Robust and Trustworthy Solutions using True Multi-AA Gateway and Smart Loan Collections

Finarkein Analytics launched two groundbreaking products at SamvAAd 2024:? India’s first True Multi-AA Gateway and Smart Loan Collections. These innovations address critical pain points in financial services, empowering smarter, more efficient, and customer-centric solutions.

True Multi-AA Gateway

The Account Aggregator framework has revolutionised how financial data is shared and utilised, but single-AA integrations often face challenges like limited coverage, frequent downtimes, and high dependency on individual providers. India’s first True Multi-AA Gateway with Smart Switch? Technology eliminates these bottlenecks by creating a unified, intelligent solution for accessing financial data across multiple AAs.

Why the True Multi-AA Gateway Matters:

• Single Integration for Diverse Needs: Organisations can connect with over 15 AAs through a single gateway, reducing integration complexity and costs.
• Enhanced Reliability with Smart Switch? Technology: Dynamically selects the most efficient AA for each transaction, achieving industry-leading success rates of 65–85%.
• Consistency Across Channels: Ensures a uniform user experience, regardless of the AA used.
• Cost Optimisation: Minimises downtime and dependency, lowering operational expenses while boosting adoption rates.

The Multi-AA Gateway has already proven its impact, powering over 6 million monthly consents across sectors like lending, insurance, and wealth management, with over 30 use cases.

Smart Loan Collections (SLC)

Recurring payments like EMIs are a vital, yet challenging aspect of lending operations. Current systems of digital and automated collections like E-NACH and UPI Autopay suffer from inefficiencies, with up to 35% transaction failure rates due to issues like insufficient balances and limited retries. As per NPCI statistics, out of 110 crore ENACH presentations, nearly 30 crore presentations failed in 2024. Hence, lenders need smarter solutions to improve recovery rates and reduce costs.

Finarkein’s Smart Loan Collections is an intelligent collection tool designed to address these issues by combining the robustness of existing systems with data-driven insights and intelligence.

SLC empowers lenders with hyper-personalised strategies to enhance collection efficiency. By actively monitoring customer accounts, it schedules payments at optimal times and automates intelligent retry attempts, minimising the need for manual interventions. It also creates customer cohorts, performs in-depth analytics for these groups, and leverages this understanding to optimise collection efforts. This dynamic, account-status-based scheduling not only streamlines the process but also significantly reduces operational costs and time. Smart Loan Collections is powered by our proprietary Smart Collect technology, which can potentially pave the way for new use cases in investments, insurance premium collections, subscription collections and so on.

Analytics and Dashboards

Finarkein's dashboards and analytics simplify data-driven decision-making through actionable insights. With thoughtfully designed capabilities, these solutions leverage multi-layered counterparty identification models and extensive datasets, such as a merchant directory of over 1 million entries.?

Finarkein empowers users with tools for Spend Analysis, Budgeting, Asset and Liability Management, Wealth Insights, Affinity and Need Prediction, Life Goal Planning, Taxation, and more. The dashboards address key challenges by providing role-based access, real-time alerts, and deep visibility for teams across functions, enabling informed decision-making and enhanced performance tracking.?

The launch of such solutions at SamvAAd 2024 extend the capabilities of the AA framework and other DPI, creating a robust foundation for inclusive growth.