Wednesday last week the ACCC revealed that Frollo is one of 10 participants selected to participate in testing the Consumer Data Right ecosystem. Open Banking is the first stage.
As part of this trial we will be working with Australia’s big banks to begin testing the sharing and integration of financial data in the lead up to Open Banking’s official launch.
Open Banking is a government led scheme which mandates banks share consumer data in a machine-readable way when customers request it. The objective is to reduce the friction of changing financial service providers, help consumers get better deals and to spur innovation through competition.
At Frollo we believe this will enable us to achieve our goal of improving our users’ financial well being, as this all starts with giving them a full overview of their finances and identifying opportunities to improve.
Some of the benefits that Open Banking will initially provide for consumers:
- Speed – Linking accounts will take a fraction of the time, and account balances & transactions will be updated quicker and much more frequent
- Control – It will be easier for consumers to manage which data they share
- Better information & insights – Having better quality data in Frollo will help us provide users with more relevant insights and tips
- Peace of mind – Australian government led scheme means improved regulation around data sharing, consent and security
We’re very proud to be part of this group of pioneers to blaze a trail and share what we learn in the new Open Banking / API-driven economy.
