Data Enrichment API

Truly understand where the money is going by turning transaction data into insights using our AI powered categorisation and enrichment.
Personal Finance Management Platform

Categorisation as a Service

Transaction data holds the key to better lending decisions, and can provide insights so that customers can get ahead. But raw transaction can be challenging to use, as it lacks structure and descriptions are hard to decipher.

The solution? Frollo Categorisation as a Service. Just send your transactions to our Data Enrichment API and get them back within seconds, enriched and categorised.

Market leading accuracy

A 98% match rate and 95% categorisation accuracy so you can confidently build your products using our AI

Multi data source solution

Use Open Banking data, screen scraping, direct API’s or all of the above, with consistent performance across all data sources.

Flexible and granular

Our tiered categorisation structure allows you to roll up granular categories to suit your business needs

Continuously learning

Our AI powered models are continuously learning and improving based on new data. They keep getting better.

Key Features

Transaction categorisation

Add context to transactions by grouping them into meaningful categories.

Bill detection

Automatically detect regular transactions like rent, utilities and subscriptions.

Customisation

Control the categories and icons you want to use, and customise branding.

Merchant classification

Identify merchants and enrich them with relevant information.

Identify income and expenses

Automatically classify salary payments as income and group expenses into ‘living’ and ‘lifestyle’.

Categorisation as a service

Use Cases

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 listed below:

Transaction categorisation for lending decisions

Lending

Make better credit decisions, reduce risk and defaults based on an accurate understanding of your customers’ Income & Expenses.

Transaction categorisation for Personal Finance Management

Personal finance management

Show your customers where their money is going, give them personalised insights and allow them to set goals & budgets.

Actionable insights

Provide your customers with smart and actionable insights based on their financial situation.

Are you ready to give our Data Enrichment API a try? Download our product sheet or get in touch to get started.

Benchmarking our transaction categorisation

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 how our categorisation stacks up? Get in touch to arrange a demo (or download our app to get a taste)

Each of the categorisation solutions by major providers in the market has been tested by linking a bank account and categorising +/- 150 transactions. 

The accuracy % is based on the total number of transactions, ‘uncategorised’ transactions count as ‘wrong’.

Case studies

We’re helping neobanks, traditional banks, Fintechs, lenders and employers get ahead of the competition with our B2B and Open Banking solutions. Here are some examples of partners and the challenges we’ve helped them with.

  • Frollo B2C
  • Volt Labs
  • Volt Bank
  • Speckle
  • Home Loan Ready
  • Virgin Money Australia

Frollo B2C

Challenge

We’re on a quest to help people feel good about money. Help them reduce their debt, increase their savings and reduce their financial stress.

Solution

We’ve built the simplest way for people to turn around their finances. Through the use of Open Banking data, AI and powerful PFM tools the Frollo B2C app has a real, positive impact on the financial wellbeing of our users.

Volt Labs

Challenge

Volt Bank was waiting for APRA approval to launch core banking products and didn’t yet have an app in market. They wanted to engage the community of early adopters signed up as beta customers and start building products based on learnings from users.

Solution

By launching a ‘labs app’ with Frollo, the neobank was able to start more meaningful co-creation conversations and product testing with their beta customers and pre-seed their new account opening pipeline with a deeper level of customer data.

 

 

Volt Bank

Volt bank logo black white

Challenge

After launching their savings account, Volt Bank was looking to launch a feature inside the Volt Bank app to help their customers develop a saving habit.

Solution

Volt Bank used the Frollo SDKs to quickly integrate the proven PFM functionality Frollo offers.
 
Frollo supplemented the Volt iOS and Android teams with developers to accelerate the integration of the SDK. They also integrated user authentication and transaction enrichment at this stage, making it easy to rapidly roll out new features.
 

Result

Volt Bank was able to quickly launch their goals feature, using the Frollo SDK to integrate in their app.

 

Speckle

Providing financial wellbeing tools to their customers using a Frollo white label app.

speckle loans

Challenge

Speckle is an Australian not-for-profit, providing small loans for life’s expenses. They were looking for a way to help their customers better understand their finances and pay down their debts.

Solution

The Frollo lending whitelabel app gives Speckles’ customers the full picture of their finances, by integrating with their loan management system as well as aggregating other accounts and loans their customers have.

The personalised ‘debt journey’ helps their customers on their way to pay down debt and turn around their finances.

Home Loan Ready

Challenge

An Australian Tier 1 lender wanted to help its customers feel more confident about being able to afford potential mortgage repayments, while at the same time acquire additional data to support their lending decisions.

Solution

The Home Loan Ready app challenges users to prove that they will make future repayments should they take on a new or increased home loan. The app enables users to set the size of future home loan payments, Frollo then tracks their goal payments and the user’s comfort-level with that commitment.

The lender was able to use this data for insights into share of wallet, potential loan size, savings and timing for loan offers.

Virgin Money Australia

Using Frollo PFM APIs to power their digital bank app.

Virgin Money logo black white

Challenge

Virgin Money has launching a new digital bank in 2021 and was looking to differentiate by integrating innovative digital money management and financial wellbeing features in their app.

All of this within a compressed time frame.

Solution

Virgin Money will be utilising the Frollo SaaS Integration Platform for transaction enrichment, AI driven categorisation, spend breakdown & insights, goal setting, bill tracking and budgeting to provide their customers with a market-leading mobile banking experience.
 
They’re able to rapidly deploy by using the proven and well documented Frollo APIs.

Virgin Money Australia - PFM features

Who we are

Frollo is a purpose-driven Australian FinTech on a quest to help people feel good about money. We’ve built the simplest way to help people get their finances on track – and through our business ecosystem, we’re supporting our enterprise clients to do the same for their customers.

Awarded

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