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Four Australian FinTechs using open banking tech and data aggregation

By Leandra Monteiro

March 19, 2021

  • Australia
  • Four

Open banking, FinTech, data aggregation, Australian, Frollo, Moneysoft, Uno Homeloans, 86 400, loans, lending, neobanks Open banking has been touted as a game changer for the lending industry for months now. According to the EY FinTech Australia Census 2020, The FinTech sector in Australia is growing exponentially with as much as 78% of the industry now post revenue. Another segment of the industry that has simultaneously grown is the open banking technology sector.

While several companies have been making use of data aggregation for some time now, its adoption has increased with the development of Consumer Data Right (CDR) legislation. The CDR legislation has been expanded to allow the sharing of credit cards, debit cards, deposit accounts, home loans, personal loans, and joint accounts data.

The subsequent rise of data aggregation and open banking adoption have led to several significant benefits for Australian customers. Four companies in Australia making the most of this movement are-

Frollo: Frollo aims to helps customers keep track of their finances using data aggregation and open banking technology. They are on a mission to offer a free financial wellbeing app to both customers as well as small businesses in the app store. Frollo is an Accredited Data Recipient under Open Banking regulations. They were among the first to unveil when open banking went live in Australia in July 2020, and are leveraging the benefits of behavioural economics, artificial intelligence and better data to continue helping their Australian customers.

Moneysoft: Moneysoft is an automated personal financial management solution, allowing financial professionals and their clients, to collaborate in the areas of cash-flow, budgeting, and financial goal tracking. The platform aims to manage their Australian users cash flow and net worth and enhance their financial wellbeing.

Their new approach to money management allows the Moneysoft platform to provide one single-view across their client’s financial data. Earlier methods of financial data collection were mainly collected paper-based which in turn made information static. In order to overcome this, Moneysoft enables financial advisors to beyond the static nature of household finances and gain real-time information about income, expenses, and progress towards goals.

As such, Moneysoft allows Clients to effectively budget, manage their cash-flow and control their household finances. It also allows trusted advisers to empower clients, to make smarter financial decisions and to share the responsibility of achieving their financial independence.

Uno Homeloans: Uno banks on the power of technology to help customers find, apply for and monitor home loans across quality lenders. Uno has a team of home loan specialists who negotiate with lenders on behalf of their customers and help them navigate the home loan process. It’s mission is to have the world’s happiest home loan customers who never pay more than they have to on their home loans. The company pulls together financial data aggregation and critical information to give every day Australians the decision-making power they need.

86 400: 86 400 is an Australian neobank using data and technology to deliver a modified and more personalised, mobile-first banking experience. The smart bank has used data aggregation technology to enhance its customers financial wellbeing during COVID-19. It has also further enabled its customers by giving them the ability to see all their accounts in one place, delivering a better view of their financial lives and helping them take control of their money.


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