What does WeMoney do?
WeMoney is a social financial wellness platform that allows its members to connect their financial accounts in one place (transaction accounts, credit cards, superannuation, crypto etc.). WeMoney members can also track their credit health and improve their credit scores over time. They can also access a passionate community of other WeMoney members sharing hints and tips to improve their finances.
How does the WeMoney app use Open Banking?
Open Banking enables WeMoney members to connect their financial accounts and see them all in one place.
WeMoney became an Accredited Data Recipient (ADR) in February 2022 and has been on a pathway to activate and bring online as many Data Holders (banks) as possible.
What are the key benefits of Open Banking for WeMoney users?
The key benefits of Open banking for WeMoney members are the ability to seamlessly and securely link their accounts and track & monitor their connections. Using Open Banking also means that WeMoney can offer its members an enhanced experience of seeing their transactions and spending in close to real-time.
Another benefit that WeMoney members will see over time is suggestions on how they can improve their finances in terms of spending, and opportunities to save money on existing financial products.
This case study is part of ‘The State of Open Banking 2023’, an industry report by Open Banking provider Frollo. The report provides a pulse check of the Australian Open Banking industry and an overview of exciting new use cases – some of which are Frollo clients, some of which aren’t. WeMoney is not a Frollo client.