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Advisers and brokers operating under the AMP Advice licence package can now access Frollo’s open banking technology and money management app.
Financial advisers and mortgage brokers working in integrated financial services companies that are licensed with AMP Advice can now select to include Frollo’s Money Management Service as part of their licence package.
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AMP Advice has expanded its licensee offer to provide advisers and the 200 brokers in its network with access to Consumer Data Right (CDR) data (through the ‘trusted adviser’ model).
The CDR gives consumers the right to nominate ‘trusted advisers’ with whom they wish to securely share their financial data. This includes liabilities, interest rates, minimum repayments, and credit limits.
The AMP Advice partnership with open banking provider Frollo means that advisers and brokers can undertake a more efficient ‘fact finding’ by removing the need for clients to manually provide data.
It also enables them to monitor their clients’ ongoing financial position and identify opportunities to add value. However, the AMP Advice app does not yet integrate with AMP Bank’s banking system.
AMP Advice is also offering licensee businesses a client version of Frollo’s money management app that they can white label with their own company logo.
Clients can then use the technology to create an aggregated view of their financial position and utilise Frollo’s money management capability, including spending visualisations, loan details, budgeting, financial goals, and smart insights.
Speaking of the move, Matt Lawler, AMP Adviser director, said: “Our partnership with Frollo is part of AMP’s strategy to partner with leading fintechs to provide best-in-breed technology solutions to customers, advisers and brokers.
“It reflects a commitment to providing our advice network with a contemporary and market-leading service proposition, which supports the delivery of high-quality advice and broking services.
“Frollo’s technology streamlines the advice process and provides more opportunities for advisers to help their clients. Importantly, the tech platform also sets clients and advisers up to take full advantage of open banking as it evolves into other financial products in the coming years.
“Technology will play a central role in delivering quality advice to more Australians, and we’re committed to providing our network with access to the latest and the best.”
Frollo’s chief commercial officer Simon Docherty added: “This partnership validates what we’ve been saying for a while now, that the Trusted Adviser Model will drive a lot of the adoption in Open Banking this year.
“Financial advisers and mortgage brokers are close to their clients and have a real need for efficient and secure sharing of financial information.
“We’re excited that AMP is innovating and offering our Money Management app and Partner Portal to their network, as it helps them build a stronger relationship with their clients and be more proactive with their advice.”
The first use cases of brokers utilising open banking began in earnest this year, when aggregator Finsure partnered with Frollo and lending technology provider NextGen to offer its Financial Passport to its 2,500 broker members.
The solution, which was being used under a pilot last year, is fully integrated into the broker workflow through NextGen’s ApplyOnline and enables brokers to collect customer data for use in their loan application process.
The CDR ecosystem is currently being reviewed to consider enabling consumers to instruct accredited users to initiate actions on their behalf.
These actions could include switching providers, making a payment, opening and closing an account, and updating personal details (such as an address) across providers.
The Finance Brokers Association of Australia recently told the Senate that expanding this to enable brokers to go take action on behalf of their clients — for example, by switching lenders when refinancing — would speed up the mortgage process for borrowers.
[Related: CDR action initiation would benefit brokers, FBAA tells Senate]
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