Mumbai, September 11th 2026: Unveiled at the Global Fintech Festival (GFF) 2026, a new report by fintech technology provider, Finarkein, reveals that India’s Account Aggregator (AA) ecosystem is entering its next phase of maturity, with the focus increasingly shifting from adoption and transaction volumes to the quality, reliability and accountability of financial data and intelligence. The report titled “On Systems of Intelligence: Evidence and Obligations in the AA Ecosystem,” analyses transaction data observed on Finarkein-provided infrastructure between December 2025 and August 2026, reveals a maturing infrastructure that is tightening its focus on reliability and accountability.
Across 95 institutions utilizing the platform, recorded 111.1 million consent requests, of which 45.4% were approved by customers, which triggered 87.1 million data fetches at a 75.9% success rate. The ecosystem has already crossed 45 crore fulfilled consents, with 17 operational AAs, 176 live Financial Information Providers (FIPs) and 1,020 Financial Information Users (FIUs). AA-enabled lending stood at ₹1.47 lakh crore across 151 lakh loans in H1 FY2026, accounting for 7.7% of lending by value and 10.8% by volume.
Speaking on the report launch, Nikhil Kurhe, CEO & Co Founder, Finarkein, said, “The account aggregator ecosystem has established the scale of consent based financial data sharing. The next question is no longer simply how much data moves, but how reliably it moves, how that data is transformed into intelligence, and whether the resulting products can be independently understood and relied upon. As technology providers increasingly supply ‘judgments’ rather than just raw data, the next phase of AA maturity will therefore be defined by evidence, accountability and measurable outcomes.”
Three signals stand out from the report:
- Deposit data still dominates, but the mix is widening:
Deposit data accounted for roughly 91% of requests, followed by mutual funds at 5.33%, equities at 2.15% and ETFs at 1.09%, underscoring the concentration in core banking data and highlighting a significant untapped opportunity for wealth and insurance use-cases.
- Multi-routing is emerging as a natural benchmark for reliability:
The report found that 52 of 74 FIPs were accessible through more than one AA, with multi-routed FIPs accounting for 99.6% of sessions. Since the same FIP can now be reached via different AA routes, the ecosystem effectively has a built-in mechanism to compare performance across routes, a first step toward the kind of service-level accountability the report calls for.
- Infrastructure performance is measurable, but not yet standardized:
Across five AAs, 3,898 error responses were recorded between March and August 2026. Four of five AAs typically responded under 0.2 seconds while the slowest 1% of calls at the fifth AA reached 1.4 seconds for data requests and 2.3 seconds for data fetches. These are machine-to-machine timings, and the report notes that no adopted service-level standard currently exists for them, which is a gap the ecosystem must close as AA-based decisioning becomes more consequential.
The Push for Accountability
As the ecosystem moves beyond consent-based data movement, the report turns attention to what gets built on top of that data. Technology providers and specialist firms are increasingly involved in turning financial data into products, assessments and insights that regulated institutions may act upon. To bring more rigour and address the complexities of evaluating predictive AI models, the report proposes a 23-factor framework across five areas – source, method, output, system and disclosure. The framework is designed to assess the quality and reliability of data and intelligence products, while providing a repeatable view of their date, version, population and limitations.
Looking ahead, the focus will need to move from measuring how much data moves to demonstrating how reliably it moves and how effectively it can be used. This will require greater evidence, transparency and accountability around the products and intelligence built on AA infrastructure, giving customers and regulators greater confidence in the outcomes they support.
About Finarkein:
Finarkein is the System of Intelligence for financial institutions, transforming fragmented data into real-time decisions, actionable insights, and intelligent automation. By unifying data from India’s Digital Public Infrastructure, enterprise systems, and external sources, Finarkein enables banks, NBFCs, insurers, wealth platforms, and fintechs to build AI-powered decisioning across the customer lifecycle. From underwriting and onboarding to fraud detection, portfolio monitoring, collections, and wealth intelligence, every decision is powered by trusted, contextual intelligence.
