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Open Banking data proves superior to screen scraping, Frollo study reveals
Borrow
Open Banking data proves superior to screen scraping, Frollo study reveals
Frollo, a leading Open Banking provider in Australia, has published a study demonstrating the superior quality of data obtained through Open Banking compared to traditional screen scraping methods, according to a media release issued on April 3, 2024.
Open Banking data proves superior to screen scraping, Frollo study reveals
Frollo, a leading Open Banking provider in Australia, has published a study demonstrating the superior quality of data obtained through Open Banking compared to traditional screen scraping methods, according to a media release issued on April 3, 2024.
The two-month study, conducted by Frollo's Head of Data Science, Dr Zhitao Xiong, analysed anonymised data from 9.7 million CDR transactions and 1.3 million screen-scraped transactions within the Frollo money management app between November 2023 and January 2024.
The results highlight the advantages of Open Banking in providing richer data and cleaner operations. Dr Xiong explained, "While screen scraping has been a common practice, it inherently limits the data available. Open Banking provides a standardised and secure way to access crucial details like merchant category codes and biller codes, enabling deeper financial insights."
The study revealed that Open Banking provides merchant names in over 52% of transactions, compared to just 31.7% for screen scraping, leading to a more comprehensive understanding of user spending habits.
Furthermore, CDR data was found to contain only 14% irrelevant words, compared to 34% in screen-scraped data, resulting in a smoother user experience. Frollo users re-categorize screen-scraped transactions 30% more often than CDR-powered transactions.
Frollo's Chief Customer Officer, Simon Docherty, emphasized the importance of data quality, stating, "High-quality data is the cornerstone of accurate financial insights. For use cases like lending and money management, Open Banking provides the clean and comprehensive data essential for responsible credit decisions and personalised financial products. This empowers institutions to offer a superior customer experience, save time, and manage risk more effectively."
The results of this study align with previous research by Frollo, which compared the transaction categorisation accuracy of its own CDR-powered Financial Passport with those of screen scraping-based competitors, showing CDR to deliver significantly better results.
As Australia continues to embrace Open Banking, Frollo remains committed to empowering businesses with CDR data to create a more personalised and data-driven customer experience, ultimately leading to better, more accessible, and more efficient banking for all Australians.
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