Sample Use Cases for Onemoney

Sample Use Cases for Onemoney

Digital Lending (Retail and SMEs)

Digital lending is a process of acquiring loans through online platforms.

Problem Statement

Every Digital Lending Platform has a pre-verification process where there is a possibility of tampered documents(Bank Statements) and It takes a lot of effort to keep in check of the documents shared by individuals (With increasing user intelligence on a day basis).

Solution offered with Account Aggregators

Account Aggregator reduces the problem of tampered data as it gets the factual data from the bank based on the user explicit consent. It reduces the time taken for the user to take out his bank statement and download, upload it that is a very hectic, time consuming and costly process to follow up.

Process Flow

  • User Requests for a loan from a digital lending platform and provides the customer ID at AA (customer_address@AA_address).
  • Digital Lending Platform (FIU) requests AA to raise consent.
  • AA generates a consent and sends it for user acceptance either via AA platform or via integrated interface of AA in FIU application.
  • After User acceptance, AA sends a request to FIP for data based on the approval of the consent.
  • After getting the data from FIP, AA notifies FIU to fetch the data.
  • FIU takes the data and processes for checking the eligibility of the user for providing the loan.

User Experience

The only role of the user here is to approve the consent. Lesser the process better the user experience.

Conclusion

  • Verification process made simple.
  • Better in app user experience.
  • Effortless, priceless and cheaper process flow for FIU’s.

Personal Finance Management

Personal Finance Management famously known as PFM is a software that helps you to manage your hard-earned money. It analyzes the user spending behavior by using deep analytics and helps the user of the software/application how to reduce, save and spend money intelligently. In the modern era especially in the millennial generation, there is huge need for a PFM software as it helps the millennials to spend intelligently and to save for the future.

Problem Statement

Most of the millennials have exposure and intelligence in deciding how to earn money, right from a very young age but the problem is with their spending patterns.

Solution with account aggregator

Through the user’s explicit consent acceptance a PFM application will be able to get real time transactions and can accurately analyze the spending behavior and help them show alternatives to reduce money spent and save for future.

Process Flow

  • User provides approval for the explicit consent of real time transaction data generated by AA requested by PFM application.
  • FIP provides the encrypted data to FIU via the governing platform of Account Aggregator.
  • FIU can process the data further however he wishes, AA is data blind along the process flow.

User Experience

  • Users get a smooth interaction with PFM just with a single consent approval.
  • The User gets to know his spending habits at the instance and make a clear decision

Conclusion

  • Traditional PFM software applications in India mine SMS or the user needs to provide bank credentials is not the case anymore with Account Aggregators in the game.
  • Real time transaction data, User spending behavior can be provided irrespective of the number of accounts user has.
  • Huge scope for the millennial generation to understand their personal finances and affordability of objects, items, investments etc.

Wealth Management

Wealth Management is a financial management advice to personnel that aggregates both the financial planning and specialized financial services (such as tax, accounting, legal, estate planning etc.). The basic goal of wealth management is for the personnel to sustain and grow for a long time by investing and managing all of his wealth.
Ex: For the people of millionaire clubs.

Problem Statement

Wealth managers have a very clear goal of how to use their clients’ money but the problem is the collection of the data of client assets that the client has to provide manually.

Solution provided with Account Aggregators

Asset data collection of the Client by the wealth management software(FIU) can be done via the governing platform of Account Aggregator as FIP’s can provide financial information of 23 types(Includes mutual funds, bonds, equities, insurance policies, Invit, reit etc.). This makes the initial process of knowing the clients wealth becomes easier and faster and even if there is a very huge dip in the investment can be found based on the explicit consent given by the client to the wealth management service providers (FIU).

Process Flow

  • A User/Client of the wealth management services accepts the explicit consent generated by the Account Aggregator upon request from the FIU (wealth management service providers).
  • The user when accepting the consent links his different accounts/Financial Information types tied with the financial institutions and provides the consent acceptance so that the wealth management service provider can get the list of assets just with a single consent.
  • Once receiving the data from the concerned FIP’s, the wealth management service providers can fetch the data and start using the analyzed data for better interaction with their clients.

User Experience

This reduces the burden for users to aggregate his assets manually instead can provide a consent acceptance.

Conclusion

  • An enhanced user on-boarding process for the wealth management service providers.
  • Ease of aggregated information check at any time.
  • Real time check of the investments made.

Financial Advisory

Financial advisories provide financial advice to individuals, entities based on their financial situations.

Problem Statement

Any Financial advisor tries to understand his client’s financial situations by asking a bunch of questions about his income, his assets, and liabilities.

Solution Offered with Account Aggregator

For any Advisor it is very hard to find a suitable time with his clients just to basically get the idea of his financial status. This entire onboarding process can be made quite simple with Account Aggregator in place with a consent approval from the client of the Financial Advisor (FIU). Even if there is, a change in the financial status of the client the advisor can have a look based on the consent period and advise the client on an immediate basis.

Process Flow

  • A user provides consent approval to his financial advisor (FIU) via the governing platform of Account Aggregator.
  • Once the Account Aggregator fetches the data provided by the FIP, FIU (financial advisor) can fetch the data and process it further as he wishes.

User Experience

  • Users do not have to spend time checking for a suitable time for both themselves and the advisor and can onboard with just approval of the consent.
  • Users can get financial advice from the financial advisor without explaining to him his financial situation as long as the consent is active.

Conclusion

  • Reduction of time spent understanding client’s financial situation.
  • Enhanced client interaction on a timely basis based on his financial situation.
  • Smooth onboarding user experience.

Robo Advisory

Robo Advisors are digital platforms that provide automated, algorithm-driven investment opportunities with no human interaction.

Problem Statement

Aggregated Information is not available for the user to invest in a better way understanding his full finances.

Solution Provided with Account Aggregator

A user can give his consent approval to robo advisory digital platform to aggregate his financial information to make automated investments.

Process Flow

  • A user has to provide consent approval for aggregation of account information by robo advisory (FIU) via the governing platform of Account Aggregator.
  • Account Aggregator provides a real time data flow based on the consent approval of the user.

User experience

  • A user can automate his investments without worrying about any of his assets going up or down as the robo advisory platform is going to take care of it.

Conclusion

  • Aggregated accurate real time data provided to the digital platforms.
  • Enhanced User experience.