What is Financial Aggregator? Definition of Financial Aggregator, Financial Aggregator Meaning and Concept
A financial aggregator is a platform where you can concentrate all your financial products and carry out certain actions with them. It is a very useful tool to consult information in the shortest possible time.
In other words, a financial aggregator is a platform where you can link all your banking products, consult information and take actions without having to change applications.
The contracting of financial products is increasingly widespread among society. The facilities offered by the Internet allow you to have different bank accounts, hire a savings plan with a single click or carry out investments through your mobile phone.
As I mentioned in the previous paragraph, it is true that any person can control all their finances from their mobile device or the computer itself. Although it is true, when the consumer of banking products is supplied by different financial institutions, it can become uncomfortable having to access the portal of each bank to carry out a specific action.
With this increasingly widespread situation in society, platforms appear that aim to solve the problem. This problem has a "simple" solution, an application or web portal to which you can connect all your bank accounts and be able to carry out procedures through that platform.
In relation to this, the first platforms that appear of this type are independent and do not work under the brand of any bank. In these portals you can create a user and connect the accounts of those banks that have a collaboration agreement with the tool.
Subsequently, all banking entities have been incorporating in their client area the option of connecting bank accounts of other banks that the client may have contracted. In this way, for example, from the BBVA application, you can connect your Santander or Caixabank accounts.
Purpose of the financial aggregator
The objective with which the financial aggregator is created is that it considerably facilitates the performance of certain actions by the client.
Accessing a single portal where you can make transfers, payment of bills or direct debits, simply by choosing the account with which you want to carry out the operation, offers a great advantage.
Financial aggregator example
One of the first financial aggregators to emerge was the Fintonic platform. It was a revolution since it allows you at a glance to know all the money you have in total with the connected accounts.
Along with this, you can also know how much you have paid by type of expense. For example:
- Gasoline: $ 100.
- Restaurants: $ 70.
- Supermarkets: $ 45.
Likewise, you can also make transfers and other types of procedures to work only from the same application.