BCU BANK launches a new open banking tool, mymo

By Leandra Monteiro

BCU Bank (BCU), has launched a new personal financial empowerment tool, mymo by BCU. The new tool has been developed in partnership with Frollo and launched under the Australian Government’s Consumer Data Right (CDR) Scheme as part of Open Banking.

Through mymo, BCU customers will have access to a range of powerful money management and financial well-being tools, allowing them to keep better track of their spending and budgeting all in one place to achieve better financial empowerment.

BCU Bank, General Manager, Mark Smyth said, “Through our research, we know most of our customers give themselves a pass mark for financial literacy; but they don’t have the intimate knowledge around what they should and shouldn’t be looking for. Using mymo by BCU, our customers will be able to keep a better track of their spending, goals and budgeting to achieve financial empowerment. They can also make the app their own through personalisation, including reorganising transactions categories, because it’s their money, used and spent their way. Technology and apps are an important part of the banking experience, and in today’s world they are expected to be easy, intuitive, and part of the day-to-day.”

Frollo CEO, Tony Thrassis said, “We recognise that financial well-being tools are an essential component of the modern digital banking experience, and we believe that Open Banking is the key to providing customers with a comprehensive view of their finances”.

“We are thrilled to collaborate with BCU to leverage Open Banking’s potential to deliver even more value to its customers. This partnership is a testament to our shared commitment to innovation, and we look forward to working closely with BCU to drive positive change in the industry.”

The tool includes features designed to help customers make their money work for them. Safely and securely linking a customer’s accounts across all financial institutions in one place, mymo provides users with a full picture of their finances, with personalised insights and reminders to help them take control of their budget and reach their goals faster.