Universal Account Linkage: Streamlining Account Linking for Fi Money
Fi Money is a leading fintech platform that simplifies banking in India by offering a fully digital, mobile-first experience in partnership with Federal Bank.
Fi Users face difficulties in linking their existing bank accounts due to a mismatch between their bank-linked and Aadhaar-linked mobile numbers. The approach is to provide temporary account access with clear guidance for mobile number updates, ensuring seamless account linkage and enhancing user experience.
Problem
"Users face failed bank account linkage with Fi Money due to different Aadhaar linked mobile number and bank-account linked mobile numbers, hindering holistic financial management"
Challenges Identified
Case 1: If a user registers with their (Federal) Bank-linked mobile number, the system fails because the number is not linked to Aadhaar.
Case 2: If the user registers with their Aadhaar-linked mobile number, the system fails because their Aadhaar and PAN are already associated with another account.
Circular Dependency: Users are trapped in a loop, unable to complete account linkage as there is no direct way to resolve this within the Fi Money app.
Reason behind the Project
This project was undertaken in the context of myself having a Federal bank account linked to my non-Aadhaar linked phone numbers. However my Federal Bank account being eKYC Complete
*Aadhaar allows linkage of only 1 mobile number.
The Approach
A structured approach has ben utilised to ensure seamless account linking for more financial insights, focusing on user experience and ease of access.
User Research
Conducted user research to identify pain points in the account linking process, ensuring understanding of user needs.
Responses: 31
Medium: Google Forms
User Study
Studied the user feedback and current product flow to develop compatible user flow
User Stories
As a user who holds multiple bank accounts with different registered mobile numbers, I want to be able to link all my accounts in Fi Money, even if my Aadhaar-linked number is different, so that I can access my financial data in one place.
As a user facing a mobile number mismatch issue while linking my Federal Bank account, I want to receive clear guidance on how to update my mobile number, so that I can seamlessly complete the KYC process and gain full account access.
As a user who prefers immediate account insights, I want temporary access to view my account balance and transaction history, even if my mobile number doesn’t match, so that I can manage my finances while completing the linkage process.
User Flow
Solution: Temporary Access & Guided Linkage
The proposed solution ensures users can link accounts, even if mobile numbers differ, by introducing:
- Temporary Access: Users gain limited access to their bank account information while resolving the mobile number mismatch.
- Guided Number Update Flow: Fi Money provides clear instructions and direct links for users to update their registered mobile number at Federal Bank.
Technical Feasibility & Implementation
Database Updates
Modify bank_accounts table
Add linked_mobile: Stores the mobile number linked to this bank account
Add kyc_status: Tracks if the account is KYC verified
Add account_access: Indicates if the account has full, temporary, or restricted access.
Modify users table
Add fi_account_number: Stores the Aadhaar-linked mobile number, which serves as the Fi account number
Backend Logic for KYC & Access Control
Action: Compare fi_account_number (Aadhaar-linked mobile) from users table with linked_mobile in bank_accounts
If the numbers match: Grant full access
If numbers don’t match but kyc_status is verified: Grant temporary access with non-transactional features
If numbers don’t match and KYC is not verified: Restrict access, prompt users to update their mobile number via Federal Bank
Mobile Number Update Process (Bank Integration) - Phase 2
As a user who would want to update their mobile number to remove the mobile number mismatch, should be able to initiate bank requests for updating mobile number with partner banks from the Fi app itself.
API & System Updates
- Enhance API responses to return account_access and kyc_status, allowing the frontend to display the correct account state.
- Build a KYC compliance API to:
- Fetch real-time Aadhaar-PAN linkage for verification.
- Validate if the user has the required KYC compliance
- Provide an automated process to trigger KYC completion requests (Phase 2)
Update the “Account Linking” API to:
Fetch all bank accounts linked to a user specified mobile number
Authenticate the bank accounts using OTP verification for mobile numbers linked to a bank account.
Allow users to manually revalidate their KYC once a mobile number update is complete from the Fi App accounts section
Security Implications
- Ensure end-to-end encryption for mobile number validation and KYC verification, along with adhering to RBI standards
- Detection of suspicious activity or multiple trials over 3 days (should ensure API requests doesn’t get overloaded, etc) leading to flagging the user
Architectural Considerations
- Ensure scalability of the eKYC linking tool for universal account management as a standalone API product for other financial management apps
- Multi-bank integration for permanent account access/other transactional features
- Unifying multiple accounts of people with the same Aadhaar/Aadhaar linked number to ensure uniformity and reliance of user information
A/B Testing
Goal: Evaluate the effectiveness of the universal account linkage feature by analysing temporary account linkage rates, temporary new user signups, increase in net asset insights and satisfaction across two groups:
Group A
Users exposed to the temporary access and mobile number update guidance feature.
Group B
Users without access to the new feature (control group)
Primary Metrics
- Time Taken to Link Accounts: Average time from the initiation of the linkage process to completion.
- Percentage of Users Completing Linkage: The proportion of users who successfully link their accounts using the feature.
- Drop-off Rates at Each Step: Identify steps with the highest user attrition, such as during Aadhaar verification or mobile number update guidance.
- User Satisfaction Scores: Collected via Net Promoter Score (NPS) and post-interaction surveys.
Business Impact
Product Support & Marketing Strategy
Feature Vision
- Increase bank partnerships for account linkage
- Expand primary partner bank to multiple bank partnerships for conversion of temporary account to full Fi user
- Standalone API: Offer Universal Account linking API to other financial apps
Conclusion
The proposed solution effectively addresses user pain points, validated through survey insights, by streamlining the onboarding process in alignment with Fi Money’s mission. By enabling seamless universal account linkage, users are more likely to rely on Fi Money for their total financial management and banking needs. This feature not only enhances user experience but also strengthens platform engagement. We invite collaboration and further refinements based on real user feedback to maximize impact.