Axis Bank on Wednesday said it would utilise the RBI’s account aggregator framework to allow customers to track their spending and balances in other banks on its digital banking mobile application.

Simply put, if an Axis Bank customer has an account with say HDFC Bank or ICICI Bank, which are also on the account aggregator framework, then if the customer wants the Axis Bank mobile app would be able to show all the account balances for the customer in one location.

While this opens an opportunity for cross-selling, the bank will have to exercise caution due to consent restrictions under the account aggregator framework.

“Leveraging the account aggregator, today we are launching a feature called Axis One-View. We are the first private sector bank to introduce this new age banking feature. Essentially it simplifies the process of managing finances for customers by providing them access to multiple bank accounts on a single platform, enabling them to track their balances and spends on a real time basis,” said Sameer Shetty, president and head —digital business and transformation, Axis Bank.

Through this service, customers will be able to link their non-Axis bank accounts in the Axis Mobile app and can then download and email transaction details from their linked accounts. It will also be possible to delink any single or all non-Axis bank accounts.

“This service is currently available for existing customers of the bank. We are working to make it available to other customers as well. In future we would also be able to tell customers what are their spends in various categories across all accounts and provide some insights to customers about their spending and investment pattern,” Shetty said.

He added that the primary benefit for the bank would be better engagement with the customer. But the bank would have to be thoughtful about cross selling because it must not access data to which there is no customer consent.