HDFC Bank has launched DigiPassBook, a new feature on its SmartWealth app which allows users to consolidate all their investments under one roof.
It allows users to manage and view all their equity investments, ETFs and demat accounts in the app.
DigiPassBook is supported by the account aggregator framework, which allows users to consolidate financial assets from different institutions.
In the future, HDFC Bank plans to expand the DigiPassBook to include investments in insurance and bonds, marking a significant enhancement for the SmartWealth app.
Currently, the facility allows users to aggregate their equity investments, ETF holdings and transactions from various depository participants by providing a one-time consent.
With this feature, users can seamlessly access investment details, transactions and analytics, all in one place.
It also consolidates bank account balances, reducing the need to switch between multiple apps and provides a comprehensive view of income and expenses.
The new feature has been live on the SmartWealth app since July-end and prior to this, the DigiPassBook was only integrated with the current account saving account framework.
An account aggregator is regulated by the RBI, requiring an NBFC-AA license. It facilitates secure digital information sharing between financial institutions with the user’s consent, allowing them to view all their financial holdings in one place.