We’re excited to share a significant milestone for Open Banking in Australia: Our parent company, NextGen, announced that the Commonwealth Bank of Australia (CBA) has become one of the first lenders to enable Open Banking for mortgage brokers in NextGen’s loan lodgement platform ApplyOnline. The partnership is set to redefine the home loan application experience for brokers, lenders, and customers alike. And we’re proud to say that our Open Banking platform is part of the solution that enables this. This is the step change the industry has been looking for and CBA’s decision underscores its c ..read more

Our latest research shows that 55% of Australians have never heard of Open Banking, and only 18% have at least a basic understanding of the concept. Yet, a short description convinces 32% of Australians that it’s their preferred method of sharing financial data in the mortgage application process. Frollo surveyed 1,030 Australians about a range of digital banking-related topics, including Open Banking. The sample included 517 people who identified a mutual bank as their primary bank and 513 people who primarily bank with a non-mutual bank. Open Banking: Low awareness – high preference Most Aus ..read more

The Frollo Data Holder testing platform now runs automated test scenarios in production. Every developer knows that what runs smoothly in a staging environment, may stumble in production. It’s a frustrating reality, especially when it comes to Data Holder technology. Until now, comprehensive production testing for Data Holders has been difficult to achieve due to data security standards, leaving many scrambling for solutions. For example, many banks use the Frollo money management app for testing in production, while others use services that enable them to call their own APIs. However, none of ..read more

Increased usage of unregistered forms of credit like BNPL and Pay Advance carries risks for consumers and lenders As we head into Q2 2023, the use of buy now, pay later (BNPL) services continues to grow. In Q1 2023, 32% of users accessed BNPL services, up from 25% in Q1 2022. The average monthly spend for BNPL users has also increased by 9% to $420 per month. This data is based on an analysis of 31,372 Frollo app users. The research also shows that people who use BNPL are more likely to also use Pay Advance (short-term credit) services; 2.3% of BNPL users made at least one payment to a Pay Ad ..read more

We’re excited to announce our partnership with AMP Advice to give financial advisers, mortgage brokers, and their clients access to our Open Banking technology and money management app. With this collaboration, AMP’s advisers and brokers can now include our Money Management Service in their license package and offer clients a practice-branded version of the app. This way, clients can use the technology to gain a clear understanding of their finances and benefit from Frollo’s money management features, like spending visualizations, loan details, budgeting, financial goals, and smart insights. T ..read more

BCU Bank, a division of P&N Group, has partnered with Frollo to launch a new personal financial empowerment tool – mymo by BCU Bank – to its customers, under the Consumer Data Right (CDR) using Open Banking. Through mymo, BCU customers will have access to a range of powerful money management and financial wellbeing tools, allowing them to keep better track of their spending and budgeting all in one place to achieve greater financial empowerment and get ahead.   mymo provides users with a full picture of their finances, with personalised insights and reminders to help them take c ..read more

We recently supported ING with their cutover to a new CDR Data Holder platform. In this article, we share a bit more about how we worked together.  Although Frollo is primarily a technology provider, we also help banks test their Open Banking technology. Some use our Data Holder testing platform, many use the Frollo app for Production Verification Testing (PVT). On 21st  February 2023, ING switched CDR Data Holder platforms, providing customers with new features like joint account data sharing. An unintentional consequence of the transition to a new platform means existing CDR data-s ..read more

Both BNPL and Pay Advance are growing in numbers and average monthly spending. Today we’re publishing new research about Buy Now Pay Later (BNPL) and Pay Advance usage among 33,050 users of our money management app. The research shows that Aussies who use BNPL are 43% more likely also to use Pay Advance services.  Buy Now Pay Later (BNPL) is a type of short-term financing that allows consumers to make purchases and pay for them at a later date, usually in instalments. BNPL providers include Afterpay, Humm, Zip Pay, CBA StepPay, Klarna, and others Pay-on-demand services allow users to re ..read more

Finsure, Australia’s leading mortgage broker aggregator, has partnered with Frollo and NextGen to use Open Banking data as part of the loan application process. Finsure has become the first Australian mortgage aggregator to turn on Open Banking access for its brokers. In a partnership with Open Banking provider Frollo and lending technology provider NextGen, Finsure now provides its brokers access to the Open Banking powered Financial Passport, to collect customer data for use in their loan application process. The solution is completely integrated into the broker workflow through NextGen’s Ap ..read more

What’s the real ‘state of Open Banking’? By Ben Ford, Head of Growth (Frollo) Two and a half years into Open Banking, you would be right to ask how things are going.  The expectation, or hope, was one of widespread adoption after a few years – we’re not quite there yet.  But how are things really going? Which banks’ data is readily available for use?  What’s the quality of that data? And who is offering Open Banking powered services to consumers today? Although many answers to these questions are circulating, they’re not all based on facts. So, using data from our Open Banking p ..read more