Dvara Analysis Weblog | The components making prospects take a look at from the Account Aggregator journey



Nishan Gantayat & Anushka Ashok (The Ultimate Mile)

Srikara Prasad & Beni Chugh (Dvara Analysis)*

*The authors thank Anubhutie Singh for editorial assessment of this put up

This put up is the third in a collection the place we search to create intuitive and complete consent artefacts for constrained prospects within the RBI’s Account Aggregator (AA) framework. To date, we have now mentioned literature on why prospects, particularly constrained prospects, are unable to offer knowledgeable consent in a mortgage transaction. This put up presents design parts that suppliers can use to make their consent artefacts simpler for constrained customers. These design suggestions emerge from the insights from an immersive behavioural subject research we performed with 60 constrained prospects by way of a gamified simulation of an AA transaction.

  1. Introduction

An Account Aggregator (AA) helps prospects share their monetary info with potential lenders. The AA can share this info solely with the client’s express consent i.e., free, knowledgeable, particular, and revocable consent (Reserve Financial institution of India, 2016; Reserve Financial institution of India, 2022).[1] Nevertheless, the consent prospects give not often meets this normal in a mortgage transaction. That is often attributed to prospects being unable to understand the language of the artefact or the artefact being too lengthy to retain prospects’ engagement. However the issue turns into extra nuanced when it’s examined from a behavioural lens.

Taking a behavioural lens reveals us that prospects defer to creating consent choices passively i.e., they provide the consent artefact a cursory look and are pre-programmed to simply accept it, even with out studying it or partaking with it. Within the earlier put up on this collection, we mentioned three components that make prospects achieve this in a mortgage transaction (Determine 1). Broadly –

    i. The urgency created by the bigger mortgage context

    rushes prospects in the direction of giving consent with out taking the time they might want to think about their resolution.

    ii. The shopper’s psychological fashions about consent

    , similar to not having efficient alternative in giving consent to the lender due to the take-it-or-leave-it nature of the consent artefacts, energy asymmetries with the lender, beliefs that lively engagement may have no impression on the mortgage consequence, or different causes. These psychological fashions make prospects suppose that actively partaking with consent artefacts is pointless and redundant.

    iii. The shoppers’ appraisal of the consent artefact

    (i.e., their analysis and emotional response to the consent artefact) makes them really feel disagreeable due to its size, complexity and technicality. This unpleasantness makes prospects wish to disengage and exit the method (Gantayat, Ashok, Chugh, & Prasad, 2022).

Utilizing this decision-making framework, we got down to conduct a behavioural research with constrained prospects. The research helps admire (i) the various factors that have an effect on prospects’ consent decision-making course of within the AA context, and (ii) the potential behavioural options addressing these components. The hypotheses for the research, methodology, and findings are set out under.  

  1. Hypotheses explored within the research

Our hypotheses explored 5 themes drawing from our literature assessment and insights from stakeholder immersion. The 5 themes embody three descriptive themes and two prescriptive themes (Determine 2). The descriptive themes try to elucidate why constrained prospects interact passively with consent artefacts. The prescriptive themes discover options to the challenges captured within the descriptive themes and, due to this fact, emerge from the descriptive themes.

Every of the descriptive themes lend to granular hypotheses that attempt to clarify what makes consent much less beneficial, much less related, or much less helpful for constrained prospects. These hypotheses construct on completely different behavioural and cognitive components set out in Determine 3.

Equally, the prescriptive themes lend to hypotheses exploring completely different options to enhance prospects’ engagement with AAs and make the AA course of extra related to them (Determine 4).

  1. Pattern & technique for the research

We performed the research with 60 constrained prospects. All of the members got here from households in Kasmanda (rural cohort) and Sitapur (semi-urban cohort) in Uttar Pradesh, and Mumbai (city cohort) in Maharashtra. The participant households earned annual incomes between 2 lakhs and 5 lakhs. A lot of the members used digital monetary companies and had expertise with going through or listening to about digital monetary fraud. Lower than half of the respondents had expertise with credit score (formal or casual). 

The research was performed utilizing the Ultimate Mile’s proprietary analysis technique, EthnoLabTM . The EthnolabTM is a gamified simulation of various contexts wherein researchers can seize the behavioral boundaries and enablers of members’ decision-making (Determine 5).

The EthnoLabTM situates members inside decision-making situations mirroring real-time choices which are related for a given downside assertion. The members are incentivised to reply instinctively and with the response they suppose the opposite members are additionally doubtless to offer. The Ultimate Mile group created a bespoke EthnoLabTM set-up for this research, comprising seven life-like situations or simulations. Throughout simulations, characters are required to have interaction with AA consent artefacts whereas in search of a mortgage for various functions. The context of the simulations and the archetypes of the characters have been fastidiously crafted to make sure the respondents of the research discovered them relatable.

