Frollo confirms app screen scrape phase-out

Screen scraping is a form of automated data collecting that allows a third party, following approval, to access a customer’s internet banking data. 

While historical, open banking has previously been considered a more secure, and more customer-centric, form of data gathering.  

According to Frollo, the decision to replace screen scraping with open banking, where available, is focused on improving security, user control and access to real-time transaction data.

The fintech has confirmed that screen scraping has already been cut for all of the big four banks, and that open banking will replace screen scraping for at least 50 other banks by the end of the calendar year. 

Elaborating on the decision, Frollo chief executive Tony Thrassis commented that the move is about “much more than just the user experience in our app”. 

“It’s the start of a new era where consumers are in control of their own data, they can share it securely and their privacy is protected,” he said.  

Mr Thrassis added that “more than eight out of 10 new accounts linked in the Frollo app” are using open banking.

He said that the fintech expects this to increase as it progressively phases out screen scraping for other banks “until it’s only used for banks and products not covered under the CDR”.

Mr Thrassis later commented that fintech’s research “shows that consumers care a lot about their privacy and security when sharing financial information”. 

“Yet, many consumers share their banking ID and password with third parties to get access to products and services. Most consumers probably don’t even know who gets access to their credentials nor think about what they could do with that type of unrestricted access. 

“It’s a familiar paradox also seen in other industries, with one big difference: Finance now has an alternative."

Frollo’s chief customer officer Simon Docherty commented that open banking replacing screen scraping is a trend occurring all across the market. 

“We’ve seen a similar phasing out of screen scraping happen already in the UK market where Open Banking is more mature,” Mr Docherty said in a statement to The Adviser. 

"Frollo's bank partners like Beyond Bank have bypassed screen scraping and gone direct to open banking data for all banks for their new consumer-focused financial wellbeing app,” he added, also noting that he believes this move will also benefit brokers.  

“We will continue to see increasing confidence from all third-party channels to implement data driven solutions using only open banking data,” Mr Docherty concluded. 

Last month, Frollo confirmed that it had furthered its partnership with Beyond Bank, with the two commencing a pilot for the non-major lender’s new customer-focused app. 

In April, the fintech revealed it would be integrating its “financial passport” with its app, allowing users access a 12-month overview of their income, expenditure and assets. 

[Related: Beyond Bank partners with Frollo to develop app]