Recurring Consent Management

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Overview

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Key Capabilities

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Aggregate and Manage Multiple Consents

• Centralized Dashboard: View all active recurring consents with status, expiry dates, and last fetch timestamps
• Bulk Operations: Activate, pause, or revoke consents in batches based on business logic
• Segmentation: Group consents by product type, customer cohort, or risk category for targeted management
• Audit Trails: Comprehensive logs of all consent modifications and data fetch activities for compliance reporting

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Set Update Frequency Based on Business Logic

• Risk-Based Scheduling: Increase frequency for high-risk customers, decrease for stable accounts
• Lifecycle-Driven: Adjust frequency based on loan tenure (frequent monitoring in early months, reduced later)
• Event-Triggered: Fetch data immediately when specific conditions are met (e.g., missed EMI payment)

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Optimize Customer Portfolio Tracking

• Balance Trends: Track account balance movements to assess liquidity and financial stability
• Income Consistency: Monitor salary credits to detect employment changes or income disruptions
• Spending Patterns: Analyze category-wise expenses to identify lifestyle changes or financial stress
• Cash Flow Health: Calculate rolling averages of inflows vs outflows to assess solvency

• Wealth Management: Auto-update customer portfolios with latest asset valuations and transaction activity
• PFM Platforms: Refresh financial dashboards daily or weekly to provide real-time insights to users
• Credit Limit Management: Dynamically adjust credit limits based on observed income and repayment behavior

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Enable Dynamic Cohorting

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Trigger Real-Time Alerts and Workflows

• Salary credit delayed by more than 7 days
• Account balance below minimum threshold for consecutive days
• EMI bounce or failed payment attempt
• Sudden spike in high-risk transactions (gambling, alcohol)

• Consistent surplus cash flow for 3+ months
• Debt burden reduced significantly
• Regular savings or investment activity

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Use Case Highlights

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Loan Monitoring

1. Obtain recurring consent from borrower at time of loan disbursal
2. Configure periodic data fetches (daily, weekly, or event-triggered)
3. Monitor key indicators: salary credits, EMI payments, account balances, spending patterns
4. Automatically detect anomalies and trigger alerts or workflows

• Early Detection: Identify potential defaults 30-60 days in advance
• Reduced NPAs: Proactive engagement reduces non-performing assets
• Better Recovery: Time collections efforts when customer has liquidity
• Customer Satisfaction: Offer support before customer reaches crisis point

• Days since last salary credit
• Current account balance vs average balance
• Transaction velocity and spending categories
• EMI bounce history and recovery patterns

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Collections

1. Activate recurring consent for delinquent accounts
2. Fetch transaction data daily or multiple times per day
3. Detect incoming credits (salary, transfers, deposits)
4. Trigger collection calls within hours of credit detection

• Higher Contact Rates: Call when customer is most likely to engage
• Improved Recovery: Reach customers when funds are available
• Reduced Costs: Focus efforts on accounts with liquidity
• Better Customer Experience: Avoid harassment during genuine financial distress

• Immediate Triggers: Call within 2-4 hours of salary credit
• Balance Thresholds: Initiate contact when balance exceeds payment amount
• Behavioral Patterns: Identify optimal calling times based on transaction history
• Channel Optimization: Use SMS/email reminders for low-balance accounts, calls for high-balance

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PFM (Personal Finance Management)

1. Customer provides recurring consent for all financial accounts
2. FinPro fetches data daily or weekly based on customer preference
3. PFM platform aggregates data across banks, investments, loans, and insurance
4. Dashboard reflects real-time financial position, budgets, and goals

• Unified View: Consolidate multi-institution financial data in one place
• Automated Tracking: Eliminate manual statement uploads and data entry
• Real-Time Insights: Provide up-to-date financial health metrics
• Goal Monitoring: Track progress toward savings, investment, and debt reduction goals

• Multi-account balance aggregation
• Category-wise expense tracking
• Budget vs actual spend comparisons
• Net worth calculation
• Cash flow forecasting

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Wealth Management

1. Wealth clients provide recurring consent for bank accounts, mutual funds, equities, and insurance
2. FinPro fetches data weekly or monthly
3. Wealth platform auto-updates portfolio valuations and transaction logs
4. Advisors receive alerts for significant portfolio changes or rebalancing needs

• Automated Portfolio Management: Reduce manual data collection effort
• Accurate Valuations: Real-time asset prices and transaction reconciliation
• Personalized Advisory: Tailor recommendations based on complete financial picture
• Tax Planning: Track capital gains, dividends, and interest income for tax optimization

• Bank deposits (savings, current, FD, RD)
• Mutual funds (NAV, transaction history)
• Equities and ETFs (holdings, dividends)
• Insurance policies (premiums, maturity amounts)
• NPS and pension accounts

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Differentiators

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Integrates with FinPro’s Analytics and Bulk Fetch Engines

• Automated Categorization: Transaction categorization happens automatically upon each fetch
• Risk Indicator Detection: Irregularities and red flags are flagged in real-time
• Batch Processing: Handle thousands of concurrent recurring fetches without performance degradation
• Unified API: Access consent management, data fetching, and analytics through a single API surface

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Allows Ceasing Consents Post Loan Pre-Closure or Non-Disbursal

• Loan Fully Repaid: Automatically revoke recurring monitoring consent when loan is closed
• Non-Disbursal: Cancel consent if loan application is rejected or withdrawn
• Customer Request: Honor opt-out requests while maintaining audit trails
• Compliance Events: Cease data collection in response to regulatory or legal requirements

• Cost Optimization: Avoid unnecessary data fetches for inactive accounts
• Regulatory Compliance: Demonstrate adherence to data minimization principles
• Customer Trust: Respect customer privacy by not over-collecting data

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Embedded Fallback and Retry for Failed or Partial Data Fetches

• Exponential Backoff: Increase retry intervals to avoid overwhelming FIPs
• Multi-AA Failover: Leverage Smart AA Router to try alternate AAs
• Session Resumption: Resume incomplete fetches without re-requesting all data
• Manual Trigger: Allow FIU to manually retry specific failed accounts

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Configuration and Setup

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Step 1: Create Recurring Consent Template

• Consent Type: Select PERIODIC
• Fetch Frequency: Choose daily, weekly, or monthly
• Validity Period: Set consent duration (e.g., 1 year, 2 years)
• FI Types: Select relevant financial information types
• Data Range: Define how far back to fetch data on each refresh

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Step 2: Request Recurring Consent

{
  "productID": "LOAN_MONITORING_MONTHLY",
  "vua": "9876543210@onemoney",
  "accountID": "LOAN_12345",
  "redirect": true
}

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Step 3: Monitor Consent Status

{
  "eventType": "CONSENT",
  "eventStatus": "CONSENT_APPROVED",
  "consentId": "abc-123-def-456",
  "fetchType": "PERIODIC",
  "frequency": "MONTHLY"
}

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Step 4: Automatic Data Fetching

{
  "eventType": "DATA",
  "eventStatus": "DATA_READY",
  "consentId": "abc-123-def-456",
  "fetchDate": "2023-09-15T10:30:00Z"
}

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Step 5: Consume Data and Analytics

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Step 6: Manage Consent Lifecycle

// Revoke consent after loan closure
{
  "consentId": "abc-123-def-456",
  "reason": "Loan fully repaid"
}

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Best Practices

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Operational Metrics

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Support and Resources