3 FinTechs in Australia using open banking and data aggregation tech

3 FinTechs in Australia using open banking and data aggregation tech

By Leandra Monteiro

Open banking and Data aggregation have been touted as game-changers for the lending industry. Several companies have been making use of data aggregation for some time now. Furthermore, its adoption has increased with the development of Consumer Data Right (CDR) legislation. The CDR legislation has been expanded to allow the sharing of credit cards, debit cards, deposit accounts, home loans, personal loans, and joint accounts data.

The subsequent rise of data aggregation and open banking adoption has led to several significant benefits for Australian customers. Four companies in Australia making the most of this movement are-

Frollo: Frollo aims to help customers keep track of their finances using data aggregation and open banking technology. They are on a mission to offer a free financial wellbeing app to both customers as well as small businesses in the app store. Frollo is an Accredited Data Recipient under Open Banking regulations. They were among the first to unveil when open banking went live in Australia in July 2020, and are leveraging the benefits of behavioural economics, artificial intelligence and better data to continue helping their Australian customers.

Moneysoft: Moneysoft is an automated personal financial management solution, allowing financial professionals and their clients, to collaborate in the areas of cash-flow, budgeting, and financial goal tracking. The platform aims to manage their Australian user’s cash flow and net worth and enhance their financial wellbeing.

Their new approach to money management allows the Moneysoft platform to provide one single view across their client’s financial data. Earlier methods of financial data collection were mainly collected paper-based which in turn made information static. In order to overcome this, Moneysoft enables financial advisors to beyond the static nature of household finances and gain real-time information about income, expenses, and progress towards goals.

As such, Moneysoft allows Clients to effectively budget, manage their cash flow and control their household finances. It also allows trusted advisers to empower clients, make smarter financial decisions and share the responsibility of achieving their financial independence.

86 400: 86 400 is an Australian neobank using data and technology to deliver a modified and more personalised, mobile-first banking experience. The smart bank has used data aggregation technology to enhance its customer’s financial wellbeing during COVID-19. It has also further enabled its customers by giving them the ability to see all their accounts in one place, delivering a better view of their financial lives and helping them take control of their money.

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