Open Banking reportedly “powers 70% of new account connections” in the Frollo app.
Frollo notes that they’re pleased to announce that they have “disabled screen-scraping for 20 more banks in [their] free money management app and instead will rely on Open Banking data for those banks.” Additionally, the team have “updated the app to make CDR account linking the default for any provider that supports it.”
In their third edition of its yearly State of Open Banking report, the firm “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 firm 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.”
They’re now at a point where in many cases, Open Banking is described as “a superior alternative to other ways of sharing financial information.”
Simon Docherty, Chief Customer Officer, Frollo, said:
“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.”
As noted in the update, recent high-profile breaches in telco and insurance “have brought security and privacy in data sharing top of mind for many consumers.” Open Banking reportedly “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.”