Company Name: Moroku
Announcement Date: 15/08/2017
Announcement Category: Contract/Partnership, Product launch/update
Announcement Content:
Unity Bank and Reliance Bank have today made Morokuâs Chore Scout app available to their members on iTunes and GooglePlay and integrated into the bankâs core systems for live payments. With additional banks planning to launch before the year end, this group represents the first of Morokuâs clients to launch the app.
ChoreScout, makes paying kids for chores easy and fun, whilst also teaching financial literacy and the value of money. The application allows parents to create a list of chores and the children to submit photos of the completed task in return for pocket money. In addition to improving financial fitness for children, the app allows financial institutions to brand the app themselves, increase the loyalty and âstickinessâ of their adult customers while also starting life-long relationships with the next generation of customers. Chore Scout is integrated into the financial institutionâs own mobile banking app, so payments can be made securely and easily in the app itself and making the money real, a key component of any literacy program.
The app follows hotly on the heels of CBAâs Youth app with some significant differences http://moroku.com/chorescoutvscba/. According to research by CBA, almost half of Aussie parents, 43 percent, said it was difficult to teach their kids about digital money or digital transactions. Forty two percent of those who have participated in the study believe technology would make it easier to track savings goals online and 41 percent of parents say monitoring kidsâ spending via a device or computer would be simpler.
ChoreScout consists of a pair of apps, child and parent, helping parents have a conversation with their kids about money, a capability that despite its research pointing to the challenge and the interest from parents in collaborating with their children around money, CBAâs app doesnât have.
Morokuâs ChoreScout is available today for banks that use the Cuscal mobile banking app, Redi2Pay and Temenos core banking with further integrations soon to be announced via a proprietary integration harness within ChoreScout that makes integration relatively straight forward.
The news follows Morokuâs announcement 2 weeks ago that ChoreScout was available to banks via the Temenos MarketPlace providing Moroku global reach. If banks can capture customers at an early age, the friction involved in changing is significant 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, banks are increasingly beginning to recalculate the life time value of these customers over longer time frames, with the ROI from capturing them early being extremely high with good propensity for taking several products and to stay.
A 2013 study found that child and youth financial inclusion was a sustainability priority for less than 5% of banks. Helping families learning about money presents an opportunity to differentiate and take a leadership position in the community around money. In addition to building long term relationships and capturing customers early, financial inclusion for youth poses a powerful CSR proposition as well as opportunities to help boost profitability and stay at the forefront of banking innovation.
Commenting on the upcoming release, Colin Weir Moroku CEO said:
âOur relationship with banks and core banking software suppliers continues to grow on the foundations we established last year. By working with core banking providers to expose their services securely over the internet and then layer our agile, creative, customer centric solutions on top we can help our joint customers compete on purpose and help their customers win.
Mark Genovese, Chief Executive Officer of Unity Bank said:
âWe are committed to supporting the financial education of all our members and continually exploring new ways to provide tools to enhance the learning process. Moroku have designed for us an excellent app that teaches children how to save and spend money using technology they are already using. They are able to learn valuable financial literacy skills that can last a lifetime. The Chore Scout app is now available for our Unity Bank and Reliance Bank members (soon after for Bankstown City Unity Bank) aiming to strengthen relationships with our existing and next generation members.â
Phil Barnett, Global Strategic Accounts Director at Temenos said, âCongratulations to the team at Moroku on the announcement of the first clients to roll out the Chore Scout app. At Temenos, we look forward to assisting Chore Scoutâs growth to accelerate even further now itâs available to our extensive list of global clients via our MarketPlaceâ.
About Moroku
Moroku takes the principles of gaming and behavioural economics and applies them to build and run contemporary mobile banking experiences. We drive customer engagement, financial literacy and action by making the mobile banking experience fun and giving them structure. Through the provision of a cloud service, Moroku GameSystem, banking applications and APIs we enable the rapid deployment of digital banking experiences that empower customers to win financially.
W: www.moroku.com F: www.facebook.com/morokuapps
About Unity Bank
Thanks to the loyalty and support of our members, Unity Bank is a strong and successful mutual bank who has been helping members achieve their financial goals for over 50 years. Unity Bank, along with divisions Reliance Bank and Bankstown City Unity Bank has more than 40,000 members and over one billion dollars in assets.
W: www.unitybank.com.au F: www.facebook.com/unitybankAU
Announcement URL: https://www.linkedin.com/pulse/moroku-launches-chorescout-2-australian-banks-colin-weir
About Moroku:
Moroku is a software company that operates at the intersection of mobile, gaming and social to create engaging banking and payment experiences that promote customer learning and brand loyalty.
The term Moroku derives from the term Puroku Ă the traditional Maori term for ĂgatheringĂ. A mobile-puroku is the 21st century means of gathering, connecting and engaging communities.
We are on a mission to help people be fabulous with their finances and have a vision to be the partner of choice for banks that want to help their customers succeed financially.
What Does Moroku Do?
We create engaging mobile experiences by gamifying consumer interactions in banking and payments with the Moroku Game System and enabling small to medium sized businesses to thrive with Marrakash.
Go to Company Profile for: Moroku
Announcement Contact: [email protected]
