Fintech Frollo is taking a lead in the open banking market, signing up comparison site Canstar, which will use Frollo’s personal financial management platform as the basis for a set of financial wellbeing tools.
Last October, Bank of Queensland contracted with Frollo to develop money management and financial wellbeing features for its revamped Virgin Money, which was relaunched last week in an all-digital format.
Frollo has been operating since 2017, offering consumers a budgeting and personal financial management app.
It is a Consumer Date Right accredited data recipient, which means it can offer services using CDR. Consumers have the right to direct their bank to share their data with an accredited data recipient.
It has B2B side to its business, offering financial institutions a developer portal that allows them to create their own apps.
Virgin Money will use the Frollo platform to give customers more detailed transaction information and insights into their spending, as well as the ability to track bills, create a budget, and set personal goals.
Canstar said it is developing a mobile app that will blend a range of financial wellbeing tools with its comparison service.
Canstar group executive, digital and marketing, Sara Tweedly, said in a statement that the Frollo platform would provide it with feedback on consumers’ financial experience.
It would combine this with its own product data to alert consumers to money-saving product switching opportunities and other benefits.
Canstar said two million Australian consumers visit its site each month.