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The Times

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Building the Bank of the Future with Open Data

Frollo has launched a campaign for the mutual bank sector on Building the Bank of the Future with Open Data.

Customer-owned banks are ideally placed to benefit from the consumer data right (CDR). Frollo has created a content series to show a path forward for mutuals that want to either understand how to get started or how they can best utilise the Open Data opportunities to further improve their customer outcomes and future-proof their businesses.

Mutual banks are facing a variety of challenges, including rapid evolutionary changes in technology; the regulatory and competitive landscape; as well as heightened consumer expectations for seamless digital experiences.

Simon Docherty, Frollo’s Chief Customer Officer said: “Mutuals are by their design, customer-first and by their nature, innovators. That’s why Open Data can be a game-changer for mutual banks looking to leverage technology, improve the digital customer journey, deliver efficiencies, and create more engaging products and services.”

Frollo sees Open Data as the answer and opportunity to many of these pressures and will ensure that mutuals can continue to put their customers at the heart of everything they do, whilst building the bank of the future.

“Where Open Banking is up to now, you can start building the bank of the future centred around data and customer experience," said Tony Thrassis, CEO of Frollo.

The campaign via this site (link) will deliver a mix of content across a variety of channels, such as video interviews, a three-part webinar series (link) with live-streamed panel discussions of industry leaders, and consumer research into mutual customer behaviours, along with practical tools and checklists for mutual banks.

Tony Thrassis added: “We are committed to helping mutuals continue to make a positive impact on the industry. We hope this content series will continue to assist mutual banks grow as an essential customer-focused part of the banking sector.”

Frollo has partnered with the customer-owned banking industry closely over the last two and half years, launching use cases with P&N Bank, BCU Bank and Beyond Banks, as well as Data Holder Testing solutions for Australian Unity and The Mutual Bank.

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