Australia-based fintech Frollo has revealed plans to remove screen scraping from its money management app in favour of Open Banking. With screen scraping, financial service providers can obtain sensitive information such as account balances and transaction details from a customers' internet banking interface.

This information can then be used to provide personal financial management services. Through screen scraping, financial service providers can also obtain access to a user’s banking ID and password. Money management app Frollo has already phased out this method for Australia's four primary banks, and it plans to do the same for 50 other banks by the end of 2022.

According to Frollo representatives cited by savings. com. au, getting rid of screen scraping is about more than just improving the user experience on the app.

The fintech wants consumers to oversee their own data, particularly in the context of the Consumer Data Right (CDR). The same representative stated that more than eight out of 10 new accounts linked in the Frollo app are already using Open Banking. As screen scraping is progressively phased out, it will eventually only be used for banks and products not covered under the CDR.

Consumer Data Right and Open Banking in Australia The Consumer Data Right law passed through Australia’s parliament in August 2019, and according to savings. com. au it has now started to influence the banking sector.

In this context, a new Open Banking environment is shaping up. According to the same source, Open Banking can help users manage their finances better by implementing budget goals, comparing products, and saving money on loan products. Frollo, for instance, has a savings challenge feature that allows users to set goals such as reducing their fuel consumption or food delivering spendings.

With Open Banking, users can also share their banking data between different banks and potentially get better deals on home loans or other products. What has Frollo been up to lately? In November 2021, Frollo has partnered with Volt to build and launch a new banking-as-a-service (BaaS) app that is fully integrated with Volt’s core banking system. In the same month, Frollo signed AFG as a client for their Open Banking platform.

In April 2022, Frollo launched a free tool for consumers to get a snapshot of their finances. This Financial Passport is powered by Open Banking and provides an easy-to-understand overview of income, expenditure, assets, and liabilities for the last twelve months. .