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The open banking provider is expanding beyond the consumer and offering services to enhance broker capabilities through its latest initiative.
Frollo for Brokers is an online portal that provides broker benefits, such as:
- Eliminates manual processes: No more chasing clients for bank statements – access verified financial data instantly.
- Reduces reliance on screen scraping: Open banking provides a secure, compliant alternative as banks phase out less secure methods.
- AI-powered insights: Financial data is automatically categorised and analysed, delivering actionable insights faster.
- Faster loan approvals: Reduced application times and improved accuracy lead to smoother approvals.
- Enhanced client experience: Clients enjoy a modern, secure way to share financial information without the hassle of paperwork.
Through the use of Consumer Data Right (CDR) data, Frollo services over 145,000 consumers through its money management app.
It also provides open banking solutions to lenders and others in the financial services industry in a bid to increase uptake.
NextGen acquired Frollo back in 2020 and, since then, it has helped integrate open banking into the ApplyOnline platform.
While there has been an increase in utilisation of open banking, namely through NextGen’s partnerships with Connective, Finsure, Mortgage Choice, CBA, and Westpac, there is still a lag in adoption.
Now that Frollo for Brokers is available to all brokers, there are hopes adoption will continue to rise.
“We are providing brokers with the choice to use Open Banking to deliver fast, safe and more transparent experiences for their clients,” said Renne Blethyn, Frollo’s head of broker partnerships.
“They no longer have to rely on screen scraping methods to access client account statements – an approach that’s becoming increasingly obsolete as banks phase it out over security and compliance risks.”
All MFAA and FBAA-accredited brokers can access Frollo for Brokers free of charge.
According to Frollo, its latest tool is “cutting hours from each application,” all while boosting efficiency, accuracy, and compliance.
“Frollo for Brokers transforms the manual, time-consuming task of collecting account statements during the fact-find process into a seamless digital experience,” said Frollo.
“With consumer consent, brokers can now access real-time financial information with just a few clicks, streamlining the home loan application process, boosting efficiency, and delivering better outcomes for clients.”
With 76 per cent of brokers still using screen-scraping technologies to source client data, there are hopes that the adoption of open banking will increase as legacy systems are gradually phased out.
[Related: Open banking underutilised by brokers]
