Beyond Bank Australia partners with Frollo to launch new app

By Leandra Monteiro

Beyond Bank, one of Australia’s largest customer-owned banks, has commenced a pilot program that lets users see all their money in one place by connecting them with more than 400 financial institutions.

Partnering with Australian FinTech, Frollo, the new Beyond Bank+ app lets consumers share their data, putting it on one platform to help them track their spending, set financial goals and improve their overall financial wellbeing.

“With cost of living pressures putting many Australians under real stress, it’s important that banks do as much of the heavy lifting as they can to help individuals and families keep a close watch on household budgets. Our customers are telling us they want easy, everyday banking tools they can trust while staying in complete control of their finances. This app allows our customers to understand their money better and, in turn, make smart decisions about their financial future,” said Nick May, General Manager Customer Experience, Beyond Bank.

“Partnering with Frollo made sense to us because its technology has a fantastic track record, increasing savings to customers by 11% in the first three months, reducing personal loan debts by almost 25% and improving credit card debt by 13% over six months,” added May.

“It’s great to work with a partner like Beyond Bank with a vision that’s about more than just banking, and whose purpose aligns with ours. We’re excited about helping them use Open Banking to deliver financial wellbeing for their customers,” said Tony Thrassis, CEO, Frollo.

Open Banking commenced in Australia in July 2020, allowing customers to give permission to accredited third parties to access their financial data under a data protection system protected by the rules of the Australian Competition and Consumer Commission (ACCC).