Solutions for Banks
Enable Secure, Consent-Based Customer Data Sharing for Banks
OMS AA empowers banks to participate in India's Account Aggregator ecosystem as Financial Information Providers, streamlining customer data sharing, reducing operational overhead, and enabling new financial inclusion opportunities.
The Problem
The Challenge
Banks face mounting pressure to share customer financial data, from regulators, customers, and ecosystem partners. Traditionally, banks:
- Manage thousands of manual data-sharing requests via email, calls, and forms
- Risk data security and privacy breaches with uncontrolled data flows
- Cannot verify the legitimacy of data requests or customer consent
- Spend significant resources on compliance and audit functions
The Fix
How OMS AA Solves This
1
Automated Consent Verification
- Customers provide consent via OMS AA's secure platform
- Bank receives digitally signed consent artifact with verification
- Eliminates manual consent verification and reduces fraud risk
2
Streamlined Data Access
- Financial Information Users (NBFCs, fintech, etc.) access customer-consented data via OMS AA API
- Bank doesn't need to manage individual data requests
- Real-time API integration or batch exports as per bank preference
3
Compliance & Audit
- Every data share is logged and auditable
- Full compliance with DPDP Act, 2023, and RBI AA Master Directions, 2025
4
Customer Transparency
- Customers see exactly when their data is shared, with whom, and for what purpose
- Improves customer trust and satisfaction
- Reduces data breach notifications and customer complaints
Onboarding
Implementation & Integration
Quick Start
- Sign agreement with OMS AA
- Integrate OMS AA API with core banking system (2-4 weeks)
- Map data categories to OMS AA standards
- Go live with pilot set of data categories
Technical Support
- Dedicated integration engineer
- API documentation and SDKs
- Sandbox environment for testing
- 24/7 support during go-live
In Practice
Use Cases
1
Loan Underwriting
- Customer applies for a business or personal loan with the FIU (lender/NBFC)
- FIU raises a consent request via OMS AA to access bank statements, tax returns, and investment data from FIPs
- Customer approves consent through the AA
- FIU gets access to the consented financial data for faster, paperless loan assessment
2
Credit Line Enhancement
- Existing customer requests a credit line increase with the FIU (lender/NBFC)
- FIU raises a consent request via OMS AA to access updated financial data from FIPs
- Customer approves consent through the AA
- FIU assesses eligibility based on the latest consented financial data
3
Open Banking Ecosystem Participation
- Bank participates in RBI's vision for open finance
- Reduces regulatory compliance risk
- Positions as customer-centric institution
Regulatory
Compliance Benefits
- DPDP Act 2023 Alignment: Compliant notice, consent, and data handling
- RBI Account Aggregator Framework: Full compliance with NBFC-AA Directions, 2025
- Reduced Liability: OMS AA's audit trails and consent records support bank's regulatory defense
- Audit Ready: Real-time compliance reporting and data retention per regulatory requirements
Results
ROI & Business Impact
| Metric | Impact |
|---|---|
| Data Fulfillment Time | Reduced from 1-2 weeks to real-time |
| Manual Data Requests | Reduced by 60-80% via OMS AA automation |
| Compliance Team Overhead | Reduced by 40% via automated audit trails |
| Customer Satisfaction | Improved via transparency and faster service |
| Data Security Risk | Reduced via encrypted, regulated channel |
Anonymized
Case Study
Bank: Large Private Sector Bank
Challenge: 5,000+ manual KYC data requests per month, 1-2 week turnaround, high compliance overhead
Solution: Integrated OMS AA as FIP
Results:
- 70% of KYC data requests now fulfilled via OMS AA in real-time
- 50% reduction in KYC processing time
- 40% reduction in compliance team overhead
- Improved customer satisfaction scores