The problem AA Konnect solves
Our final goal is to deliver a product which will be beneficial to banks to efficiently onboard to the AA Ecosystem
The problems it solves as of now-
- Facilitates consent creation, viewing of existing consents and sending an FI Request.
- Provides a UI for the customer/FIU to enter his AA_ID and walk into a world of Analytics- analyze his/her spend patterns, understand the savings, debit and credit for each month and much more.
- Provides a window for setting a target goal to be achieved and providing investment options to attain that goal, thereby showing customers the benefits of purchasing additional financial products from the bank.
- Obtain a Credit score based on the tax patterns(GST) which can be beneficial for investors, auditors etc.
Challenges we ran into
A few challenges which we faced were -
- Lack of Purpose Codes & test data, which cover areas of GST, Insurance etc. - To overcome this we have mocked up data as of now which we have used to analyze and obtain a GST score
- Making sense of Narrations - This is the core of our Analytics part which we in the start faced some small difficulties, now with those out of the way, we have effectively analyzed the FI
3)Encrypting the Financial Information using the Key Material - This is a part where we still face some hurdles, we hope to get this difficulty out of the way very soon.