Provident is pleased to announce we can offer clients an innovative new Money Management Service, powered by Open Banking leader - Frollo. The introduction of Open Banking has enabled Australian Bank customers to grant permission to share their banking, credit card, mortgage and personal loan data with accredited financial institutions and organisations. 
 
The Money Management Service provides a reliable and efficient sourcing of client data, reducing time required to validate our client financial data during the onboarding and advice review formulation process.
 
The Provident Money Partner app allows our clients to securely share accurate financial data (income, expenses, assets, liabilities etc) with your financial planner, enabling real time access to financial data & relevant insights via a Partner Portal.  You can chose the level of detail you wish to share with your financial planner – just high level such as account balances or more detail to include transaction details.  You can choose the level of detail that you are comfortable with sharing.
 
The Money Partner app provides clients with a whole net worth view including transaction accounts, savings accounts, credit cards, mortgages and personal loans. The app provides a real time financial overviews as well as forecasting safe to spend amounts and tracking against personal financial goals.
 
This is a read-only service for Provident designed to help our clients managed and track their financial goals and assist Provident to analyse our clients’ finances.  It cannot be used to move or modify funds.
 

Security 

Frollo is a trusted partner and their approach to data and security protections through Open Banking means that access to your data is regulated by the Australian Competition and Consumer Commission (ACCC) and that Frollo must be ACCC-accredited.
 
Open Banking has superior security, transparency, and privacy protections compared to traditional ways of sharing financial data. It puts consumers in control and protects their data and privacy as they use it to get a better understanding of their finances.
 

The Trusted Adviser Model

• Consumers can consent to an Accredited Data Recipient (ADR) disclosing their data with a Trusted Adviser – in this case this refers to Frollo.  
• Individuals in professions sufficiently regulated like financial advisers are accredit as Trusted Advisers.
• The ADR is responsible for checking each individual meets the criteria which was completed during Provident’s registration process.  

 

What is Consumer Data Right

The Consumer Data Right (CDR) is a new, regulated data sharing regime that gives consumers the ability to share their personal data with organisations that they trust, such as Provident.
In 2022, the federal government made changes to the open banking regime to facilitate increased participation in the data-sharing arrangements effectively allowing clients to share their open banking data with trusted professional advisers, including financial advisers.

Instructions on How to Install Money Partner App

Click Here for How to Install Money Partner App 

Click Here for User Guide for Money Management App - Apple (IOS) and Andriod Users.