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.
Streamlining the advice process
The platform allows Advisers and Brokers to access their clients’ financial information and circumstances in a secure and user-friendly way. This makes the advice process easier and more efficient by eliminating the need for clients to manually provide data. Additionally, Advisers and Brokers can monitor their clients’ financial situation over time, which helps identify opportunities to add value.
Frollo’s technology streamlines the advice process and provides more opportunities for advisers to help their clients.Matt Lawler, AMP Adviser Director
Open Banking benefits
Open Banking under the Consumer Data Right gives consumers the right to securely share their data between service providers. The difference with traditional ways of sharing data is that Open Banking is:
- Regulated – Access to data is only possible through accredited entities, with strict privacy and security protections
- Rich – Consumer data sharing goes beyond bank transactions, including rates & fees, minimum repayments and credit limits
- Reliable – Authenticated API connections provide reliable access to data in a consistent format
- Real-time – High-performance APIs deliver consumer data in < 1 second
Matt Lawler, AMP Adviser Director says:
“Our partnership with Frollo is part of AMP’s strategy to partner with leading fintechs to provide best-in-breed technology solutions to customers, advisers and brokers.
“It reflects a commitment to providing our advice network with a contemporary and market-leading service proposition, which supports the delivery of high-quality advice and broking services.
“Frollo’s technology streamlines the advice process and provides more opportunities for advisers to help their clients. Importantly, the tech platform also sets clients and advisers up to take full advantage of open banking as it evolves into other financial products in the coming years.
“Technology will play a central role in delivering quality advice to more Australians, and we’re committed to providing our network with access to the latest and the best.”
Frollo’s Chief Commercial Officer Simon Docherty says:
“This partnership validates what we’ve been saying for a while now, that the Trusted Adviser Model will drive a lot of the adoption in Open Banking this year.
Financial advisers and mortgage brokers are close to their clients and have a real need for efficient and secure sharing of financial information.
We’re excited that AMP is innovating and offering our Money Management app and Partner Portal to their network, as it helps them build a stronger relationship with their clients and be more proactive with their advice.”