Chore Scout came into life through a strategic analysis of the customer owned banking industry.
Credit Unions came into existence about 50-60 years ago. They are mutual banks, entirely owned by their members and were created to serve the specific credit needs of small communities of professions who were otherwise under served by the large banks and those who couldn’t get credit from the larger players. At their peak, there were about 700 Credit Unions. A new employee in a particular industry would receive their Credit Union bank account at the same time that they got their union membership. This is still true for the Police Union. Often time workplaces, such as schools, would have a volunteer Credit Union representative always available.
Following a review by Moroku of a number of leading CU business objectives, a number of common threads appeared :
Develop digital solutions to enhance customer, and in particular, youth engagement.
Provide education in an effort to improve financial literacy amongst customers, particularly the younger market; help people understand the basics such as budgeting, avoiding debt traps, debt consolidation and compounding
Reinforce understanding and support for the mutual business model
Increase relevance to ‘younger’ members
Increase wallet share across segments
Increase online sales capability (reduced cost of sale)
Meet contemporary financial needs
Reduce cost to serve
Empower members to take control of financial outcomes
Moroku centred the Chore Scout initiative upon the following problems:
The business is under growth pressure and needs to attract new customers
Desire is for customers to perceive the business as contemporary, relevant and with a social conscience
Need to improve relevance and image to the 14-35 year old demographic to drive % of these customers > 10%
Drive Savings for 14 – 35 year old segment
Keep people engaged, with social and status
Connect sponsorship, social and connection into banking so people “get it”
Need customers to attract their children as the next generation of customers
Need to increase the product holding for customers to 2 or more per customer