Highlights:

  • Frollo app was declared as the best Money Management app of 2021 by Mozo.
  • Frollo app is a one-stop solution for disjointed finances.
  • The Frollo app is designed for users who are willing to manage and budget their money on the go.

Frollo is the best financial app management solutions

Frollo is a purpose-driven FinTech app and Software-as-a-Service (SaaS) Integration Platform to help users get their finances on track in just a few easy steps.

Best Money Management app of 2021

Frollo app was declared as the best Money Management app of 2021 by Mozo. Mozo is a financial comparison website. There are several numbers of finance and budgeting apps available in the market, which is why Mozo’s expert judges have a host of apps to find Australia’s best money management app of 2021. Frollo app was nominated for “Mozo Experts Choice Awards for Bank Accounts and Savings.”

Considerations for award

Mobile finance apps accessible via both platforms, such as Android and iOS systems, and those that provide data connections to Australian banks were deemed for the award.

The Frollo app is specially designed for smartphone users and consumers who are willing to manage and budget their money on the go. The app proved itself as a one-stop solution to disjointed finances.

Expert considerations for best Money Management App

The expert judges from Mozo reviewed Australian finance management apps and compared the following features:

  • Security – does app comes with enhanced security factor such as two-factor authentication.
  • Institutions – how many of the 20 largest banks in Australia could app users sync accounts from.
  • Alerts and insights – can app alert one when hitting specific milestones or when bills are due.
  • Transaction categorization – does the app have the ability to categorize transactions automatically.
  • Budgeting features – can users control and establish their budgets in the app or help users evaluate their budgets.

Australia’s Best Money Management App

Considering the above expert pointers, the titleholder of the Best Money Management App Award for 2021 was fintech Frollo for the Frollo consumer app. The Frollo consumer app allows users to link their accounts from several different institutions in one place. Also, it offers a variety of tools and insights to help them track and manage the financial flow.

The company always comes with innovative ideas to make it easier for users to manage their finances. For instance, in the past month, the company released a new update for iOS and Android, with a fantastic budgeting feature including enhanced search functionality and automatic goal tracking. The company has also launched an Open Banking feature for Android users.

What Mitch Pollard thinks

Mitch Pollard, Mozo Senior Research Analyst and the Awards Judge, commented: “Frollo’s app features were among the best on offer, its unique open banking functionality – via Consumer Data Right (CDR) – helped it stand out.”

“Frollo has made some great improvements over the past year which, by themselves, make the app a very competitive proposition,” he said. “But given that they’ve also started integrating CDR, and with such a good user experience too, it’s made the app stand out.”

“For users the benefit of CDR is that instead of having to hand over your banking password and username, you can instead authorize Frollo as a third-party provider through your own bank for a fixed period of time. That means transaction data will be able to appear near-instantly in the Frollo app.”

As per Pollard, “The rollout of open banking measures like CDR which expand the ability for Australians to share their financial data, along with improvements to other features, could make money management apps a mainstay in the phones of those wanting that extra bit of flexibility.”

He further added, “The reality is that a lot of people keep their money in different places – especially those who are chasing competitive deals on various banking and finance products. So, it’s not unusual to have multiple bank accounts or savings accounts with separate banks, for instance.”

“Trying to merge that data is hard though, which is why apps like Frollo let users sync up their various accounts. Essentially they provide an alternative for Australians who don’t want to be locked into a financial ecosystem with one bank or provider, but do want that same easily accessible overview.”

Takeaway

The Frollo app offers a unique way for users to manage their finances in few easy steps. Their Personal Finance Management (PFM) platform allows businesses to do the same for their consumers.