One of Australia’s biggest customer-owned banks, Beyond Bank, is to team up with a leading fintech, Frollo, to offer a new proposition for customers.
Frollo, who are one of the biggest names in Open Banking in Australia, will create a white label personal finance management platform for Beyond Bank, an app that will allow them to expand their customer offering.
The app will be available in 5 to 8 week and will empower customers to access their banking information, give them AI-powered insights into their finances and track their income and outgoings.
Beyond Bank already have an award-winning app available, but with Frollo onboard, it will be able to deepen and strengthen their proposition to customers.
Beyond Bank CEO Gareth Gumbly explained what customers can expect from this partnership.
“Beyond Bank will be launching their own, fully featured money management app, powered by Frollo,” he said. “Customers will be able to see all of their financial accounts in one place, see where their money is going and receive smart insights to help them improve their finances.”
“Financial wellbeing is becoming increasingly important for banks, especially for customer-owned banks with a focus on their members’ wellbeing. It’s crucial for them to stay ahead of the trend and deliver value through innovative new features, in order to become their customers’ main banking app in this fragmented landscape.”
According to Gumbley, customer-owned banks are old enough and established enough to have the reputation of a big bank, but small and agile enough to make innovations such as this.
“Customer-owned banks are in a unique position with their focus on delivering value to their members, and the trust that results from this,” he said. “Whether customer-owned banks are agile enough to innovate depends on a lot of things, but Beyond Bank certainly shows an appetite to innovate and learn.”
