REA Group and Frollo launch Proof of Concept to make home buying more accessible with Open Banking powered Financial Passport
Frollo and REA Group are exploring opportunities to make home buying more accessible to Australians, using Frollo’s Open Banking powered Financial Passport. With just a few clicks, home buyers will be able to instantly generate an in-depth overview of their finances to support their home buying journey.
Insight into the consumers’ financial situation is a critical aspect of the home buying process. For lenders when approving a loan, but just as importantly for the consumer when deciding their borrowing power.
Millions of home buyers use realestate,com.au to find their next dream home. Now, they will have the opportunity to generate a Financial Passport report that shows them what their finances look like. Using Frollo’s secure and user-friendly Open Banking service, it will take them only a few clicks to connect their financial accounts and download the report.
The Financial Passport will give them an in-depth view of their income, expenses, assets and liabilities, and help them understand what’s achievable much earlier in their home buying journey.
In this initial Proof of Concept, REA customers will share their CDR data with Frollo to generate the Financial Passport. They can then download the passport and add it to their realestate.com.au account. This negates the need for REA Group to become an Accredited Data Recipient (ADR) for the POC and has reduced the speed to market to less than 6 weeks.
The customer experience
Eloise Wall (General Manager Financial Experiences at REA Group) says: “At REA, we want to change the way the world experiences property. Empowering Australians to easily understand how they can finance their dream home is one way we can do this. Finances are an important part of the journey, and Open Banking provides an incredible opportunity to make this process better for consumers and lenders.
“Leveraging Frollo’s technology and experience as a leader in Open Banking allows us to continue on our mission to change the way people experience property. Launching the first Open Banking use case in home buying on the REA platform will bring the benefits of Open Banking to many more property buyers.”
Gareth Gumbley (Founder and CEO, Frollo) adds: “One of the biggest opportunities for Open Banking to help improve the financial lives of Australians is by improving the home buying journey. REA Group is showing vision by being an early adopter and proving out how Open Banking data will enhance the consumer proposition.”