Police & Nurses (P&N) has gained access to Frollo’s consumer data right (CDR) gateway, allowing the group to add the fintech’s personal financial management platform to its suite of digital banking tools.
The platform is set to launch for customers across the P&N Bank in Western Australia and bcu in NSW and Queensland in 2022.
P&N Group chief transformation officer Phil Thistlethwaite commented the partnership is the first step of a phased approach to open banking, within the bank’s greater five-year transformation strategy.
“With the pace of change, levels of disruption and the continuing consolidation of the customer-owned banking sector, we’re committed to playing a leading role in offering more Australians a genuine banking alternative to the major banks,” Mr Thistlethwaite said.
“Our five-year transformation journey focuses on making banking simpler for our customers, and that includes their ability to manage their overall financial wellbeing. Open banking is a key building block to delivering more innovative banking offerings to our customers.”
He added the technology is expected to solve “key financial pain points” such as money management and the home loan application process.
“As people become more familiar with the technology and trust in the CDR grows, they will ultimately have more control and access to tailored information that will help optimise their financial wellbeing,” Mr Thistlethwaite said.
“This step is just the beginning.”
Non-major banks and other brands were meant to commence sharing data around products such as savings accounts, term deposits, credit and cheque cards and debit card accounts at the start of July, under the open banking regime.
The big four banks and Regional Australia Bank teamed with Frollo in 2020.
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Sarah Simpkins is the news editor across Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.