly with various financial institutions and gain a comprehensive, real-time view of their financial assets across multiple classes. This real-time visibility and access to data make decision-making significantly more efficient and effective. The security measures adopted by Saafe are commendable. With end-to-end encryption and the use of a 256-bit base 64 encoded nonce, it ensures a high level of security for user data. The policy of not storing or analyzing data on their servers further enhances trust in the system. Moreover, Saafe’s commitment to user control over their own financial data sets it apart. Users have the flexibility to grant, deny or revoke consent for sharing their financial information, giving them a greater sense of ownership and control. However, like any technology, it does have room for improvement. There have been reports of login issues with the Android application and instances of app crashes, which could disrupt the user experience. Addressing these technical issues will undoubtedly elevate the Saafe user experience further. Overall, Saafe is a revolutionary platform that is changing the way we manage our finances, offering a seamless, secure, and user-friendly financial management experience.
