Consumer Journey – New User
New User who has not yet registered with Account Aggregator
STEP 1 (FIU): The journey starts on the FIU app, where FIU shares a suggestion to Venkatesh Iyer that he is eligible for a business loan.
STEP 2 (FIU): Venkatesh Iyer then selects the type of loan he is applying for in the FIU app. He will then fill in his loan application form. He goes through the list of documents to provide for processing the loan. One of the requirements is to provide the bank statement. On selecting this requirement, he navigates to a screen referred to as the Account Aggregator linked Banks screen that has the list of banks participating currently in the consent-based data sharing through an RBI licensed account aggregator process.
STEP 3 (FIU): If Venkatesh Iyer does not see his bank in the list then he will continue journey in FIU app in the existing method of FIU without any further interface with Onemoney AA. If Venkatesh Iyer sees his bank, then he selects his bank. To register with Onemoney. Venkatesh Iyer selects the Register option.
STEP 4 (Onemoney SDK): Now he reaches the user registration screen. He fills in the required details, his Onemoney AA ID will be pre-populated, and to complete the registration process, Onemoney verifies the mobile number provided, as per regulatory requirement. Once the mobile number is verified, Onemoney generates an account aggregator ID in @onemoney format. Account aggregator ID is required to place the consent request.
STEP 5 (Onemoney SDK): Once Venkatesh Iyer registers with Onemoney, the next step is to discover and link his accounts. If the mobile number is accepted as an identifier by his bank, then Onemoney will display the accounts linked with that mobile number in his bank. If his bank requires an identifier other than mobile number, then he provides the identifier used by the respective institutions (banks) to discover his. Once his account discovery held with the respective institution is completed, then the account linking process is initiated. He needs to link the discovered account from the financial institution(s) with Onemoney for consent-based data sharing. The linking process also involves him to authenticate his account by providing an OTP sent by the respective financial institution to the registered mobile number.
STEP 6 (FIU): FIU generates a Consent Request.
STEP 7 (Onemoney SDK): Venkatesh will be shown consent request and then he may approve or reject the consent request. If approved then Onemoney generates a consent artefact (A machine-readable electronic document that specifies the parameters and scope of data sharing that a consumer consents to) and fetches Venkatesh Iyer’s Bank statement, as an encrypted file, which will be delivered to the FIU.
STEP 8 (FIU): On explicit approval of the consent request, the FIU app displays an appropriate confirmation message for the loan process initiation.
Given below is the illustration of the user journey