How Unified Lending Interface is powered by Account Aggregators

[@punitkulal1996]

This is top quality content... The only CS youtuber who's more about technology solutions as its driving content

[@gkcs]

Thank you!

[@toritsejuFO]

I'm asking myself how I could learn so much from a 23 mins tech video, and it's not about code. Amazing stuff Gaurav, thank you.

[@gkcs]

Thanks!

[@tks4]

I noticed the video length after seeing your comment at 18th minute 😊

[@nayankhanna2367]

Thanks to your comment, I actually opened the video and ofcourse, I didn't regret even a single bit of watching it. Like I usually look at the top comments and see if someone has provided a list of the things in the video so that I don't have to watch it, and/or to see the reviews if the video is actually helpful.

[@MrThepratik]

This is top notch quality content , I like the way you transitioned from a casual talk perspective to system design one

[@gkcs]

Thanks!

[@jirac2145]

Terrific talk, larger than life vision to make our country proud on its feet! Wish you all the very best #JaiHind

[@kartikxramesh]

This guy seems incredibly knowledgeable, great content!

[@geekydanish5990]

What a beautiful system architectural model Best of Luck Guys

[@arnavkarforma3015]

I am glad that KZbinrs like you with reach in tech world are creating such contents.. or else it seems nowadays tech KZbinrs will make videos mostly on life on day of a SDE or how I got placed in bla bla bla... SD is more about problem solving..

[@gkcs]

Thank you :D

[@ramdasmv4974]

fantastic guys. .India is moving towards data rich open banking era..

[@HIOLLJ]

Top notch stuff. Introducing your viewers to a new paradigm of tech work happening in India. Godspeed :)

[@gkcs]

Thank you!

[@vidheypullakhandam8340]

This is gold! Thanks a lot, Gaurav for making us aware of the team behind this. Also thanks to the team at iSpirit who have been working on such revolutionary changes. Has been deeply insightful. Especially loved how everyone was translating their thoughts to crystal clear explanations. Your subtle video edits were spot on!

[@debanikmishra7834]

1:04 ...when you make yourself presenceless but forget about your reflection 😂😂... good content by the way😁

[@gkcs]

Hahaha!

[@karanmunjani3256]

Great tech content on this channel.. Some portion of talk bounced out but still amazed by how much they've planned

[@steamerSama]

This is absolute amazeballs. Makes me excited for the future!!!!

[@ankitbansal2303]

The best part about Gaurav's videos is no compromise with content quality. 👍👍

[@niharikamiryalavk]

A big like for the Editor!!

[@vibekdutta6539]

M so glad you made this, always wanted to know bout it but never chqd it out, so thanks!

[@gkcs]

:D

[@vibekdutta6539]

By Database Designing skill are poor, what should I do to improve it??? Naive question tho hahahah!

[@sadhlife]

@@vibekdutta6539 check out system design flash cards by donnemartin

[@anikettikariha8066]

wonderfully edited

[@shishirmohire9789]

Thanks, Gaurav you have always been innovative in your videos. Looking forward to more videos on the realtime problem solving like this one. You are a great asset to India.

[@gkcs]

Thank you 😄

[@aditya_gupta]

What a bunch of brilliant young people..I feel dumb af.

[@aaryo5000]

Hey, its the guy from the video. Please don't feel that way! Very often, I too find myself thinking that I am not good enough/smart enough/doing enough. It is easy for me to look at other people and think that they have everything sorted, but it never makes me feel better to compare myself to others... As you can see, I definitely don't think I am brilliant! I am now trying not to be harsh on myself, and I think that personal growth and self-confidence come when you are kind to yourself, you don't judge yourself or your thoughts, and you follow your intellectual curiosity and passions and just see where that takes you. I have found that when I pursue things from this place of sincere curiosity and non-judgement, it always leads me down a surprisingly good path. Just trust the process and be patient and kind and I'm sure you will also be pleasantly surprised! All the best!

[@shanushankyy]

@@aaryo5000 loved the humility in your reply. This should turn a lot of skepctics into believers. The youth needs more self belief and less self judgement

[@SamruddhaShah]

make such kind of vdo with tech entrepreneur

[@hombre7538]

Respect for aaryaman and the editor of this video

[@AbhijitRanalkar]

Nice content 👌👌. I like the current frequency of videos where each one of the video has a really good quality.

[@soumensinha305]

We need this type of content. ~ Real Tech analysis @GauravSen

[@priyasrivastava24]

Amazing Content.. Thankyou!!

[@kishantiwari400]

Thanks Gaurav for this amazing content.

[@siddharthapenugonda]

Sweet, Thank you for putting your efforts.

