Insights
Reimagining the Account Aggregator Framework in India at BuildAAthon 2024
Published on:
Sunday, December 15, 2024
Team LattIQ
Reimagining the Future of Account Aggregators: Team LattIQ at BuildAAthon 2024
Last month, Team LattIQ joined forces with industry innovators at #BuildAAthon2024, hosted by Sahamati. This annual hackathon challenges participants to redefine the potential of the Account Aggregator (AA) framework and its role in India’s digital ecosystem. Competing under the track “Empowering Customers to Leverage Their Digital Footprints,” we proposed cutting-edge enhancements to align AA with the vision of DEPA (Data Empowerment and Protection Architecture).
🧠 Our Key Innovations
1️⃣ Privacy-First Intelligence Transfer
Instead of traditional data sharing, we envisioned a framework for remote data querying, where insights—not raw data—are shared. By shifting inference to Financial Information Providers (FIPs), we safeguard user privacy, transforming AAs into intelligence-sharing systems that minimize uninformed consent risks.
2️⃣ Custom Scoring & ML Models
Our proposal introduced secure, federated learning models that enable Financial Information Users (FIUs) to deploy bespoke machine learning models for dynamic insights. From fraud detection to credit scoring, these models leverage user behavior data for AI-driven decision-making, moving beyond static, rule-based systems.
3️⃣ Integration of Non-Financial Data
Expanding AA’s scope, we integrated data from telcos, payment networks, e-commerce, and government services. This 360-degree user view enhances personalization and risk assessment while ensuring security through Privacy-Enhancing Technologies (PETs).
🛠 Building the Future of Data Collaboration
Our proposed solution transforms AAs into interoperable intelligence platforms, creating value across diverse use cases:
Inclusive Credit Access: Empowering gig workers with better financial products.
Fair Insurance Pricing: Personalized premiums based on holistic insights.
Advanced Risk Models: Enriching assessments with telco, tech, and payment data.
Faster Financing: Simplified government-based asset verification.
Privacy-First Records: Unified digital footprints for seamless proof verification.
🌟 Key Takeaways from the Hackathon
The journey was as enlightening as it was challenging. Discussions with policy makers, industry leaders, and technologists uncovered critical insights:
Data Literacy: Elevating awareness of privacy-first data usage across industries.
Policy Incentives: Encouraging collaboration between regulators to drive adoption.
Technical Advancements: Developing scalable, decentralized infrastructure for secure data use.
We are incredibly thankful to Sahamati for fostering such a dynamic platform for innovation. This is just the beginning of our journey to redefine data collaboration in India. Together, we can unlock the true power of data for businesses and individuals alike! 🚀
#Sahamati #AccountAggregator #DataPrivacy #LattIQ
