ChoreScout is a mobile 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 app is deployed to teach fundamental financial literacy skills such as saving and the value of money and to act as a customer acquisition tool for banks.
“Banks have a key role to play in laying the groundwork for children to realize their potential. By offering child-friendly, mobile-first products, banks offer children a chance to believe in themselves, save for the future, build a savings record and learn about banking and money management. Through a customized digital experience, children learn to manage their own resources and develop life skills for employment or entrepreneurship. Chore Scout breaks banking down to the core principles for children in a fun and engaging way and builds customers for life.”Colin Weir, CEO, Moroku
“A recent CYFI study showed that child and youth financial inclusion was a sustainability priority for less than 5% of banks. Breaking out from the pack not only presents an opportunity to tap into new markets and invest in long term customer relationships but also demonstrate the bank’s position as a cornerstone in the community and the economy. Moroku’s thought leadership in making banking fun and helping people pay attention to the difficult work of banking, manifests itself very well in Chore Scout. By coupling their user experience skills with their banking integration and security capabilities Moroku has enabled Temenos customers to begin experimenting and deploying relevant digital solutions for the next generation of customer. “Aaron Phethean, MarketPlace Product Director
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, compared to not having savings accounts in childhood. Customers who have banked with a provider throughout their childhood are far more likely to extend this relationship into their student days and beyond when profit contribution increases significantly. Research indicates that only 10% would consider changing banks once their relationship is established, reinforcing the view that youth is the optimum point of market entry.
Moroku’s Chore Scout solution will provide banks with a:
- Relevant mobile banking experience for children
- Customer acquisition strategy for children and parents
- Deposit building strategy in a market of increasing funding challenges
- Corporate and Social responsibility agenda at the heart of the economy and community – families
By leveraging the Moroku GameSystem and the TemeonsTemenos MarketpPlace and core banking API integration the platform can be economically and quickly deployed.