[@iJigarThakkar]

Just one word - Wow

[@woodfire686]

Great content Gaurav !

[@vinitsunita]

Its basically works on the principle of Oauth.

[@rajanbrahma0]

Very very useful! thank you so much for this!

[@gkcs]

Yey!

[@arundasabraham]

Love this concept, brilliant

[@akhandpratap__]

Thnx for sharing this kind of content. Please host some entrepreneurs in tech field who have recently made some impact so it will be more helpful for us

[@kshitijrastogi7058]

hi All, still did not get the idea of having account aggregator, suppose in the encrypted world where FIU's need some info and asked for user's consent on getting the same , can there be some digital signature provided by FIPs to user be added as a public certificate inclosed along with the request query be created in other encrypted environment which could only be opened by particular FIU which have asked for the consent, then the certificate will be passed on to FIP using respective registry for API's endpoint and fetch the consented info directly to FIU in encrypted fashion this way then we will not require account aggregator

[@philodev874]

Amazing system explanation

[@ashiskar9747]

These systems are going change the system of India.

[@gkcs]

:D

[@shivamkimothi2441]

What is an Open api? Apis that are freely available? Please upload more such interviews with people who are working on such innovative and effective technologies.

[@gkcs]

I think yes, although I am not entirely sure.

[@jptce]

This system looks similar to credit karma , credit sesame , mint kind of apps .. correct ?

[@righvedkumar2159]

Gaurav, nice video! I really have a couple of questions- 1. The certifications for encryptions, from client side and that to the FIP side, don’t you think will take a lot of time to process requests? 2. Lets say we are bringing code to data, how will FIP manage it, won’t it be a burden for them to process it, rather we can provide a layer between client and FIP side in between which can have the code and consume data from bank side to process it, so that these FIPs have less of a hassle and just be data access points? 3. How exactly will these FIUs be receiving data( yeah I know that is too much to ask :p) but how can a client ensure that these FIUs are not becoming the next Cambridge Analyticas :p?

[@tusshar2000]

I really wanna know how you spent your time in college and how you keep cracking interviews of these big companies, like if I am not wrong you applied off campus for your internship or your first company, did you have friends who were passionate about coding like you are. Only reason is that by this we shall feel more connected with you by knowing more about you. If there's video already about this can someone provide me the link.

[@RAJATTHEPAGAL]

This sounds revolutionary in terms of financial data transport and privacy. But I think end point application i.e FIU has to be following some strict regulation regarding what they can do with the data. One of the filmsy thing I can see people can achieve with such FIU apps with access to financial data is create stock market bubble basically having bunch of people focus on certain spending trends or suggest them to spend or sell in certain ways. 🤷🏼‍♂️ Or other creative things. But ya this is really awesome....

[@abhishek-kapoor]

great editing

[@naveengupta6878]

10:13 the moment when you think there's something wrong with your code but it still runs

[@rupakkorde]

Thanks for bringing such great people on the channel gkcs. Aryaman is so composed. Looks like Karana from Mahabharat 😅

[@gkcs]

Hahaha!

[@upen2436]

Pro content bro

[@rounakkulkarni3301]

I think the CIBIL score system works like this, doesn't it?

[@manabukun]

Usual problem in India is people trying their best to jugaad the system if there is any govt. entity involved. I really hope the approvals and audits of all entities are as rigorous as possible. The easiest hack is the human hack.

[@gkcs]

You can see the specs through the links in the description.

[@chennhk]

Can developers from US participate?

[@nishanksoni7120]

Connection timed out - Link not working @Gaurav sen

[@computer23able]

can i learn database step by step here ?

[@nadeemqureshi9779]

You don't have to share your transaction history today. Banks can access your transaction history from the RBI itself and get your credit score. It's there already.

[@steamerSama]

There are a lot of apps which use financial data. Cred, Walnut comes to my mind. There are a lot of NBFCs too, not associated with RBI, which give out loans as well.I can see a lot of interesting use case with this sort of API design... But honestly, you are right in some sense. What they are describing can be done with current tech. Except there would be a lot of code and maintenance that would go into this. This makes it standardised and makes devs job a lot easier.

[@pankajshinde475]

Hey, i watched your videos on CP, you learned first algorithms and then started CP or viceversa? Reply should be appreciated😁

[@gkcs]

I did both together, ad hoc :)

[@kumarshashank3954]

Probably the echo in the audio is due to the empty room in which the video is shot

[@gkcs]

Yes, this was shot in Mumbai. We had to manage with the available rooms and equipment :)

[@kumarshashank3954]

@@gkcs yeah I highly appreciate your efforts. I wasn't complaining about the audio quality. Cheers :)

[@pavan143aus]

Ur expression at 2:12 was like what....

