Frollo - Feel good about money 2.36.1

Frollo offers a comprehensive personal finance management solution designed to assist individuals in gaining better control over their financial activities. The platform enables users to track expenses, set savings goals, and work towards debt reduction, all without incurring subscription fees.

As a free application, Frollo provides a secure and private environment to visualize financial data, gain real-time insights, and promote prudent financial habits. Currently utilized by over 145,000 Australians, it consolidates various financial accounts for streamlined management and overview.

Evidence of its effectiveness includes an average savings increase of $1,462 within the first three months for users with savings under $100,000 and an average reduction of $215 in credit card debt over six months.

The app integrates with the Consumer Data Right (Open Banking) framework, allowing safe account linking without compromising credentials. Users retain full control over data sharing preferences and can easily revoke access when desired.

Financial accounts across multiple categories—including transaction accounts, savings, credit cards, loans, superannuation, and investments—can be linked for real-time monitoring within a single interface.

Detailed transaction analysis is available through automatic categorization into familiar groups such as 'Salary', 'Groceries', and 'Fitness', with options to customize categories for personalized expense tracking. Users can also add assets and liabilities to assess overall net worth.

The platform alerts users to upcoming bills and recurring payments such as rent or subscriptions, helping avoid missed payments. Budgeting tools facilitate expenditure planning, while goal-setting features support savings objectives like holidays or home deposits.

For those seeking mortgage assistance, secure data sharing enables streamlined application processes by providing brokers with comprehensive financial profiles.

Insightful notifications include alerts about insufficient funds, subscription costs, or overspending on categories like groceries, empowering users to make informed financial decisions.

A detailed PDF report summarizing the user’s complete financial situation is available for sharing with lenders and brokers to aid lending applications.

*Note: The savings data reflects Frollo users with less than $100,000 in savings. Open Banking access is presently available for the major Australian banks and is expanding; where unavailable, data can be retrieved via screen scraping methods.