Frollo partners with Virgin Money to deliver on financial wellness

  • By Christine St Anne

Frollo will work with Virgin Money to provide money management and financial wellbeing features for the bank’s new digital bank, under a partnership with Bank of Queensland. 

It is scheduled for an initial soft launch at the end of 2020.

Virgin Money will use Frollo’s software as a service (SaaS) Integration Platform, which brings together its artificial intelligence engine, application programming interface and partner integrations, to provide customers with a mobile banking experience that promotes financial wellness. 

Users of Virgin Money’s digital bank will benefit from enriched transactions and insights on their spending, as well as the ability to track bills, create a budget and set personal goals.

Frollo founder and CEO Gareth Gumbley – who spoke at the RFi Group Australian Banking and Innovation Summit on Thursday said that financial wellbeing is an important topic, now more than ever. 

“Virgin Money is passionate about helping customers be financially better off, now and in the future, and we’re proud they’ve chosen Frollo’s SaaS Integration Platform to power categorisation, insights and 

Frollo was of course the first fintech to be accredited under the consumer data right regime. 

Speaking at the summit, Gumbley said that the accreditation will enable the fintech to deliver on its goal of helping consumers better manage their money through the use of data and technology. 

He highlighted that the key benefits of CDR was that data was able to be shared and used in a secure environment. 

In fact, once approved, it takes Frollo only 20 seconds to gather 12 months of data from a customer. 

Frollo is also able to roll out its platform to be used by banks and even other fintechs. 

“Our goal over the next 12 months is to encourage banks to use technology and data in a better way. 

“We would like to see the 100 ADIS already in the pipeline become accredited so that we can build relationships and help them deliver value through their consumer app.”