Frollo launches Open Banking portal for mortgage brokers

The tool, named ‘Frollo for Brokers,’ leverages the Consumer Data Right (CDR) framework and Open Banking infrastructure to enable brokers to access real-time, permissioned account information with client consent. 

The portal is intended to replace the traditional manual process of gathering account statements with a digital workflow. By using Open Banking, brokers can bypass outdated methods such as screen scraping, an approach being phased out by financial institutions over security and compliance concerns, in favour of more secure, direct data access from banks. 

The solution comes as part of Frollo’s collaboration with parent company NextGen, which has already integrated Open Banking into the ApplyOnline platform. Aggregator groups such as Mortgage Choice, Finsure and Connective, along with lenders including CBA and Westpac Group, have reportedly participated in early phases of this integration.

Improved data accuracy and efficiency in loan applications

Brokers using the tool can obtain categorised and AI-processed financial data, allowing them to generate insights and complete the fact-finding process more efficiently. According to representatives from NextGen, early adopters have noted time savings and improved data accuracy, which help reduce the likelihood of application rework. 

Company officials said the new platform offers brokers a choice to adopt Open Banking as a safer and more efficient means of accessing client data. They added that traditional data-sharing methods are becoming less viable due to increasing industry focus on data security. 

For clients, the shift to Open Banking simplifies the application process by removing the need to gather and submit paper statements or other financial documents. The service is immediately available to all mortgage brokers in Australia who are accredited with either the MFAA or FBAA, with no associated cost.