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BSB 806 015

P&N Bank launches Open Banking financial empowerment app

12 Oct2022

P&N Bank, a division of P&N Group, is today among the first banks in Australia to launch a new personal financial empowerment tool - mymo by P&N Bank - to its customers under the Australian Government’s Consumer Data Right (CDR) Scheme as part of Open Banking.

In partnership with Frollo, a purpose-driven Fintech and one of Australia’s leading Open Banking providers, P&N are at the forefront of delivering this new Open Banking technology.

Through the mymo app, P&N customers will have access to a range of powerful money management and financial wellbeing tools. Data recently published by Frollo shows that on average, customers using these tools:

  • reduce their credit card debt by 13% in the first six months
  • reduce their personal loan debt by 23% in the first six months
  • increase their savings by 11% in the first three months.

The new companion app will offer P&N customers greater financial empowerment and a superior experience, complementing the bank’s existing suite of digital tools. It will also allow P&N bank to build personalised member relationships and value adds through rich data.

To drive momentum, P&N has leveraged data insights to identify and engage a group of approximately 13,000 customers most likely to be fast adopters of their new mymo app. The launch targeted digitally active customers, including regular users of Internet Banking, P&N’s mobile app and digital wallets, as well as customers that are deemed active savers or active spenders.

General Manager P&N Bank, Angela Newland said Open Banking and P&N’s new mymo companion app were game changers for the banking industry and customers alike, especially with the increasing cost of living pressures.

“We know many households are feeling the pinch of higher inflation and low wage growth, so for many, having a clear budget and savings plan has become more important than ever,” Ms Newland said.

“Through research conducted by P&N Bank with Painted Dog, we discovered that 84% of P&N customers place a high priority on improving their financial wellbeing. It’s also interesting to note that 15% of P&N customers and 33% of the general Perth population lack the money to support bill or loan commitments at the final reminder stage.

“The mymo by P&N Bank app is the perfect tool to make life easier for our customers, by placing control of their overall financial situation and wellbeing in their hands. The app centralises a customer’s transactional data across all their accredited financial institutions and provides them with control of their sharing consent, plus it’s safe and secure, the same as P&N’s mobile banking app.

“Our customers will be able to make mymo their own through personalisation, including reorganising transactions categories, because it’s their money, used and spent their way. They can also keep a better track of their spending and budgeting to achieve financial empowerment.

“Consumer trust will be a key element in the take-up of this new way of banking, and that’s why we’ve partnered with trusted organisation, Frollo, to deliver an Open Banking solution that ensures customers can safely and securely share and manage their data and information.”

Frollo CEO Tony Thrassis said they are excited that P&N Bank are launching the mymo app, using Open Banking to financially empower their customers. “As one of the first banks in Australia to make use of Open Banking, they’re showing real vision and leadership; and it's no surprise that a customer-owned bank has its customers in front of mind,” Mr Thrassis said.

“As a purpose-driven fintech, we’re thrilled to support P&N in helping its customers better manage their money and improve their financial wellbeing.”

Customers should only download the mymo by P&N Bank app from the official Google Play Store or Apple App Store. View a preview video of the app here.

For more information, please visit pnbank.com.au.

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