Why Manual Financial Data Checks No Longer Work for NBFCs
NBFCs traditionally rely on self-declared income documents, bank statements, or customer-declared information during loan onboarding. However, these manual approaches lead to three common issues:
- Inconsistent financial data
- Delays in verification
- Higher rejection or default risk
As customer expectations for instant credit decisions rise, NBFCs need a smarter, faster, and more reliable way to assess borrower’s eligibility, without compromising accuracy.
That’s where the Account Aggregator (AA) framework comes in, and with Toolyt, NBFCs can now trigger and access this data directly from the field.
What Is the Account Aggregator Framework?
The Account Aggregator (AA) ecosystem, regulated by the RBI, enables secure, consent-based financial data sharing between institutions. Here’s how it works:
- Borrowers give consent via an AA platform
- Banks, insurers, and financial institutions share verified data with the NBFC
- NBFCs access real-time bank statements, cash flows, and transaction history
Unlike traditional document uploads or PDF statements, this framework ensures authentic, tamper-proof data, reducing fraud and manual errors drastically.
Why Account Aggregator Is a Game Changer for NBFC Lending
When integrated into the lending journey, Account Aggregator for NBFCs unlocks:
Instant Access to Verified Bank Data
No more chasing customers for physical statements or relying on outdated income proofs. With AA, field agents or backend teams can access live bank data, directly linked from the source with customer consent.
Streamlined Loan Processing Automation
By pulling structured financial data, NBFCs can feed this directly into credit models and underwriting systems, removing the need for manual intervention.
Better Risk Assessment
Real-time data insights like average balance, EMI patterns, credit inflows, or bounced cheques help lending teams assess risk more accurately, especially for new-to-credit customers.
Seamless Field-Level Integration
Toolyt enables field agents to trigger AA journeys from the mobile app, ensuring loan assessments begin at the doorstep, not days later.
How Toolyt Brings Account Aggregator Access to Your Field Teams
Toolyt is purpose-built to simplify complex field operations in NBFCs. With AA integration, Toolyt allows field agents to:
- Trigger an AA consent request directly from their mobile app
- Share it with the customer via OTP or link
- Fetch real-time financial data from connected accounts
- Feed that data into existing loan workflows or eligibility models
This allows NBFCs to reduce turnaround times, cut operational costs, and drive smarter disbursals, even in remote, offline-first markets.
Toolyt’s AA Features Include:
- Consent management with full audit trails
- Real-time API integration with AA providers
- Role-based access to financial data
- End-to-end encryption and RBI compliance
- Works with your existing LOS and CRM systems
Real-World Use Case: Smarter Lending in the Field
Imagine this:
A field agent meets a self-employed borrower with no formal income proof. Instead of rejecting the lead or waiting days for documents, the agent uses Toolyt to:
- Trigger an Account Aggregator consent journey
- Customer consents using OTP
- Bank account data is fetched and pre-analyzed
- Credit team uses the data to approve or reject in real-time
Result? A high-intent lead is converted within hours, not days.
The Results NBFCs Can Expect
By integrating Account Aggregator through Toolyt, NBFCs benefit from:
- 50% faster loan decisions
- Reduction in manual document handling
- Improved loan approval rates
- Reduced fraud and misreporting
- Better credit insights for underserved segments
Whether you’re lending to salaried professionals, gig workers, or self-employed customers, verified data equals smarter lending.
Final Thoughts: Lending Powered by Data, Not Documents
As NBFCs scale and diversify, relying on traditional onboarding and document checks won’t cut it. Verified, real-time data through Account Aggregator frameworks is the future of digital credit.
With Toolyt, NBFCs can integrate AA data collection into field journeys, automate processing, and deliver faster, more accurate loan decisions, without increasing risk.
Explore how Toolyt enables smarter lending with Account Aggregator integrations
Book a demo to see how your NBFC can make real-time, data-backed lending decisions, starting today.
