Key Takeaways:
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Using Frollo provides you and your mortgage broker with the ability to securely gather financial data that can be used to prepare, complete and submit loan applications.
It improves the accuracy of the application and gives your broker a more complete and independent view of your financial commitments so they can provide you with the best recommendation.
Under the Government regulated Consumer Data Right (CDR) framework, mortgage brokers are defined as Trusted Advisers. Through the CDR framework (for banking known as Open Banking) you can request your financial institution to share your data with your broker through a CDR Disclosure Consent. This means that instead of emailing your broker your bank statements, you can use automated technology and provide consent for your financial data to be shared with your broker directly.
Financial data and insights prior to loan submission reduces re-work and speeds up the assessment and approval process - meaning a faster time to yes for your loan application.
Frollo is available to you and your broker at no cost by NextGen and Frollo.
Benefits
- Provide your broker with the ability to securely gather financial data that can be used to prepare, complete and submit your loan applications.
- Improve your customer experience by not using paper-based or digital (e.g. non-secure email or screen-scraped) methods to provide confidential documents like bank statements and payslips.
- Reduce reconciliation and processing time via system-to-system integrated services, speeding up the approval time for your loan application.
- Reduce potential risk and fraud by providing secure, Government regulated information collection, storage and disclosure.
Lets get started!
Watch the videos and follow the step by step guide below:
How does the Frollo service work?
The process is explained below in three simple steps:
- Your broker invites you to share your data
- You provide consent
- Your broker accesses your data via their secure portal
Once your mortgage broker has started a request to use Open Banking, you will receive an email from Frollo inviting you to create a Frollo account and generate your Financial Passport.
You need to create an account, as this is where you manage who you are sharing data with and for how long.
You will be provided with access to Privacy Policy, Terms of Service and CDR Policy that outlines how we collect, use, hold and disclosure data that you provide consent to share under the Consumer Data Right (CDR).
These steps are required by the Australian Government and are part of the security and privacy protections for you through the CDR.
| # | Step | Example |
| 1 |
Get started: After you select Get started from your invitation email, you will be directed to your Frollo account. |
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| 2 |
Review Read the steps, Privacy Policy and Terms of Service then select Next. |
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| 3 |
Select your Consent period Select your 3, 6 or 12 month (future) consent period, you can withdrawal at at any time. Your broker will provide guidance on the optional time frame to suit you loan application requirements. For example: If you are a first home buyer, completing your pre-approval and securing the right property may take several months. Your broker may advise you to provide consent for 6 or 12 months in that scenario. |
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| 4 |
Confirm the CDR data you consent to collect and share You can drill down on each type to see specific data collected. Without consenting to all 3, the Financial Passport cannot be created and you will be unable to continue. |
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| 5 |
Key dates, supporting parties and data management Next, a summary of key dates and links to further information is provided. |
See list of supporting parties: See how you CDR data is deleted: |
| 6 |
Connect your accounts Next, securely connect your accounts. When a Provider (bank) is selected you will be securely transferred to their CDR site where you can nominate the accounts that you would like to share data from. There are 113 Data Holders (banks) to choose from. |
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| 7 |
Bank connection Your bank will provide you with a One-Time Passcode (OTP) commonly via SMS or your Banking App. Tip: You may need to open you Banking App to see the notification. You will then be guided by the bank's CDR site to select the accounts that you would like to share data from. |
Example: |
| 8 |
Connect all accounts Once the process is completed for one bank, you can continue to connect your other accounts. It's important to connect the accounts used for income, liabilities and expenses. This ensures an accurate holistic view of your financial position is generated. Tip: If a failure occurs, you can retry or Submit a request for help. |
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| 9 |
Frollo and bank communications When you connect a bank, you will receive confirmation via email from Frollo and via email and/or SMS from your bank. This may seem like a lot of communication, however it is required by the Government to ensure that you are fully informed from both parties that your data is being shared, with who and for how long. |
Example NextGen collection email from Frollo: Example Bank data sharing advice email: |
| 10 |
Disclose your data to your mortgage broker Review the information to confirm your consent to disclose your data to your broker. Select Yes, I consent. |
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| 11 |
You're done! Your Financial Passport data and documents will be available to your broker to retrieve from their secure portal within a few minutes. They will be in contact to further discuss. |
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| 12 |
Home page Via your Home Page, use the Consent Dashboard to manage your data collection and disclosure (sharing) preferences. View all active and expired consents. You can also Contact us for support. A link to this feature is available in your collection and disclosure emails. |
Example disclosure email: |