Designed for Customer owned banks

How we thought about Chore Scout

Chore Scout came into life through a strategic analysis of the customer owned banking industry.

Industry Overview

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.

Strategic Imperatives

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
Made by Bedismo

Problem Statement

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
  • Need to improve customer financial literacy
Reinventing

saving money


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