Canstar partners with fintech Frollo to launch the comparison site’s first app

Australia’s biggest financial comparison site* is today announcing a partnership with Open Banking provider, Frollo to launch Canstar’s first personal finance management (PFM) app.

Canstar is leveraging Frollo’s PFM platform to provide its customers with a market-leading mobile financial wellbeing tool. Users of the Canstar App are expected to benefit from AI-powered insights on their spending, bill tracking, budgeting, personal goal setting and Canstar offers.

The synergy between Frollo’s PFM working alongside Canstar’s product comparison platform means customers can be presented with actionable solutions based on the insights, such as showing the impact on their savings goal from switching to other products and timely offers.

The partnership enables Canstar to rapidly launch an app to market using traditional account aggregation and to start learning from user feedback on the customer experience before adding Open Banking functionality.

Commenting on the partnership and the launch of Canstar’s first app, the company’s Group Executive, Digital and Marketing, Sara Tweedly said, “Helping our customers in every way we can to make better money decisions is the driving force behind the launch of our app.”

“We already have tools that enable customers to check their credit score and to see if they are likely to qualify for a product, so the ability to see all their banking in one place is a great addition. We are thrilled to now be working with Frollo and excited about the opportunities this first foray into PFM solutions signals for Canstar customers.

“Operating a dual-sided marketplace with one of the biggest financial product databases in the country, we have the tech and capability to produce really meaningful data-driven insights and action for our customers.

“Canstar has over 700 brands on the site across more than 35 finance categories, meaning we are well-positioned with relevant offers from our partners to help our customers find the right product at the right time.

“All of this is just the beginning of our journey to merge managing your personal finances with the comparison service. The PFM space and the partnership with Frollo is an important step for Canstar. Imagine a world where we are able to rely on real-time banking data from customers to help to identify where they are paying too much and could save money by switching, and the means to make the move. This will be the ultimate personal finance management solution.”

With more than 2 million Australians** visiting the Canstar websites each month, the comparison platform presents a big opportunity for the future of Open Banking, says Frollo.

Frollo Founder and CEO, Gareth Gumbley said, “Canstar is a name and brand we trust; the team are innovators with an incredible platform and extensive audience reach. We’re excited Canstar has chosen to take financial comparison to the next level with Frollo’s personal finance management platform.”

“The possibility of what we can achieve together stems from our brands’ shared mission to improve people’s financial wellbeing. Linking PFM with a sizable comparison service means Australians will have the best of both worlds being the ability to understand their financial wellbeing and the means to improve it.

“There is so much more to explore in the comparison space and with Open Banking becoming more relevant to consumers we’re looking forward to the opportunity of working further with Canstar.”

* Please refer to: www.canstar.com.au/biggest-original
** Google Analytics data based on January 2021 to March 2021