Mutual Banks Industry Series
By design, mutual banks are customer-first and customer-led businesses. The Consumer Data Right (CDR) and Open Data, with customers at its centre, represent a significant opportunity for the customer-owned banking industry. It enables mutuals to deliver more personalised and competitive products, and better financial outcomes for their customers.
We believe Open Data has an important role to play in helping mutual banks meet customer expectations around seamless, personalised digital experiences and innovative products – and, therefore, in building the Australian mutual bank of the future.
Frollo has been working with customer-owned banks since before the launch of the CDR in 2020. As a purpose-driven fintech and leading Open Banking intermediary, we are committed to helping mutuals continue to make a positive impact on the industry.
We hope this content series will continue to assist mutual banks grow, as an essential customer-focused part of the banking sector.
I believe that with where Open Banking is up to now, that you can start building the bank of the future centered around data and customer experience“
Tony Thrassis, CEO, Frollo
Unlocking the Digital Banking Experience
As the financial landscape continues to evolve, Australians are increasingly seeking banks that offer Open Banking powered features. Our recent consumer survey reveals that Open Banking offers unique opportunities.
The Financial Passport Customer Journey
Streamline your lending decisions with Open Banking data and AI. Frollo Financial passport offers a real time, accurate full financial picture to help make better lending decisions, reduce risk and improve the time to yes.
Interviews
Interview – Simon Docherty, Frollo
Simon Docherty is Frollo’s Chief Customer Officer and has worked with many mutuals to help make their Open Banking strategies a reality.
We sat down with Simon to discuss the current challenges and opportunities for mutuals within Open Banking and how they can use Open Banking to deliver better customer outcomes.
Interview – Phil Quin-Conroy, AMP Advice
AMP Advice launched a Money Management ecosystem to give financial advisers, mortgage brokers, and their clients access to Open Banking technology. Phil Quin-Conroy discusses how they built their business case, where they see the value and ROI of this initiative, and advice for others about to embark on their own Open Banking data-driven solution.
Interview – Chris Malcolm, P&N Group
P&N Bank and BCU Bank were among the first Australian customer-owned banks to launch an Open Banking use case.
We chatted with Chris about launching not one, but two, Open Banking powered personal finance management apps in 6 months, and his advice for other mutual banks on harnessing Open Data.
Interview – Tony Thrassis, Frollo
Our CEO, Tony Thrassis, has been on the frontline of CDR, Open Banking and improving the ecosystem since its inception.
We spoke with Tony about what it takes for mutual banks to succeed with Open Banking and what the future of the consumer Data Right means for the customer-owned banking industry.
Video – Wayne Matters, Beyond Bank
We hosted a twilight panel discussion on ‘Open Banking at the Coalface’ in late 2022, and were joined by Beyond Banks’ Deputy CEO, Wayne Matters. He spoke candidly about the streamlined ADR process, how they are delivering value to their customers, and some unexpected outcomes from their money management app.
Case studies
Mymo by P&N Bank and BCU Bank
Learn how we partnered with P&N Bank and BCU Bank to deliver mymo by P&N Bank and mymo by BCU Bank – a Personal Financial Empowerment app that gives customers greater control and oversight over their financial health, and a more holistic and enriching digital experience.
Beyond Bank+
Beyond Bank was looking for a way to provide customers with a complete view of their finances and the tools to improve their financial wellbeing.
Learn how Frollo’s PFM platform enabled Beyond Bank to launch a white label financial wellbeing app alongside its main banking app.
Finsure
Finsure, Australia’s leading mortgage broker aggregator, partnered with Frollo and NextGen to provide its brokers access to the Open Banking powered Financial Passport.
Learn how this allows them to deliver a marketing-leading service to their customers.
Webinar series
Webinar 1
18 July, 12pm – 1pm
Mutual banks put their customers at the heart of everything they do.
So how can they continue to meet the needs of their customers and compete in the current challenging environment whilst future-proofing their growth? Embracing the digital customer journey is the answer.
Webinar 2
26 July, 12pm – 1pm
Customer-centric technology such as money management tools that solve key financial pain points and improve visibility and financial wellbeing, are integral in increasing customer engagement and retention. These customer offerings are now an expectation not a
nice-to-have.
Webinar 3
3 August, 12pm – 1pm
Utilising Open Data to streamline the lending process, reduce decision time, and improve product personalisation for customers are just some of the benefits of Lending as an Open Banking use case. Some mutuals are ahead of their peers, and others are slow to address these opportunities.
Open Data in Action
Frollo Open Banking Platform
Financial Passport
Streamline your lending decisions.
Money Management
Financial well-being for your customers.
End-to-end Open Banking
The most advanced and reliable platform on the market.
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Download The state of Open Banking 2023
Register below to download the State of Open Banking 2023: A pulse check of the industry packed with research, insights, case studies and interviews.
