Moroku Chore Scout scores Global 3rd
Moroku’s www.chorescout.com has won 3rd place in the Temenos 2017 Innovation Jam.
There were 10 global finalists after the 5 regional heats with some strong competition. Each company was provided 7 minutes to pitch their story to the audience of over 1000 industry representatives from all over the world.
Delighted with where we’ve got to with this product and the awareness that this event and the subsequent availability of ChoreScout on the Temenos Marketplace should drive some decent traction. Indeed already today we have picked up leads in Australia, Canada, Lebanon and Africa.
Great job by the Moroku team to build an inovative product that is getting attention on the global stage with some great tweets from folk that really get the impact of making banking fun https://twitter.com/morokuapps
ChoreScout is an app for banks to acquire children and their parents as customers. It lets parents set chores around the home. As the children complete the chores they receive their allowances, transferred from mum and dad’s bank account into theirs, which can then be used to save for goals such as skateboards and Lego or converted into cash. The intent of the app is to teach fundamental financial literacy skills such as saving and the value of money and to act as a customer acquisition tool for banks.
Australian parents spend $1.5bn in pocket money each year. In Europe the number is between $50 bn and $150bn. Connecting this spend to chores via mobile apps to teach children about financial literacy is more effective than traditional kids’ savings accounts, and creates customers that are more financially prudent. Whilst the pocket money value may or may not be interesting, the customer for life value proposition is. If banks can capture customers at an early age, the friction involved in changing is significantly high enough that young customers normally convert to MFI (Main Financial Institution) customers and stay with the bank at least until they begin shopping for a mortgage. This means that whilst the initial value of the relationship may be low, the life time value of these customers is extremely high with a propensity for several products and to stay.
Financial institutions have a key role to play in laying the groundwork for youth to realize their potential. By offering child and youth friendly financial services, banks offer children and youth a chance to believe in themselves, save for a better future, build a savings record, make payments and access other essential financial services. By learning how to manage their own resources, children can develop the necessary life skills, and skills needed for employment or entrepreneurship. Changing a young person’s life can be that simple as can be deploying ChoreScout