Chore Scout on Temenos

Moroku Chore Scout is now avilable on the Temenos Marketplace

Financial Fitness

Only 15 per cent of Australian 15-year-olds are able to react correctly to a financial scam  email and only 37 per cent can read a pay slip, according to a new international report.  The study also found that a number of factors can improve the situation, including having a bank account, speaking to parents about money matters and earning money for work. Banks that provide context based mobile baking apps for youth can play a huge part in building financial fitness.

Social and Corporate Responsibility

A 2013 CYFI study found that child and youth financial inclusion was a sustainability priority for less than 5% of banks. 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.

Make Banking Fun

As the Internet has unfolded and financial institutions (FI) worldwide build out digital strategies to serve customers cheaper and faster, much of the risk management and personal connection inherent in the old world has been lost. To compete in this world, we need to replace Ease of Use with Fun to Use as a design paradigm, engaging customers in their financial life to help them win. If we can help customers to win financially, using fun and experiences they are drawn to, we can help banks compete on purpose.

Invest in Customers Early

Having savings accounts in childhood is associated with being two times more likely to own savings accounts, two times more likely to own credit cards, and four times more likely to own stocks in young adulthood. A wide variety of studies suggest a positive relationship between the ownership of a savings account and higher levels of economic and financial wellbeing. By examining the journey here, banks can begin to choose when to begin working with customers to help them win and build a bank of great customers.

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