Beyond Bank has become the next customer-owned bank to embrace Open Banking, signing a deal with provider Frollo that will allow the creation of a financial wellbeing app for the customers.
Frollo’s CDR gateway will power the app, providing customers with comprehensive access to their financial details in one place.
“Our new app, which we’re calling Felix, will help our customers get an oversight of their finances in one place and help them to achieve their financial goals,” said Wayne Matters, deputy CEO at Beyond Bank.
“It’ll help them better track spending, provide real time insights into their situation and allow them to set up savings goals and budget to see where their money is going.”
“It’ll provide them with a prompt for bills coming up so they can make sure that they’ve got the money for anything coming in.”
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Beyond Bank will be using the same data to create a loan application product for the broker channel in the near future.
“With Open Banking, the first use case that we see is this financial wellbeing app through Frollo, and that’s great for customers, but the next thing that we’re exploring is the home loan application process,” said Matters. “That will make that process easier for customers, for us and for brokers.”
“It’s still in the thinking stage for us, so a little hypothetical, but I see a world of Open Banking where a Beyond Bank customer – or even a non-customer – will be able to go to a broker and, if the broker decides that a Beyond Bank loan is right for them, they can pre-populate their application using Open Banking.
“That will make the application and approval process much faster for the customer and much easier for the broker, as they won’t have to sit down and work through all the information with the customer.”
