This comes after Frollo announced earlier this year that screen-scraping will be phased out across its money management app.

Frollo will no longer screen scrape for: Macquarie Bank, St George, Beyond Bank, Judo Bank, P&N Bank, and Regional Australia Bank. 

Screen scraping technology allows financial service providers to collate data such as account balances and transactions from a customers' internet banking interface and use it to provide personal financial management services.

Typically screen-scraping involves the user sharing their banking ID and password with such services.

Surveying 1,066 Australians, Frollo's State of Open Banking Report revealed privacy is the most important consideration for 91% of consumers.

Frollo's Chief Customer Officer Simon Docherty said recent high-profile breaches in telco and insurance have brought security and privacy in data sharing top of mind for many consumers. 

"Open Banking provides a more secure, privacy-focused way to share financial data that gives control of data to the customer, so it makes sense for us to make Open Banking the default and phase out screen-scraping where possible," Mr Docherty said. 

Introduced in July 2020, open banking is a measure under the Consumer Data Right (CDR) in the banking sector, operating as a government-regulated regime to provide Australians with a means to share their data safely. 

Treasury Consumer Data and Digital Division Assistant Secretary Kate O'Rourke said implementation of open banking under the CDR has been steady since 2020.

"Going forward it's important to increase awareness of the CDR as the safe way to share data and build trust and confidence in the security and privacy at the core of the system," Ms O'Rourke said. 

Australian banking consumers now benefit from 100% of the banking market share covered by the CDR.

To find out if your bank or lender is an accredited service provider under the CDR and is set up to share data, see here. 

Read more: What is open banking and what does it mean for me?

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All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 6, 2024. View disclaimer.

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