MSMEs seek value-added services in lieu for data sharing

Many MSMEs are comfortable sharing their business data with banks under the Reserve Bank of India’s (RBI) account aggregator framework, according to a survey conducted by Boston Consulting Group (BCG). But they are demanding technology-enabled value-added services in exchange. The study included a sample size of more than 1,000 MSMEs.

Source: PIB

New Delhi, Nov 4: According to the BCG and the Federation of Indian Chambers of Commerce & Industry (FICCI) report, BCG India MSME Survey 2022, almost 40% of the respondents were open to sharing their data with banks in exchange for the personalized offerings that 39% of respondents wanted. 24% of respondents indicated that they would be seeking cheaper interest rates, while 21% of MSMEs who participated in the poll wanted a discount on processing fees and 16% desired a better customer experience.

Account aggregators (AAs), according to the RBI, are a new class of non-banking financial companies (NBFCs) that provide account aggregation services, retrieving or collecting information from its customers about their financial assets and consolidating, organising, and presenting it to the customer (for example, a bank) or any other person as per the customer’s instructions. The service could be used for things like lending to MSMEs.