This 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.
1. THE BEGINNING
This innovation came to life when…
In 2012 Colin was working at Microsoft watching mobile, social, gaming and the cloud began transforming the way software and services were created and consumed. Moroku was formed to take advantage of that inflexion point and to create new experiences for banks and their customers.
Gaming had already over taken Hollywood box office revenues and was redefining the design mantra from Ease of Use to Fun to Use. Social media was revealing a deep societal need to connect, share and be noticed.
We wondered if we could harness these changes to improve the banking experience.
2. WHAT & HOW
The purpose of this innovation is to…
Banks have a problem getting customers to take products from them and then use them. This is tough because banking is very difficult, boring and unrewarding for most people, subject to procrastination and takes time to teach.
It does this by…
Moroku provides mobile banking applications that customers are attracted to and are engaged in to manage their financial affairs more rigorously. This is achieved through a set of cloud and mobile software solutions that are inherently fun and rewarding for customers and which banks rent, turn on and rapidly provision.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
Previously banking applications focused on helping customers see all of their accounts, money and transactions online and providing them with ways to transact. The problem with this is that it usually paints a bad picture: generally showing us how poor a financial state we are in. So why would we go there planning for success and fun?
Its various benefits to the customer/end-user include…
Dale Carnegie famously wrote: “People rarely succeed in anything unless they are having fun.” We harness this idea by making banking fun to encourage people to pay attention to and do the necessary things to build financial muscle.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Previously banks used to encourage people to bank by advertising campaigns. The problem with these strategies is that they aren’t very sustainable. You have to keep advertising and people are becoming desensitised to the messages.
Its predecessors/competitors include…
Encouraging people to save money and pay off debt has largely occurred by creating and sharing bad news stories, warning people of the perils of not paying attention to their financial affairs.
5. TARGET MARKET
It is made for…
It’s made for the 59% of people in developing economies that don’t have a bank account and the others that have trouble paying attention to their financial affairs and planning for the future. In this regard our customers are largely banks who struggle to solve this problem with their customers.
It is available for sale through…
We sell our products today indirectly through some of the largest banking and payments software companies in the world. We will also soon begin selling the products and services directly through the Salesforce AppExchange.
Our marketing strategy is to…
Embed what we do within the major banking and payments solutions worldwide.
Your Turn — VOTE!
The Readers’ Choice Index was created to provide an opportunity for Anthill readers to vote on SMART 100 applications, in one of three ways:
- Tweet it: Top left of each page (3 points)
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- Leave a Comment: Anonymous comments excluded (1 points)
We’ll use your vote to create the 2014 SMART 100 Readers’ Choice Index.
FINE PRINT
This 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.
