5 Factors to Consider When Choosing An AA Platform 

5 Factors to Consider When Choosing An AA Platform 

Data security is one of the major concerns for many countries. The rising number of cases where users’ financial data was compromised hit newspapers every other day. In such difficult times, a new ray of hope was introduced by India through the Account Aggregator network. It is a system for exchanging financial data that might change lending and investing. The platform grants people secure access to and control over their financial records. The network also plans to increase the potential customer base for fintech firms and lenders. Apps like Anumati offer Account Aggregation in India, allowing users to access their private financial information, which would otherwise be scattered across various platforms. It manages your consent for critical financial information and puts you in charge of what information you want to share or not.   

Since the inception of the AA network, numerous AA network-based platforms and apps have emerged. These apps work as your consent managers to allow and revoke consent for financial transactions. That way, you have improved control over your financial data. Therefore it’s essential to choose the right platform carefully. While doing so, you must look for factors that can help you make a better decision. Here are five critical factors you must consider when choosing an AA platform. 

Intuitive User interface  

There’s always a learning curve when you learn new things. The visual elements you can see and interact with on the app are called the user interface elements. The app elements like buttons, menus and their functionalities can be challenging to understand if they are not strategically designed based on the design aesthetic and user behaviour. It further disrupts the user experience. In a simple world, the app must be easy to use, even for an individual with basic knowledge of how apps work.   

Compatibility  

Though most app developers always keep device compatibility in mind when developing apps, you need to check whether the app or platform is compatible with your mobile device and operating systems. The app may not work efficiently on your phone without proper compatibility. You can check the device by visiting their website or app store description pages. The compatibility tests check whether the app runs as intended on various devices, browser versions, network environments, and systems. When you download the app or software, make sure to check whether it is compatible with your device or not. Or else you might face a lot of issues while using the app, such as the app screen might freeze or the app will keep crashing.   

Data security features  

Data security features are one of the essential factors to consider when choosing an AA platform. As it works as your consent manager, it must be the best in consent management. When the financial data users ask for the user’s consent for financial data, the AA app acts as a mediator to allow or revoke the rights to access the user’s financial information. Therefore, it must be secure enough not to disclose users’ financial data to the outside world. There are different ways to protect your data, and you must look for these factors when choosing the AA app.   

All the data mechanism by the Account aggregator app is fully encrypted. That means the app cannot read the data passed through various stakeholders. The platform works as a mediator to grant or revoke access rights based on the consent acknowledgements from the user. A 2-factor authentication feature uses a one-time password-based authentication method to strengthen data security further.   

User reviews  

User reviews are an influential factor in checking for more information about the app. As reviews are provided by genuine users, they contain helpful information about the various aspects of the app. You will know more about the app user experience, dashboard interface, connectivity speed and intuitive features. You should also look for keywords in the reviews like features, usage, and compatibility to find specific reviews that are more insightful and contain the information you need. It’s also important to understand that many businesses post paid reviews to establish a market presence and brand awareness. As these reviews are paid, the information contained in these reviews may not be authentic. So read the app reviews carefully to gain more insights about the app and stay away from the   

Authenticity  

The digital world has its challenges. It has become mainstream to see confidential financial data exposed to the outside world. But it isn’t acceptable. When you allow an entity to manage the consent for your critical financial data, it must be a reputed and trusted organization. As financial information is precious in the market, many fake app developers and scammers have emerged to scam people by illegitimately accessing their financial data. There are many cases of phising here scammers create clones of apps and websites that look identical to the original ones. These websites and apps are presented to genuine users who think they are interacting with the authentic app or webpage. Still, in reality, they will be providing their information to scammers. They often resell and misuse this critical data for their interests. Therefore it is critical to verify the authenticity of the AA apps before you choose them to manage your consent for your financial information.  

There are different ways to determine and verify the authenticity of the app. You can research the founders and board members, who must be active individuals in the finance industry. You can also look for white papers and research documents shared by the company or the founders. You can also check their headquarters, registration number and other business details to know their business authenticity. 

Finding a secure AA app or platform is crucial as it acts as a medium between your financial information and the financial entities that use it for various financial processes such as determining the loan eligibility and checking the eligibility for insurance, etc. AA apps like Anumati are one of the most reputed companies that offer account aggregation in India according to all the guidelines imposed and licenses by the RBI.   

Albert Howard