Financial wellbeing features in the VMA banking app
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Enrich
Make better decisions by using our AI powered data enrichment engine to categorise transactions, identify merchants and recognise regular payments.
Transaction data holds the key to better lending decisions, and can provide valuable insights for customers to get ahead. But using it effectively can be challenging.
The solution? The Frollo Data Enrichment API. We instantly turn raw transaction data from Open Banking or your core banking solution into insights by categorising transactions, classifying merchants and identifying income.
A 98% match rate and 95% categorisation accuracy so you can confidently build your products using our AI.
Connect to Open Banking, your core banking solution or both, with consistent performance across all data sources.
All you need is one API. Send us your transaction data and you’ll have it back within seconds, categorised and enriched.
Our AI powered models are always learning and improving based on new data to enhance customer experience.
We’re thrilled to be partnering with Frollo to provide our customers with actionable insights on their spending and savings habits, to help them take control of their financial wellbeing in an engaging and rewarding way.
Greg Boyle, CEO, Virgin Money Australia​
Financial wellbeing features in the VMA banking app
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Financial wellbeing features in the VMA banking app
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Helping people feel good about money
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Add context to transactions by grouping them into meaningful categories.
Automatically detect regular transactions like rent, utilities and subscriptions.
Control the categories and icons you want to use, and customise branding.
Identify merchants and enrich them with relevant information.
Automatically classify salary payments as income and group expenses into ‘living’ and ‘lifestyle’.
We’re always working to improve our Data Enrichment engine, tweaking the rules, expanding our merchant lists, providing feedback on our Machine Learning algorithms and much more.
As part of this process we also look at our competitors and benchmark our performance. And we’re proud to say we’re doing quite well.
Want to see for yourself? Request a demo for more information.
Financial account information can be a powerful source of insights into customer needs and behaviour, and it can help improve the customer journey and drive more meaningful interactions.
Some of the most popular use cases are:
Make better credit decisions, reduce risk and defaults based on an accurate understanding of your customers Income & Expenses
Show your customers where their money is going, give them personalised insights and allow them to set goals & budgets.
Provide your customers with smart and actionable insights based on their financial situation.
We’re excited to share a significant milestone for Open Banking in Australia: Our parent company,
Our latest research shows that 55% of Australians have never heard of Open Banking, and
The Frollo Data Holder testing platform now runs automated test scenarios in production. Every developer
Increased usage of unregistered forms of credit like BNPL and Pay Advance carries risks for consumers and lenders.
A modular, end-to-end solution for Data Recipients
Connect to 90+ banks with an out of the box, customisable consent flow, data sharing dashboard and advanced user management portal.
Categorise transactions, detect bills, classify merchants and verify income with market leading accuracy.
Plug & Play access to Open banking powered solutions for lending, personal finance management and customer onboarding.
Learn more about the Financial Passport and Money Management platform