  1. Insights from the research

The research supplied in-depth insights into how members made choices when interacting with the consent artefact. The detailed quantitative outcomes from the EthnoLabTM research might be accessible right here. Our insights by way of insights related to the AA consent decision-making course of are set out under.

4.1. The context for consent decision-making.

The context wherein members should make a consent resolution is marked by –

  • An urgency to get their mortgage authorized.

    Members’ resolution to offer consent is closely influenced by this urgency. They consider that giving consent rapidly would assure their mortgage approval. Because of this, they don’t actively suppose twice about it.    

  • A way of obligation to offer consent. Members affiliate the phrase ‘consent’ with a scarcity of alternative – as one thing they need to give the supplier as a vital procedural step. Members related the phrase ‘permission’ with extra company. 

  • Unfamiliarity with the AA which breeds distrust within the course of and will increase members’ notion of danger.

  •  Uncertainty in making trade-offs between the dangers and advantages of giving consent by way of the AA.

4.2. Members’ psychological fashions influencing the consent resolution.

The members’ psychological fashions or beliefs are anchored of their earlier digital experiences (banking and non-banking). Members create thumb guidelines to assist them make choices within the mortgage transaction together with the consent resolution by way of the AA.

For instance, they take the mere presence of consent artefacts, phrases and situations, and privateness insurance policies as a proxy for the app being protected. Because of this, members bypassed studying the consent discover. Members additionally mistrust on-line processes due to consciousness and suspicion round digital frauds. Many fear that they’d not discover recourse after they want it probably the most, making them desire offline processes to digital journeys. Additional, members belief monetary establishments and entities with excessive model recall to maintain their information protected. That is thorny as a result of we regularly discovered a spot within the members’ notion of how their trusted establishments handled their private information and the establishments’ acknowledged information safety practices.

4.3. Members’ emotional analysis of the AA consent artefact.

The members’ analysis (or appraisal) of the AA consent artefact makes them see it as one thing that’s dangerous and irrelevant. The members don’t understand having management over the implications of partaking with the consent artefact.

For instance, some members defined that they might be tense and frightened after they come throughout a consent artefact as a result of they can not perceive what they need to do. The members additionally report,

“[I]f [a person] does one thing incorrect then that may improve his issues or this process will grow to be extra difficult. He’ll make a mistake and his mortgage may get cancelled… If he had the information [about using the artefact] then he would fill this appropriately and the method can be completed simply. Since he didn’t have this data, he thought it was higher to depart it as an alternative of creating a mistake.

Members don’t understand with the ability to address any such detrimental penalties arising out of the AA course of.

  1. Making consent artefacts simpler

AA suppliers should design for these influences on a prospects’ decision-making course of after they design consent artefacts. The insights from the EthnoLabTM level in the direction of an actionable design technique that may assist suppliers do that. This technique builds on 5 resolution levers that, when applied, can enhance prospects’ engagement with consent artefacts (Determine 6)

The choice levers present principle-level steerage to AA suppliers on how they design their consent artefacts. Our upcoming design toolkit helps these levers with extra particular and actionable design parts. These parts are fine-tuned to counter the components that make prospects disengage from the consent journey at completely different phases of the consent journey i.e., from the purpose prospects enter the AA interface to the purpose after they provide consent.

Factoring in these design inputs can assist suppliers enhance how actively their prospects interact with their consent artefacts. Because of this, they will higher align with the RBI’s normal for consent.


Gantayat, N., Ashok, A., Chugh, B., & Prasad, S. (2022, December 23). The behavioural mechanics that make notice-and-consent fashions ineffective. From Dvara Analysis: https://www.dvara.com/analysis/weblog/2022/12/23/the-behavioural-mechanics-that-make-notice-and-consent-models-ineffective/

Reserve Financial institution of India. (2016). Grasp Path – Non-Banking Monetary Firm – Account Aggregator (Reserve Financial institution) Instructions, 2016. From Reserve Financial institution of India: https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10598

Reserve Financial institution of India. (2022). Tips on Digital Lending. From Reserve Financial institution of India: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/GUIDELINESDIGITALLENDINGD5C35A71D8124A0E92AEB940A7D25BB3.PDF

[1] These parts are derived from the obligations regarding legitimate consent that the RBI’s Grasp Instructions on NBFC-Account Aggregators, 2016 and the Tips on Digital Lending, 2022 impose on AAs and lenders, respectively.

Cite this weblog:


Gantayat, N., Ashok, A., Prasad, S., & Chugh, B. (2023). The components making prospects take a look at from the Account Aggregator journey . Retrieved from Dvara Analysis.


Gantayat, Nishan, et al. “The components making prospects take a look at from the Account Aggregator journey .” 2023. Dvara Analysis.


Gantayat, Nishan, Anushka Ashok, Srikara Prasad, and Beni Chugh. 2023. “The components making prospects take a look at from the Account Aggregator journey .” Dvara Analysis.


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