The new product will be fully integrated with Volt’s banking system and can be white labelled for the neobank’s BaaS customers.
Volt will also become the first lender to use Frollo’s open banking-powered Financial Passport software, to automate its lending decisions and assess borrowers’ financial situations.
Volt’s first customer to roll out its BaaS app is broker firm Australian Finance Group (AFG).
AFG launched its customer app, branded as Handl. By AFG, for a pilot group of 125 brokers in October, before its roll-out for all of the company’s 3,050 brokers early next year.
The app allows AFG customers to see and manage their AFG Sparc home loan product, open and manage a Volt savings account, make payments and manage a Volt debit card.
The Volt BaaS app will also offer other open banking benefits, such as personal finance management features for users, who will be able to link accounts from 80 other financial institutions.
All transactions will be categorised by artificial intelligence, which will identify merchants, bills and paydays – aiming to allow users to plan ahead and track their finances.
Steve Weston, chief executive and founder of Volt noted the bank’s longstanding relationship with Frollo, having previously worked together on other apps.
“Frollo also helped us test our data holder solution and helped us with our data recipient accreditation, so when it came time to build a next-generation banking app with a full suite of open banking and PFM features to accompany our new BaaS offering, they were the obvious choice,” Mr Weston said.
Volt’s former consumer app will also be updated with the new build, now offering customers a full overview of their finances, with automated insights, nudges and spend graphs.