When Apple CEO Tim Cook unveiled his company’s next major product, he was in a school in Chicago surrounded by dozens of students. The tech giants and banks, like CBA who attribute $10bn of their market capitalization to a strong youth banking program, know that introducing customers to your brand early can be an economic and highly sticky way to attract customers, with a high conversion to MFI (Main Financial Institution).
Children are online and mobile, often driven there by schools moving from PCs to smart devices and issuing children with digital identities. Nearly all children (97%) have now used mobile devices before their first birthday. As money and life digitises, parents are seeking the help of banks to have conversations in this new reality. Chore Scout connects chores, allowances and banking to teach children about financial literacy more effectively than traditional kids’ savings accounts and places the bank in the home.
ChoreScout is a white label mobile banking app for kids that has been designed for banks to acquire children and their parents, whilst promoting a strong message around financial literacy, corporate and social responsibility. 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 or converted into cash
Recognised as the third best banking innovation of the year in 2017 and a growing list of partner banks ChoreScout helps retail banks build sustainability Watch a bank’s ChoreScout video here
Chore Scout is available today, from digital banking specialists Moroku, as a white label solution for banks who want a child savings app connected to their digital infrastructure. Customisable in a range of places to allow your brand to be front and centre. For more information on how you can take the lead in youth banking