Introducing ‘Frollo for Brokers’
The tool, named ‘Frollo for Brokers,’ utilizes the Consumer Data Right (CDR) framework and Open Banking infrastructure to allow brokers to access real-time, permissioned account information with explicit client consent.
Digital Workflow vs. Manual Processes
This platform is crafted to replace traditional manual processes where account statements were gathered, shifting towards a digital workflow. By leveraging Open Banking, Frollo aims to reduce reliance on outdated methods such as screen scraping, which are being phased out by financial institutions for security and compliance reasons.
Partnership with NextGen
The solution is part of a collaboration between Frollo and its parent company NextGen. NextGen has already integrated Open Banking into ApplyOnline, a platform that has been involved in early phases of this integration alongside aggregator groups like Mortgage Choice, Finsure, and Connective, as well as lenders such as CBA and Westpac Group.
Enhancing Data Accuracy and Efficiency
Brokers using the tool can access categorized and AI-processed financial data to generate insights and complete fact-finding processes more efficiently. Representatives from NextGen report that early adopters have noted significant time savings and improved data accuracy, which help in reducing application rework.
Client Benefits
The shift to Open Banking simplifies the loan application process by eliminating the need for clients to gather and submit paper statements or other financial documents. This service is available to all mortgage brokers in Australia who are accredited with either the MFAA or FBAA, without any associated cost.
