Best practice guide for Frollo for Brokers
Open Banking is an Australian Government regulated, safe and secure way for clients to share financial data with their mortgage broker as their Trusted Adviser. Security is superior, with no need for sharing of internet banking passwords. Open Banking improves the speed and accuracy of completing loan applications - driving a better experience for consumers, brokers and lenders.
This is a practical guide to the best practice steps for brokers and their clients using Open Banking:
- Develop a confident understanding of CDR and Open Banking
- Review processes to make Open Banking work best for you
- Communicate the client process and keep close contact
- Understand the known points of friction
- Know how to get help
1. Develop confident understanding of CDR and Open Banking
A good understanding of the Consumer Data Right (CDR) and Open Banking will help you educate your clients and re-assure them as they go through the process. As with any part of the mortgage process, clients will be looking to you for trust and confidence.
Broker information:
- What is Frollo for Brokers?
- How to create your Frollo for Brokers account
- How to invite your clients to use Frollo
- Managing clients - what data and documents are available
Client information:
2. Review processes to make Open Banking work best for you
Our data and broker feedback suggests that it can take a few trials to get comfortable with how the Open Banking service fits into their process, especially if brokers are not using a digital collection service for financial data already.
Once brokers complete 3 or 4 client data requests successfully, our data indicates that it becomes a more permanent part of their information gathering process.
We recommend that you use the service for yourself and understand how it will fit in with your business processes.
3. Communicate the client process and keep close contact
Communicate what is required from clients in sharing data and the steps involved so they are prepared. It is also crucial to maintain contact in the initial stages to reduce drop off or delays.
For you
- Ensure clients know the steps they will complete including connecting with banks and providing permission to share data with you as their Trusted Adviser.
- Check that the clients' banks are on the list and they are available to connect: Available Providers (banks) list
- Ensure clients know they will receive an invite from Frollo to start the process.
- Ensure they know when you are sending this invite to them, and confirm they have received it on the day it is sent (our data suggests this leads to the best outcomes).
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Provide clients with the Australian Government CDR website: www.cdr.gov.au CDR data is held and stored in secure systems, located in Australia. Information is not shared with anyone else without your consent. The Frollo CDR Policy provides further information. |
For your clients
- Ask clients to allow 5-10 minutes so that they can complete it in one go, without distraction (the median time for completion is 8 minutes).
- Time can vary depending how many bank accounts are required to connect (each bank connection consent takes about 4 minutes).
- While we recommend using a desktop/laptop, regardless of the device, the most important thing is to encourage interruption-free time to complete the process.
4. Understand the known points of friction
As with all technology, there are always chances for connectivity issues and the process needing to be re-tried. In some rare cases, further investigation to resolve a problem. Here are a few points of friction that we are aware of and how to solve them:
Clients have not been educated enough
- Many clients miss the invite or have not been told the invite will come from Frollo
- Clients may not be prepared for the steps to go through to share data / or have enough time in one sitting to complete the process. Stopping and starting again can sometimes cause delays or errors with the bank connections.
Connecting with Banks and linking accounts
Connecting clients' banks and bank accounts can have some errors:
- Some banks may not be available or their CDR connections may not be working. You can check bank availability: Available Providers (banks) list
- Retry by using the 'Retry' button or refer to this article for further assistance.
5. Know how to get help
We have a wide range of tools and contact points to help you and your clients resolve any issues you may have.
- Frollo Help Centre: this is the first point of contact to have questions answered and troubleshoot any issues. To contact us for any issue which is not able to be resolved using the Frollo Help Centre, you can submit a support request.
- Training: For training needs contact the NextGen Customer Success team: training@nextgen.net
- Complaints: The Frollo CDR Policy outlines NextGen's complaints process, as well as steps taken to resolve.
- Privacy: The Frollo Privacy Policy outlines NextGen's policy and privacy-related complaints process.