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BCU Bank (BCU), a division of P&N Group, has launched a new personal financial empowerment tool - mymo by BCU - to its customers under the Australian Government’s Consumer Data Right (CDR) Scheme as part of Open Banking.

The announcement coincides with the launch of BCU’s brand refresh, which seeks to promote BCU as the preferred partner for their customer’s financial journey. This vision is supported by the mymo by BCU financial empowerment app, which was developed in partnership with Frollo, a purpose-driven Fintech and one of Australia’s leading Open Banking providers.

Through mymo, BCU customers will have access to a range of powerful money management and financial wellbeing tools, allowing them to keep better track of their spending and budgeting all in one place to achieve greater financial empowerment and get ahead.

The mymo by BCU personal financial empowerment tool, includes features designed to help customers make their money work for them. Safely and securely linking a customer’s accounts across all financial institutions in one place, mymo provides users with a full picture of their finances, with personalised insights and reminders to help them take control of their budget and reach their goals faster.

BCU Bank General Manager, Mark Smyth said customers had indicated, through surveys and research, they want greater financial empowerment, and BCU was proud to launch mymo by BCU to help them to achieve this goal.

“Through our research, we know most of our customers give themselves a pass mark for financial literacy; they know the basics fairly well, but they don’t have the intimate knowledge around what they should and shouldn’t be looking for,” Smyth said.

“We also know that when you’re able to achieve a strong level of financial knowledge, this leads to a life of less stress which is of course hugely appealing.

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

“Technology and apps are an important part of the banking experience, and in today’s world they are expected to be easy, intuitive, and part of the day-to-day.

“mymo by BCU complements our existing suite of digital tools, and will allow us to build deeper, more personalised member relationships and value-adds through rich data.

“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.”

Research conducted identified the potential for BCU to grow its brand awareness and market reach in NSW and south-eastern Queensland outside the traditional heartland area.

The new brand positioning is expected to help bolster engagement and advocacy and will be essential to connecting with existing customers and growing BCU’s customer base along the east coast.

“We are excited to launch our refreshed brand, which reflects our commitment to our customers, investing in the future and creating new opportunities for growth and success.

“The banking industry continues to face rapid changes and we need to listen to our customers, understand their evolving needs and aspirations, and leverage our core strengths to be a brand that inspires them.”

Frollo CEO, Tony Thrassis said that as one of Australia's pioneering banks in adopting Open Banking, BCU Bank was leading the charge for other banks and mutuals.

"We recognise that financial well-being tools are an essential component of the modern digital banking experience, and we believe that Open Banking is the key to providing customers with a comprehensive view of their finances,” Thrassis said.

“We are thrilled to collaborate with BCU to leverage Open Banking's potential to deliver even more value to its customers. This partnership is a testament to our shared commitment to innovation, and we look forward to working closely with BCU to drive positive change in the industry.”

Customers should only download the mymo by BCU app from the official Google Play Store or Apple App Store.