Moroku joins Temenos Marketplace

Source: Moroku

Swiss based Temenos today announce that it is making Moroku’s ChoreScout app available to its banking customers via the Temenos Marketplace to help banks educate the next generation on better money management and invest in long term relationships.

The announcement sees ChoreScout integrated with the Temenos core banking platform, whilst marketplace availability means that existing Temenos banks are able to login to the marketplace, review background material, request a free trial and be provided with test accounts.

With over 2,000 firms across the globe, including 41 of the top 50 banks, relying on Temenos to process the daily transactions of more than 500 million banking customers, the agreement gives Sydney based Moroku access to a significant and global customer base and gives Temenos a solution in the increasingly buoyant youth banking market.

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 customised 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." said Colin Weir, CEO, Moroku.

Aaron Phethean, MarketPlace Product Director, commented, "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. "

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.

The app allows banks to compete with the likes of CBA’s Dollarmites program that has won world-wide acclaim for youth financial inclusion. As the CBA program moves into the 21st century the bank has recently released its companion app; The CommBank Youth App. The targeting is very similar to Moroku’s Chore Scout, a white label app for banks that want to acquire their next generation of customer with a compare and contrast available from

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 Temenos Marketplace and core banking API integration the platform can be economically and quickly deployed .

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