The first Australian bank to launch Open Banking to help people manage their finances says it is excited about the possibilities for its 290,000 customers.
Beyond Bank, one of Australia’s largest customer-owned banks, has commenced a pilot program that lets users see all of their money in one place by connecting them with more than 400 financial institutions.
Partnering with leading Australian fintech, Frollo, the new Beyond Bank+ app lets consumers share their data, putting it on one platform to help them track their spending, set financial goals and improve their overall financial wellbeing.
“With cost of living pressures putting many Australians under real stress, it’s important that banks do as much of the heavy lifting as they can to help individuals and families keep a close watch on household budgets,” said Mr Nick May, General Manager Customer Experience, Beyond Bank.
“Our customers are telling us they want easy, everyday banking tools they can trust while staying in complete control of their finances.
“This app allows our customers to understand their money better and, in turn, make smart decisions about their financial future.”
Beyond Bank, as an Accredited Data Recipient, partnered with Frollo because the fintech provided a proven end-to-end technical solution for a wide range of Open Banking uses.
“Partnering with Frollo made sense to us because its technology has a fantastic track record, increasing savings to customers by 11% in the first three months, reducing personal loan debts by almost 25% and improving credit card debt by 13% over six months,” said Mr May.
“It’s great to work with a partner like Beyond Bank with a vision that’s about more than just banking, and whose purpose aligns with ours. We’re excited about helping them use Open Banking to deliver financial wellbeing for their customers,” said Mr Tony Thrassis, CEO, Frollo.
Open Banking commenced in Australia in July 2020, allowing customers to give permission to accredited third parties to access their financial data under a data protection system protected by the rules of the Australian Competition and Consumer Commission (ACCC).
Permission can also be granted to allow access to mortgage, personal loan and joint bank account data with customers retaining full control over how their data is used.
Beyond Bank will conduct a review at the conclusion of the pilot expected later this year.
Further media information contact including photos and interviews:
Georgina McGuinness, Media Relations
Beyond Bank Australia
T: 0488 247 777
About Beyond Bank Australia
Beyond Bank has over 290,000 customers, $8 billion in assets under management and more than 40 branches in New South Wales, South Australia, Western Australia, ACT and Victoria. As one of Australia’s largest customer-owned banks, Beyond Bank partners with more than 4000 community organisations around the nation and was the first bank in Australia to achieve B Corp certification, a global movement of companies and organisations that use business as a force for good.