General Knowledge · General Awareness
In the context of retail credit digitization, Account Aggregators (AA) facilitate financial data sharing. How does the technical architecture of the AA ecosystem ensure data privacy, and what is the role of the 'Consent Manager'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Data in the AA ecosystem is shared in a plain-text format to ensure that all participating banks can easily read and modify the customer's credit history without requiring any special software decryption.
- 2The Consent Manager is a physical officer appointed at the branch who manually verifies the signatures of the customer before allowing the digital transfer of bank statements to the lending department.
- 3The Account Aggregator is a data-blind intermediary that merely facilitates the encrypted flow of data from Financial Information Providers to Financial Information Users based on explicit, granular consent provided by the customer.✓
- 4The Account Aggregator acts as a central repository that stores all the financial data of the customer in a permanent database and sells it to third-party marketing agencies to generate revenue for the bank.
Correct answer
The Account Aggregator is a data-blind intermediary that merely facilitates the encrypted flow of data from Financial Information Providers to Financial Information Users based on explicit, granular consent provided by the customer.
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