Beyond Bank pilots an open banking app with Frollo
Beyond Bank has started an open banking pilot program that lets users see all their money in the one place by connecting them with more than 400 financial institutions.
The new Beyond Bank + app, developed in partnership with Australian fintech Frollo, will allow the customer-owned bank’s customers to share their data.
With all their data on one platform, customers will be able to track their spending and set financial goals, improving their overall financial wellbeing.
“With cost-of-living pressures putting many Australians under real stress, it’s important that banks do as much of the heavy lifting as they can to help individuals and families keep a close watch on household budgets,” says Nick May, general manager customer experience, Beyond Bank.
“Our customers are telling us they want easy, everyday banking tools they can trust while staying in complete control of their finances.
“This app allows our customers to understand their money better and, in turn, make smart decisions about their financial future.”
May says Beyond Bank, an Accredited Data Recipient, partnered with Frollo because the fintech provides a proven end-to-end technical solution for a wide range of open banking uses.
“Partnering with Frollo made sense to us because its technology has a fantastic track record, increasing savings to customers by 11 per cent in the first three months, reducing personal loan debts by almost 25 per cent and improving credit card debt by 13 per cent over six months,” he says.
Open banking started in Australia in July 2020, allowing customers to give permission to accredited third parties to access their financial data under a data protection system protected by the rules of the Australian Competition and Consumer Commission.
Permission can also be granted to allow access to mortgage, personal loan and joint bank account data with customers retaining full control over how their data is used.
Beyond Bank says it will conduct a review at the conclusion of the pilot, expected later this year.