The global financial system is moving towards stronger data privacy and customer control. People want to know how their data is used and who has access to it. In this changing environment, consent-driven credit is becoming very important.
Consent-driven credit means that customers have full control over their financial data, as they can now decide which information to share and with which institution. This approach builds trust and makes lending more transparent.
Account aggregators powering consent-based lending
In India, this is ably supported by the Account Aggregator (AA) framework. The AA ecosystem enables secure, consent-based data sharing between financial institutions. Customers can share their personal data with lenders in a safe, controlled manner. This improves access to credit, especially for customers with weak credit histories. These borrowers can still get loans by sharing their financial data. This supports financial inclusion by providing access to credit to those who are unserved or underserved.
Second, it improves accuracy by allowing lenders to access real-time data directly from the source and avoid referring to physical forms or statements. This reduces errors and provides an accurate picture of the borrower’s financial situation. Thus, the system builds trust, and customers feel more comfortable when they know that their data is used with permission, with a clear understanding of the purpose of use and control over the period for which the data is accessible.
In a short span of time, the Account Aggregator ecosystem in India has scaled rapidly into one of the world’s largest open finance networks. As of 2026, it covers over 999 financial entities across 17 Account Aggregators licensed by the regulator.
Today, 955 Financial Information Users (FIU) and 179 Financial Information Providers (FIP) are participating in this ecosystem, supported by a growing base of technology service providers (TSP).
There is good adoption of data by the financial institutions through the AA framework. As per the latest report by Sahamati, more than 272 million accounts have been linked, and over 408 million consent requests have been fulfilled, resulting in approximately 265 million monthly data flows.
This adoption is also visible in borrowers’ acceptance, which has reached an estimated 80 to 90 million individuals, or about 8 per cent of India’s adult population, which is expected to grow further.
The lending ecosystem is already showing tangible financial outcomes, according to Sahamati: account aggregators have enabled loans worth approximately ₹1.6 lakh crore in FY25 and are fostering millions of credit journeys, while also expanding into insurance, wealth management, and personal finance use cases.
These trends signal a clear shift from document-based data sharing to a continuous, consent-driven financial data infrastructure that is reshaping how financial services are accessed and delivered in India. Customers can now see what data is being shared, and this gives them confidence and control.
Why consent-driven data will define the next phase of lending
In the future, consent-driven data for credit underwriting and risk assessment will become the norm. Lenders who adopt this approach early will have a competitive advantage. Instead of collecting & storing large amounts of data offline, which is prone to forgery & delays, lenders can now access this information from its source in real time without concern of tampering.
Secure APIs, encryption and strong authentication are essential for protecting data, and lenders are investing in these capabilities to build reliable systems. The shift towards consumer-controlled data is not just about compliance; it is about building a fair and transparent financial system that truly drives the next wave of financial inclusion.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, legal, or professional advice. While every effort has been made to ensure accuracy, readers should verify details independently and consult relevant professionals before making financial decisions. The views expressed are based on current industry trends and regulatory frameworks, which may change over time. Neither the author nor the publisher is responsible for any decisions based on this content.
Sachin Seth, Regional Managing Director, CRIF India & South Asia
