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Key Takeaways:
This ensures that the process is quick and efficient, allowing you to share your financial information with your Adviser promptly. |
Using Frollo provides you and your Financial Adviser with the ability to securely gather financial information. It provides a complete and independent view of your financial commitments so they can provide you with the best advice.
Under the Australian Government regulated Consumer Data Right (CDR) framework, Financial Advisers 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 adviser through a CDR Disclosure Consent. This means that instead of emailing your adviser your bank statements, you can use automated technology and provide consent for your financial data to be shared with your adviser directly.
Benefits
- Provide your adviser with the ability to securely gather financial data that can be used to verify a Statement of Advice (SoA).
- 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 advice process.
- Reduce potential risk and fraud by providing secure, Government regulated information collection, storage and disclosure.
Lets get started!
How does the Frollo service work?
The process is explained in three simple steps:
- Use your Personal Finance Portal to register
- You provide consent
- Your adviser accesses your data via their secure portal
Once your adviser has recommended you use Open Banking, you will need to create a Frollo 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 data is collected, used, held and disclosed.
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 Via your Personal Finance Portal, visit your Profile to access Your Finances. Via Open Banking (Frollo), select Link New Account. |
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| 2 |
Create your Frollo account Review the Privacy Policy and Terms of Service, then enter your name, email address and create a password to continue. You will need to verify your email address by entering the code emailed, or recovery code. Tip: Alternatively, you can login using your Gmail, Facebook or AppleID. |
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| 3 |
Welcome to Frollo From here you're guided through the Collection and Disclosure Consent steps where you can agree to share your data with your Financial Adviser and connect your bank accounts. |
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| 4 |
Bank connection Select your first bank to connect, with 110+ Data Holders (banking brands) available to choose from. |
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| 5 |
Your consent Next, view:
Select your 3, 6 or 12-month consent period, then Yes, continue to bank. Tips:
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| 6 |
Bank connection By selecting Yes, continue to bank - you will be directed to your bank's CDR-specific site. 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.
Once logged in, you will be guided by your bank to select the accounts that you would like to share data from. |
National Australia Bank (NAB) example: |
| 7 |
Connect more banks You can repeat the process to add more banks. If a failure occurs, you can retry or contact our Support Team via the Help Centre Once done, select: Share with trusted adviser. |
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| 8 |
Success! You have successfully connected your accounts and shared your data with your Financial Adviser. They will be able to retrieve your data from their secure portal. |
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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 Frollo collection email from Frollo: Example Financial Adviser disclosure email from Frollo: Example Bank data sharing advice email: |
| 10 |
Consent management Manage your consent via your Data sharing dashboard. In the Incoming data tab, you can view the consents for accounts that are connected to Frollo. |
Example incoming data: Select the row: Stop access: |
| 11 |
Consent management The Outgoing data tab shows the consents for accounts that you’ve shared with your Financial Adviser. Incoming and outgoing data consent can be withdrawn at any time by selecting the row. Also, use Help at any time to access FAQs or contact our Support Team. |
Example outgoing data: Select the row: Stop access: |
Frequently Asked Questions
1. Can I turn off the Frollo and bank notification emails?
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.
You are not able to turn off these notifications.