[@gkcs]

Hahaha!

[@rohanjain4238]

itta toh maine college mai dhyan se nhi suna aur seekha

[@gkcs]

LOL :P

[@ishanpandey2949]

Learnt new things 😄

[@pankajgiri2277]

It sound like PSD2 or Openbanking

[@nehasinha5320]

Hey sir i m a big fan of yours ....♥️could you pllease make a video on how can we prepare for top product based companies. In just 8 months means full strategy and resources pllz sir it might help me 😊♥️

[@gkcs]

kzbin.info/www/bejne/mHOzeaN-bcZ-oNk

[@bantaBhaiDudhMalai]

Nice video! I am a little skeptical about the tech though. What's to stop FIU's to store the bits of data they receive and exchange it among themselves to recreate the entire jigsaw? What are the incentives to be an AA? Will vertical integration be prevented i.e. Can a single company act as a FIP, AA and FIU at the same time? Are we slipping towards a society where your financial data will be all that determines your place? I can sense more questions but I'm sure somebody is thinking this through. The current API documentation also seems to be lacking. Routes have been defined but what really enticed me was the possibility of a universal JSON format for all financial data. Alas, it's not here yet and probably never will be.

[@gkcs]

All the queries sent by the FIU are audited (As mentioned in the ORGANS principle). Tracking and monitoring queries was hard earlier. You can also restrict some FIUs to querying (instead of storing data). Sharing personal data amongst each other without the user's consent is illegal. Enforcing it should be easier with the auditing. The AA is monetarily incentivised. The FIU will likely pay the AA for their services. "Are we slipping towards a society where your financial data will be all that determines your place?" Let's try not to get too philosophical :P We have people in our country paying a 50 rupee daily interest on a 500 rupee loan. They are unable to avail a loan from a bank because their financial capabilities are difficult to quantify. Could you elaborate more on the universal JSON format?

[@ShashiBhushan2k13]

a single entity can't be FIP as well as FIU. FIP is provider of the information, it could be a NBFC, a mutual fund house, GSTN or a bank. any entity that might have your financial information. an FIU could be anybody who wants to access that information for some purpose. It could be like you create a micro lending mobile app that gives small loans to shopkeepers. You get a consent from your shopkeeper, send the consent to the relevant FIP say his bank and get his financial information and via your decision process, check if he is eligible for the loan you are providing. Thus, the shopkeeper opens his shop in the morning apply for a 5,000 Rs loan, gives a consent and gets the loan in say half an hour. Then he buys stuff to sell with this money and hopefully makes some profit in the day and pay back the loan in the evening. Someday, this framework might make it a possibility for everyone. The whole framework of sehamati is there to make it easier for the relevant entities to access financial information easily. Also, AAs are incentivised via charging some fees per API basis. The same model that GSPs use when accessing the GSTN infrastructure currently.

[@steamerSama]

@@ShashiBhushan2k13 micro lending is what came to mind exactly. A cloud NBFC, like walnut

[@gokulyc]

How Account Aggregator gets revenue...?

[@gkcs]

The FIU will most likely pay the AA for it's services.

[@jaideeptribedi4158]

I don't understand why FIU would be onboard with this, I can understand from the banks perspective why they are onboard. Here you are making a service between banks and other financial services that use bank data. Why would those services be happy with someone else micromanaging their data? They need that data to provide you the services anyway. From rbi perspective they are maybe thinking long term but I don't see the need for such services just yet.

[@gkcs]

I have worked for an FIU and I would have loved this. The APIs are standardised. The amount of code and debugging you need to integrate systems with individual banks is enormous. This gives me all the data I need for my app without the hassle of parsing documents from each bank.

[@mukuz]

Do you expect this data sharing architecture to be adopted by non financial organisations. Maybe a competitor for the likes of Google’s Data Transfer Project.

[@gkcs]

It's hard to predict the outcomes at this stage :)

[@absurd.industries]

You guys seriously need some lapel mics.

[@AkankshaSingh-yu4lg]

Hey Gaurav, I have been watching your videos from quite sometime. They all are pretty awesome. It'll be very nice of you, if you can cover pros and cons of using netflix.github.io/conductor/ , and also any other similar framework.

[@gkcs]

Interesting :)

[@pawanbishnoi282]

Memes are so funny.

[@pawanbishnoi282]

Thanks gaurav, i didn't expected that you will notice my comment.

[@charan775]

India can never become cashless. At least in lot of villages people won't do it

[@kumarshashank3954]

'Never' is a very broad term my friend.