Home Smart 100 2012 Mozo Travel Money Hub (SMART 100)

Mozo Travel Money Hub (SMART 100)

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The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

Mozo Travel Money Hub (NSW)

This innovation initially came to life when…

One of our community members asked us, “What’s the best way to access money while overseas?” We didn’t know the answer and immediately put the Mozo Rate Chasers on the task to find out. Within eight weeks of being asked that question, the Mozo Travel Money Hub was born. That person got the answer they needed for their trip and now everyone else going overseas can too.

WHAT & HOW

The purpose of this innovation is to…

Put an end to Lonely Planet-sized bank statements by helping the average Australian traveller find the cheapest holiday money options for their needs.

It does this by…

As a one-stop travel money hub that compares all the major travel money options available from debit cards, prepaid cards, credit cards and foreign exchange. We answer the question, “Which way to get money overseas is best?” Users can also read independent product reviews, compare exchange rates and absorb helpful travel money guides that explain overseas money do’s and don’ts.

PURPOSE & BENEFITS

This innovation improves on what came before because…

Never before has anyone compared all the different options to get money. Mozo’s travel money hub shows that just as Aussies shop around for flights and accommodation it pays to shop around for travel money. On a $5,000 holiday spend you could overpay as much as $315 in fees — that’s a lot of poolside pina coladas!

Its various benefits to the customer/end-user include…

No more panoramic credit card bills or bank statements full of overseas ATM fees, foreign exchange surcharges and foreign currency purchase fees.

We expose the travel money tricks and traps and help Aussies get a better a holiday money deal.

COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

It wasn’t. You could take a few extra holiday days before your trip to visit every bank branch and wade through T’s & C’s to find the best deal. Or like most people, you just accepted you would pay through the nose to access your money when overseas and wait for the bank statement to come in after your trip, then panic.

Its predecessors/competitors include…

There aren’t any. Mozo is the first Travel Money Hub that has all the travel money providers, fee info and options in the one place, for all the different ways possible to access money while overseas.

TARGET MARKET

It is made for…

The 7.1 million Australians who go overseas each year and the $1.4 billion we are being charged for the privilege of spending our money overseas. It also helps the thousands of Australians who are now shopping online internationally with their credit cards and being ripped off by paying high foreign currency exchange and conversion charges.

DISTRIBUTION STRATEGY

It is available for sale through…

Australians are already paying too much to access their own money. All of Mozo’s travel money comparison tools and information are available freely to anyone who visits our website at mozo.com.au/travel-money. We’re open 24/7, 365 days a year!

Our marketing strategy is to…

Spread the word about Australia’s travel money rorts and gems through PR, social media and word of mouth via our online community. We’re in soft launch and so far we’ve had over 50,000 visitors to the Travel Money Hub. We’re getting jittery thinking about the results we can expect once advertising kicks in the coming months — mango daiquiri anyone?

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