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Beyond Bank makes open banking play

20 October 2021 5:55AM

Beyond Bank hopes to deepen its relationships with its members by offering a personal financial management service, using opportunities opened up by the Consumer Data Right.

At the end of June, the South Australian-based mutual bank announced it had signed up with accredited data recipient Frollo, which is providing a white label version of its PFM app.

Beyond Bank members will be able to see all their financial accounts in one place, see how their money is being used and receive “AI-powered” insights to help them improve their finance.

This plays to Beyond’s strengths. Unlike many other mutual banks it offers wealth management and business banking in addition to home loans and deposits.

Its 2020/21 financial report shows that loans under management grew by 4.7 per cent to 6.2 billion over the year, while deposits grew by 12.4 per cent to A$5.9 billion.

Net interest income grew by 10.4 per cent to $146.6 million and total operating income grew by 8.2 per cent to $170.1 million.

Net profit rose 30.1 per cent to $32.8 million.

 

 

 

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