Moroku launches Chore Scout with two Australian banks
Unity Bank and Reliance Bank have today made Moroku’s Chore Scout app available to their members on iTunes and GooglePlay and integrated into the bank’s core systems for live payments. With additional banks planning to launch before the year end, this group represents the first of Moroku’s 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 ‘stickiness’ of their adult customers while also starting life-long relationships with the next generation of customers. Chore Scout is integrated into the financial institution’s 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 CBA’s 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 kids’ 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, CBA’s app doesn’t have.
Moroku’s 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 Moroku’s 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:
“Our 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:
“We 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.”
Phil Barnett, Global Strategic Accounts Director at Temenos said, ‘Congratulations 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 Scout’s growth to accelerate even further now it’s available to our extensive list of global clients via our MarketPlace’.