Frollo, Open Banking and Their Financial Passport

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Frollo

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  LordSydney on 14/12/2021 - 17:01

  Best option would be to have several bank accounts, don't have salary paid into it & keep the Frollo one nice and shiny for your "borrower profile"

  • 

    hungryaussie on 14/12/2021 - 19:05

    But what does a good borrower profile look like? Why wouldn’t you have your salary paid into it?

    • 

      LordSydney on 14/12/2021 - 23:02

      But what does a good borrower profile look like?

      Think: "would this look bad to a lender?" "does it fit the profile of the average individual/couple/family in my situation or the optimal borrower?"
      I don't know if mortgage brokers are still being incredibly picky, but when there was the massive crackdown on loans a couple years ago, people were getting declined for simply having too many misc small purchases on their bank statements like takeaway, coffee, etc…

      Why wouldn’t you have your salary paid into it?

      Either way, keep misc random purchases and income/salary separate.

• 

  Choc83 on 14/12/2021 - 17:12

  Always buy your coke, hooks and cigarettes on your revolut card

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  EightImmortals on 14/12/2021 - 17:29

  +1

  A few mobs are starting on this data sharing route ATM, I wonder how long it will remain 'opt in'?

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  hungryaussie on 14/12/2021 - 19:09

  +1

  I moved from Pocketbook to Frollo because of security and privacy concerns, thinking that their use of open banking / CDR might make them more pro-consumer. I’m sure others did the same.
  For me the lesson is to keep your expenditure tracking in one place: your computer (or on pen and paper). It’s a shame, because the convenience of daily API calls and phone integration is very attractive, but seemingly at the price of your financial information.

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  leiiv on 14/12/2021 - 22:29

  Is there any other alternatives?

  • 

    hungryaussie on 14/12/2021 - 23:21

    Personally I’m going to YNAB4, the old desktop version. There are a variety of options but each have different pros and cons. In the case of YNAB4, it’s the lack of integration with banks.

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  silenthillrocks on 15/12/2021 - 08:18

  +1

  If the product is free, you are the product

• 

  AssociatedPiet vd Boer @ Frollo on 15/12/2021 - 13:22

  +1

  Hi, you're on the right track with whitelabelled apps, but we don't sell your data - ever.

  Frollo is a purpose driven business, we build technology to improve financial wellbeing (like our app, financial passport and other tools) and we sell this technology to other businesses. Clients like Volt, Canstar and ANZ use our technology.

  The Frollo app in the App store and Play store is free, and we don't sell the data. It's part of our mission to help improve the financial wellbeing of Australians to make this app freely available. We measure the impact we're having, and we see that people reduce debt and increase savings by using our app - that's important to us. Having the app freely available in the app stores also helps us show potential clients what they can buy as a whitelabel app (much more powerful than a slide deck :-) ).

  Brokers can offer our 'Financial Passport' to their clients, to streamline the fact finding process. Clients can link their financial accounts to generate a snapshot of their finances (income, expenses, assets and liabilities). They can use this to better understand their financial position and have a more informed conversation with their broker. They can also share this data with their broker, if they want to.

  I hope this clarifies things a bit.

  • 

    knobbs on 16/12/2021 - 17:07

    I am currently using pocketbook to export all the data from my different CCs/Banks to put into my google sheet doc which helps me track all my years of spending and categories. Is this something I can do for free with Frollo?
    I do a lot of CC churning so am unsure if all my current banks would support open banking as well. However if I can still perform the same functions I would be tempted to move away from Pocketbook.

    • 

      AssociatedPiet vd Boer @ Frollo on 06/01/2022 - 15:10

      Just saw your reply :-) Frollo doesn't offer export functionality, so although you'll be able to pull the data in from your bank, you won't be able to export it to an excel or Google sheet.

      In terms of bank support, we currently have more than 45 banks on Open Banking, with more coming on every week. Only the Big Four banks currently support data sharing for 'joint accounts', mortgages and personal loans, but other banks are required to allow their customers to share this data in the next few months.

      You can find a list of all the banks that are live (or not) here: https://frollo.com.au/open-banking/open-banking-api-performa…

      • 

        knobbs on 06/01/2022 - 15:12

        Ahh dam the export is a killer for me. Is there any plans of adding an export feature?

        • 

          AssociatedPiet vd Boer @ Frollo on 06/01/2022 - 16:24

          @knobbs: To be completely honest, not really… We get asked this question every now and then, so we've considered it a few times. It just never makes it to the top of the priority list.

          Our focus is mainly on delivering more value in the app itself, and that's where we spend our development resources (and there's plenty for us to do in the app!). Because the app is a version of the app we sell to businesses (like Canstar, Beyond Bank, Virgin Money, Volt Bank etc.), their priorities weigh heavily in our development roadmap. And they're mostly focused on in-app features.

          I'll add another point for 'export functionality' on our product board though ;-)

          • 

            reomyr on 07/07/2022 - 14:46

            @Piet vd Boer: Please add my vote for the ability to export to csv and create custom categories.

      • 

        mikeys on 16/08/2022 - 13:08

        +1 vote for CSV export. @Piet vd Boer

        As a former PocketBook user, this is a vital component of any budgeting app, especially come tax time!

  • 

    Mr Krinkle on 17/08/2022 - 07:16

    Can you please clarify where you collect your revenue from?

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  Vietsoldier on 22/09/2022 - 00:28

  Wemoney allows exporting to CSV, pity pocketbook is gone…