Open Banking powers 70% of new account connections in the Frollo app
Sydney, 17 November 2022 – In a move that shows the growing maturity of Open Banking in Australia, Frollo has disabled screen scraping for 20 more banks in its free money management app and instead will rely on Open Banking data for those banks. Additionally, Frollo has updated its app to make CDR account linking the default for any provider that supports it.
In the third edition of its yearly State of Open Banking report, Frollo called on the government to launch a consumer awareness campaign for Open Banking, noting that the ecosystem is mature enough to provide a superior alternative to screen scraping. After initially removing screen-scraping for ANZ, CBA, NAB and Westpac in October, the fintech is now pushing ahead by making Open Banking the only option for users to link their accounts with 20 more banks – including Macquarie Bank, St.George, Beyond Bank and P&N Bank.
Frollo’s Chief Customer Officer Simon Docherty explains why now is the time to push ahead with Open Banking: “In the two and a half years we’ve been live with Open Banking, it has progressively improved: Better coverage, improved reliability and richer data. We’re now at a point where in many cases, Open Banking is a superior alternative to other ways of sharing financial information.
Recent high-profile breaches in telco and insurance have brought security and privacy in data sharing top of mind for many consumers. Open Banking provides a more secure, privacy-focused way to share financial data that gives control of data to the customer, so it makes sense for us to make Open Banking the default and phase out screen-scraping where possible.
It’s exciting to see that the market is finally moving to Open Banking. For example, innovators like Beyond Bank and P&N Bank have recently launched financial-wellbeing apps, providing customers with a complete view of their finances using Open Banking.”
Source: Fintech Australia