Frollo disables screen-scraping for 20 additional banks in a move that shows the growing maturity of Open Banking in Australia.
- Open Banking powers 70% of new account connections in the Frollo app
Sydney, 17 November 2022 – Frollo has disabled screen scraping for 20 more banks in its free money management app and will now rely on Open Banking data.
The company also updated its app to make CDR account linking the default for any provider that supports it.
Frollo argues in the third edition of its State of Open Banking report that the ecosystem is now mature enough to offer a better alternative to screen scraping for consumers.
After initially removing screen-scraping for ANZ, CBA, NAB and Westpac in October, the fintech 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.
Frollo’s Chief Customer Officer Simon Docherty says now is the time to push ahead with Open Banking
“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.” explained Docherty
Many consumers have become concerned about data security and privacy in light of recent breaches at telco and insurance companies. Open Banking allows customers to share financial data in a more secure, privacy-focused way, therefore we plan to make it 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.” says Docherty
Frollo, an Australian market leader in Open Banking is a purpose-driven fintech trusted by clients like Beyond Bank, P&N Bank, Finsure and bcu.
