Frollo brings open banking to Android in Australia with new budgeting app

By Edil Corneille

Australian financial technology (FinTech) company, Frollo, launches Open Banking on Android with their new budgeting app. The Frollo app, a way for consumers to turn around their finances, has received a major update on both Android and iOS to bring new innovative features to Australians.

Rebuilt from the ground up, the new app has significantly improved some of its most popular features to make it even easier for individuals to stay on top of their money.

A key feature many Australian Android users have been waiting for is real-time transaction insights using Open Banking (CDR) account linking. Back in July 2020, Frollo was the first to go live with Open Banking in Australia, when it launched their new iOS app. From today, Android users in Australia can also enjoy the many benefits of CDR, like increased security, real-time updates and better insights.

Frollo is rolling out product comparison and Next Best Product (both in beta). For example, by combining users’ financial information like account balances, with information about interest rates for all available savings products in Australia, it’s possible to provide a product comparison that shows users the actual impact of a product switch.

This comes after the Frollo app was first to introduce real-time product information (powered by Open Banking) in October 2020, to help users better understand their rates, fees & benefits.

The Frollo app introduces a number of new and improved features bringing automation and personalisation to the app:

• Budgets are now completely customisable: Budget cycles can be adjusted to match paycycles. Users can set multiple budgets and they can set them for spend categories.
• Users can now link a goal to an account and let Frollo automatically track their progress. For example, if a user is saving for a house deposit on a separate saving account, Frollo will keep track and share updates along the way.
• Advanced Search & Filter introduces keyword and merchant search within specific date ranges, amounts, accounts, categories or even custom tags.
• The app comes with many UX/UI improvements to make it easier to navigate the app, find, read and understand the information.
• To further personalise the app, the dashboard is now customisable. Users can decide for themselves what information they want to see, and in which order.