P&N Group partners with Frollo to re-imagine the future of banking
Customer-owned P&N Group, on behalf of its P&N Bank and bcu retail brands, has announced a new partnership with Frollo – a purpose-driven Fintech that is one of Australia’s leading Open Banking providers – that will see the future of banking re-imagined for its customers.
In developing its current five-year strategy, the Group set out its core purpose to enrich the lives of their customers through greater financial empowerment and superior customer experience.
With a focus on innovation, digitisation and automation, P&N Group sees Open Banking as a key enabler to enhancing its customer value proposition.
With access to Frollo’s Consumer Data Right (CDR) Gateway, the Group plans to initially offer customers a more holistic and enriching digital experience, leveraging their Personal Financial Management (PFM) platform to complement its existing suite of digital banking tools. This platform is due to launch in 2022.
“Consumer trust is going to be a key element in the take-up of this new way of banking and partnering with a trusted organisation like Frollo sets us on the right path from the outset,” stated Phil Thistlethwaite, Chief Transformation Officer at P&N Group.
Thistlethwaite said the Group was thrilled to announce the CDR Gateway partnership with Frollo which is the first step of a strategic and phased approach to realise the benefits of Open Banking for its customers.
“With the pace of change, levels of fintech 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,” 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 well-being. Open Banking is a key building block to delivering more innovative banking offerings to our customers.
“By offering customer-centric technology that solves key financial pain points, such as money management, and the home loan application process, not only will we make it simple to do banking with us, we will also make it simple for our customers to get ahead.
“Consumer trust is going to be a key element in the take-up of this new way of banking and partnering with a trusted organisation like Frollo sets us on the right path from the outset.
“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.
“This step is just the beginning. We’re inspired and motivated to create a bright future for our customers in partnership with innovative organisations like Frollo.”
“It’s great that a customer-owned banking group like P&N Group leads the way by embracing Open Banking to help their customers improve their financial wellbeing,” said Gareth Gumbley, Founder & CEO of Frollo.
Gumbley praised P&N Group and its brands for its vision in how Open Banking can improve the lives of its customers, and for making Open Banking a strategic priority.
“As a purpose-driven fintech, Frollo is on a quest to help people feel good about money. It’s why we’re so excited about this partnership,” Gareth said.
“It’s great that a customer-owned banking group like P&N Group leads the way by embracing Open Banking to help their customers improve their financial wellbeing.
“We’re proud to be able to support the Group on this journey by providing our Open Banking technology. This is exactly what we want to see happening with the Consumer Data Right in Australia and we can’t wait to bring open banking to life for P&N Bank and bcu customers.”
