Meet Frollo: Australia's Best Money Management App of 2023

Keeping track of your expenses and budget progress has advanced beyond spreadsheets, with the right tools being a huge asset to your financial goals. 

Enter money management apps. Made for smartphone users who want to easily manage their money all in one place, these apps offer a simple solution to disjointed finances and lack of financial routine.

As budgeting and financial management apps are now a pretty saturated market, the experts at Mozo have compared a host of apps to name Australia’s best money management app of 2023 for the Mozo Expert Choice Awards for Bank Accounts and Savings.

Available on iOS and Android, the considered mobile apps offer data connections to Australian financial institutions. Each was assessed on factors such as cost and functionality.

More specifically, the judges looked at the availability and effectiveness of a range of features, including:

• Security: Does the app come with security measures such as two-factor authentication.

• Budgeting: Can users establish and control their budgets in the app, and how well does it visualise and help users assess their budgets.

• Transaction categorisation: Are transactions automatically categorised in the app, and what kind of control do users have when creating new categories.

• Alerts: Can the app alert you when your bills are due or when you hit specific milestones.

• Institutions: How many of the 20 largest banks in Australia can app users sync accounts from.

• Fees: Is there a fee for all of these helpful features?

So, with all that in mind, which app actually came out on top?

For the third year in a row, Frollo has taken out the Mozo Experts Choice Award for Best Money Management App.

Established in 2016, Frollo’s free app gives users the ability to sync their accounts from a variety of different institutions in the one place. It also provides a range of tools and insights to help them track and manage their money.

Additionally, On 1 July 2020, the Consumer Data Right (CDR) launched in Australia, and Frollo was the first personal finance management tool to go live. Through Open Banking, you can now link your accounts from the Big Four Banks and Regional Australia Bank to your Frollo app, with the promise of other banks to follow in the near future.

Interested in seeing all of our recent winners? For a full rundown of the 2023 Mozo Experts Choice Awards for Mobile Banking and Money Management Apps, including a copy of the methodology report.