What is a fintech aggregator?

Fintech aggregators are platforms that provide various information about financial products from various providers digitally intending to help users compare financial products and services. Products include home mortgages, credit cards, savings, insurance, investments and others.

Because the products presented are more complex and work in the field of financial services, certainly, the activities of fintech aggregator services are strictly supervised by the Financial Services Authority. Referring to OJK data as of 2023 there are 38 fintech aggregator services actively operating in Indonesia. One example includes Cermati, Cek Aja, Lifepal, etc.

So what are the benefits of this fintech aggregator?

As we know, technology helps facilitate and save time for its users. Perhaps in our lives when we want to open a savings account, we are confused about what bank to use, and what we then do is open one of the bank's websites that provides savings services and compare which of these websites suits our needs and then make a decision.

This is where fintech aggregators come in. With its presence, we do not need to manually compare through a one-by-one website, but only by activating the filter that suits our needs, and then the fintech aggregator platform will display several products that match what we are setting. Easy and time-saving, isn't it?

It should also be noted that using fintech aggregator services to compare financial products/services is free of charge, the profit earned by fintech aggregators is obtained through marketing fees paid by financial institutions for product placement on the fintech aggregator platform.

However, in various fintech aggregator platforms, users will usually be asked to register by filling in an email and password. By having an account, the fintech aggregator platform can collect the information that users need according to the user's data search history. Or even asked to fill in a telephone number so that the telecommunications platform fintech aggregator can contact related products that users are looking for. However, it should be remembered that users should always be careful not to provide personal data, financial transaction data, and financial application account codes to unauthorized parties and make sure to choose a fintech aggregator platform that has been registered with the OJK.

Seeing the development of fintech that is getting better in the future, bright prospects are seen in fintech aggregators as a useful service to facilitate users in finding financial products that best suit their needs. However, it may be a challenge for fintech aggregators to educate the public about the convenience they present.

That's all hopefully useful economist friends.

Author,

Anugrah Setya Ningrum and Halifa Millah Syadidah - Stundent Sharia Business Management.