Android users can get their first taste of Australia’s new data portability scheme from today following an update to Frollo’s mobile application to add open banking data.
The Sydney fintech’s app received a major update for Android to incorporate real time transaction insights using Open Banking account linking. The Apple app has had access since last year as banks began sharing certain data, with Frollo claiming the title as the first local app to incorporate open banking data.
Under Australia’s Consumer Data Right scheme, which is first being applied to the finance sector through Open Banking, consumers can request access to their financial data in a machine-readable way and banks must make product data similarly available.
The intention is to use data portability as a way of reducing barriers to switching and also spur innovation in the local sector.
Frollo’s app uses bank’s product data as well as account linking to pull in real-time information about financial products and users’ own transactions. Before open banking such features would require indirect workarounds like screen scraping, considered to be less secure.
While major banks have been under pressure to open ap their customers’ data through the regulator led, mandatory scheme that began with Australia’s Big Four, Frollo is one of the smaller players pushing to innovate with newly portable data.
The fintech’s financial management app allows users to connect multiple bank accounts and financial products, using the data to track expenses, savings, and credit cards, as well as develop budgets.
Today Frollo announced Open Banking Data would also be used in two more new features: product comparison and Next Best Product (both in beta).
Frollo explains, “By combining users’ financial information like account
balances, with information about interest rates for all available savings products
in Australia, it’s possible to provide a product comparison that shows users the
actual impact of a product switch.”