Fi, the fast-growing neobank, is one of the first fintech companies to adopt the Reserve Bank of India’s (RBI) Account Aggregator (AA) framework. Fi is an early proponent and believer of the AA framework and has been extremely optimistic about its myriad use-cases. Fi along with two other fintech firms showcased some of the key use cases at an event organized by iSPIRT. Sumit Gwalani, Cofounder, Fi represented the company and was part of the panel discussion on ‘Innovating on AA for Improved Financial Services’.
The integration of Fi’s app with the Account Aggregator framework is an organic fit as it meshes with the purpose of Fi as an interactive, personalised and transparent, smarter banking experience. The core ideal of the product is to provide greater visibility for the user into their finances to empower them to make more informed decisions. Ask.Fi is a first of its kind financial assistant by Fi which works intuitively for questions related to user finances and their money. For example, if a user wants to know their shopping spends, they can type “How much did I spend on shopping last month?” and have their query answered in seconds. Fi’s Connected Accounts feature built on the AA framework will allow the users to link data from all of their accounts making the financial assistant all the more insightful.
Sumit Gwalani, Cofounder, Fi said, “We have been extremely bullish on the power and potential of the AA ecosystem as it opens a wide variety of use cases and advantages for the users. We collaborated with the AA from the very early stages, right from a conceptual level and have developed features into our application to add value for the end-user. We know that users have multiple bank accounts, so when they leverage a feature like Ask.Fi, and ask for example how much they’ve spent, or how much they’ve saved, Fi can now give them an answer that scans all their accounts, in milliseconds. This is a big step towards a connected financial ecosystem, and will be very significant in Fi’s journey to help working millennials get better with their money. With the successful demonstration of the framework today we are excited to have all our users experience the power and convenience of the AA integration once it’s rolled out to all users.”
Built for the digital-first generation, Fi has developed an interface that makes finance more accessible to users. Graphs and charts that provide a clear view of the transactions and the bank statements provide a story on where the users can understand spends by merchant, by date and other useful filters. The Connected Accounts feature will transform Fi’s users into experts at their own finances and allow them to make better decisions across all of their bank accounts. The feature demonstrated today is currently in testing and will be made available to users in the next few months.
Fi launched its app waitlist for early access in April 2021. Users who signed up on the waitlist got access to an instant, zero balance savings account and a debit card issued in partnership with Federal Bank.