State of Open Banking 2024 - Trusted Advisers

How Open Banking will help improve financial wellbeing

The Consumer Data Right (Open Banking) offers many opportunities for businesses to streamline processes, personalise products and improve their user experience.

As a purpose driven fintech, Frollo is particularly interested in the ways Open Banking can help improve the financial wellbeing of Australians. 

In our recent report on The state of Open Banking in Australia, respondents highlighted a number of interesting use cases focused on financial wellbeing. And as the leading Open Banking platform in Australia, we talk to many businesses about their plans to use CDR data.

Our founder & CEO Gareth Gumbley spoke about this topic at the Future Friendly festival on ‘Designing for financial wellbeing’. We’ve included a few of the examples he discusses below, as well as a video of his presentation.

Examples of using Open Banking to improve financial wellbeing

Aside from the most popular initial use cases for Open Banking data such as streamlining lending and customer onboarding processes, account verification and multi banking, we’re also seeing some exciting use cases with a focus on improving financial wellbeing.

Some examples are:

  • Building your credit score – Consumers can use their own financial data to build their credit score, proving their ability to repay loans without having to rely solely on what banks and credit agencies know about them
  • Identifying vulnerable customers – Sharing financial information with people or organisations you trust, so they can be notified when it looks like you’re in trouble
  • Proactive debt management – The ability to spot financial hardship and help people by offering them help, or a debt holiday
  • Risk based pricing – The opportunity to price products better for risk, and the specific situation of your customers

These are just a few examples of the ways Open Banking can help improve the financial wellbeing of Australians. Gareth talks about these and other opportunities in his presentation below.

Watch the presentation

Want to use CDR data? We’ll take care of the technology

Are you thinking about using CDR (Open Banking) data in your products? To improve your credit decisions, offer Personal Finance Management tools or product comparison to your customers? 

Use our market leading Open Banking platform to manage consent and collect CDR data, so you can focus on building the best product for your customers.

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