Description: A solution to facilitate users to update their nominee details across the financials accounts and manage their active consents in one place to let users take necessary actions on them to manage their data sharing preferences. Additionally , the app offers SSO (single sign on ) feature for seamless integration with other apps
Why to build ?
Unclaimed assets in Indian banks have reached approximately ₹78,213 crore as of March 2024, reflecting a 26% increase from the previous year. This not only ties up significant financial resources that could be used for lending and investment but also erodes consumer trust in financial institutions. Addressing this problem is essential for enhancing financial inclusion and ensuring individuals have access to their rightful funds.
Factors leading to the problem statement:
As of March 2023, unclaimed deposits in India reached approximately ₹42,270 crore, primarily due to dormant savings accounts and fixed deposits that have remained unredeemed for over ten years. Public sector banks hold about 83% of these funds, with the State Bank of India alone accounting for ₹8,069 crore.
Unclaimed assets from deceased individuals contribute significantly to the overall volume, which is estimated at around ₹78,000 crore across various financial institutions as of FY 2024. Often, nominees or heirs do not claim these funds, resulting in substantial amounts remaining unclaimed.
Many individuals lose track of their financial accounts due to relocation without updating their information, leading to a dramatic increase in unclaimed funds that have grown more than 2.5 times since the pandemic. This highlights the urgent need for improved tracking and communication systems to reconnect individuals with their assets
GitHub:
Demo:
https://www.youtube.com/watch?v=omW7v4LRlwI
PRD:
Product Requirement Document(PRD) (1).pdf
GTM: