Beyond Bank partners with Frollo to develop app

According to Beyond Bank, the new app – named “Beyond Bank +” – allows users to share their data from more than 400 financial institutions, allowing them to see their finances on one platform. 

The customer-owned bank has said this will allow its customers to overall improve their financial wellbeing. 

The pilot commenced on 7 June and is expected to conclude before the end of the calendar year. 

Beyond Bank general manager customer experience, Nick May, elaborated further on the vision of the app, noting it comes following customer demand. 

“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,” Mr May said. 

“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.” 

The announcement marked the latest development in the partnership between Frollo and the customer-owned bank.

In December, Beyond Bank revealed it would gain access to the fintech’s open banking data-sharing platform CDR Gateway. 

Beyond Bank has been an accredited data recipient under the consumer data right since September. 

In June 2021, Beyond Bank confirmed Frollo would be assisting the bank in developing a white label app for its customers. 

Beyond Bank has said that the decision to once again partner with the fintech is based on its “proven end-to-end technical solution for a wide range of Open Banking uses”, with Mr May adding that its technology “has a fantastic track record”. 

Frollo chief executive Tony Thrassis added that he believed it was “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,” Mr Thrassis said.

Late last month, Beyond Bank confirmed it had also expanded its partnership with another fintech, revealing it would be adopting NextGen’s complete ApplyOnline platform to establish a single system across its first and third-party channels. 

Mr May commented at the time that the bank’s top priority “has been and will always be the financial wellbeing” of its customers, “so we need to invest in systems and processes that help us ensure the customer journey is as efficient, smooth and easy as possible”. 

“Lending is central to what we do, so investment in a modern, innovative and integrated loan origination system is an essential part of our current transformation program,” Mr May said.

[Related: Beyond Bank to use open banking platform]