Home Cool Company Awards 2010 Meet Mozo, 2010 Anthill Cool Company Award Finalist

Meet Mozo, 2010 Anthill Cool Company Award Finalist [Online Business Category]

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What are the Anthill Cool Company Awards?

The Cool Company Awards were launched in 2006 as a way for Anthill to acknowledge and celebrate Australian organisations that are doing things differently to bring about positive change. Cool Companies stay one step ahead of the rest. They breed leaders who are rule-makers and rule-breakers. They are trend-setters in attitude and action. Quite simply, they are … cool! More.

Mozo

Company: Mozo
Website: mozo.com.au
State: NSW
Category: Online Business Award

A website that compares financial services doesn’t need to be fusty by nature. That’s the directive for the people at Mozo, which is trying, in its own little way, to shake up the banking sector.

Mozo lets people compare offers on home and personal loans, savings accounts and credit cards, offering a “top 5” list in each category and then allowing the user to find options that best match his or her requirements. Registration is optional, but allows people to save a list of offers and other details for faster searching.

Mozo’s goal since its launch two year ago is to connect consumers to financial institutions “minus the pain, incomprehension and delirious tedium typically attached to financial services,” said Kylie Moss, the company’s communications director. “And conversely, banks with strong products can market them on their merits to a ready-made customer-base.”

Mozo endeavours to pick through deliberately impenetrable systems (like credit card reward points), develop unique services (like Find a Mortgage Broker), and do it with a cheeky smile. For instance, there’s the Vice Calculator, with which people can figure the annual costs of smoking, drinking, etc.

Its target demographic is Australians aged 25 to 49 — people who are getting married, buying a house, having children, etc., and have active finance needs. This demographic also is increasingly disposed to switching banks rather than maintaining customer loyalty in the face of bad rates or poor service. Mozo also has a satellite site, the Student Room, dedicated to student products, financial needs and information.

Mozo sports more than 30,000 consumer reviews, 26,000 members and 5,000 Facebook friends.

Its marketing campaigns tread a low-cost, maximum-impact path, trading on originality (the “Rate Chasers” TV spots), irreverence (the 2009 “Race for VICE President”) and consumer awareness (Mozo’s People’s Choice Awards).

The company’s revenue comes mainly from commissions — a payment on transfer of a customer lead to a provider — and from selling advertising space on the website.

In response to a question about environmental responsibility, Moss had an intriguing answer: “We recently challenged the team to take part in a ‘buy nothing week’ (where you can’t buy anything for seven days) to highlight the surprising waste and environmental footprint of our ordinary lives. It was such a success — and a shock — that we’re looking to roll out a “buy nothing week” social media campaign.”

Mozo promotional video

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