Making Banking Fun
- Financial Tech
- February 2012
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- UBS Finnovate Finalist, Accenture FinTech Lab 2015
- Largest investor to date is Cuscal, one of Australia's largest and leading FinTech's providing capital and distribution
- Innovative banking and payments platform for banks, insurance and wealth companies
Customers want 24*7 mobile access to their banking and insurance products in a way that helps them win. Facebook and Mobile video games are defining those interfaces and expectations. Banks need to win digitally because that’s where the customers are and where the margins are greatest. At the same time the legacy infrastructure, core systems and cultures of many banks, insurance companies, wealth providers and traditional software providers are hampering their ability to solve for this.
As the world moved from PC to mobile, the most engaging and popular app categories are social, gaming and more recently fitness. These app categories are defining the experience not just for these categories but all categories. To succeed, banks and insurance companies must deliver apps that utilise these design paradigms or they will lose customers.
Moroku's GameSystem is a mobile banking server that takes customers on a journey of success. We then deliver a set of “life stage” mobile banking apps that connect to GameSystem which 2nd and 3rd tier banks subscribe
A design methodology and professional services capability allows Tier 1 banks and Insurance companies buy to design their own apps on top of GameSystem
Dave Durbin and Colin Weir began digitising banking in 1997 when they began taking some of the biggest names in banking to the internet with their first start up JCP which they sold to Sun Microsystems in 2000. Having spent 2 decades digitising banking they’ve helped Financial Institutions (FIs) across the world take out a lot of cost from their operations. But in doing so the customers have fared less well.
Moroku’s purpose is to deliver digital solutions that help financial services companies help their customers win. Moroku does this through a platform that delivers apps that are fun, rewarding and socially connected to improve financial awareness, literacy and effort. Connected into core transaction platforms, enabled through 2 decades of system integration and cyber security experience, Moroku sells these as a service to FI’s – banks, insurance companies and wealth providers.
The market opportunity is large. Digital has dramatically reduced the barriers to entry in financial services. No longer do you need billions of dollars to create ATM, branch and call centre networks. New challengers are turning up on a regular basis offering contemporary low fee solutions at the same time that Facebook, Apple and Candy Crush are changing the expectations of what user experience should be.
The prize pool is large: Retail banking revenues in the US alone are $1.2tn per year with banks spending $196bn a year on IT and financial services in total spending $455bn
Off the back of its experience, platform, innovation and traction Moroku has been recognised by respected global brands as being one of the main protagonists in this market being awarded:
• IBM Smart Camp finalist • UBS Future of Finance regional finalist • Accenture Fintech Asia Pacific Finalist • Gartner – Future of Finance • Let’s Talk Payments – 21 Hottest Banking technology Startups
Moroku completed a seed financing round in December 2015, lead by Cuscal a leading payments provider in Australia. This enabled the company to finish its first application, ChoreScout and complete a distribution deal for that in Australasia with Cuscal. Having proven itself in Australia with a number of banks deploying alongside deployments in Europe and a current pilot with one of the world’s leading global banks Moroku is aiming to enter the US market at the beginning of 2017. To do this it has established a US based advisor and is raising capital to get the product US ready and build out distribution. Moroku’s exit strategy, currently underway, is to bring a significant business stream and innovation agenda to one or more large FinTech providers and exit as a trade sale.
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Board of Advisors
Ron ForsterLegal and Risk Advisor
Christa SteeleNorth America Advisor
ChoreScout enters UAT with Australian Credit UnionSeptember 26, 2016
Marrakash launched on Google PlayAugust 26, 2015
Austrade Grants Moroku a Commercialisation Australia GratMarch 30, 2014
GameSystem launched onto Salesforce App ExchangeFebruary 18, 2014
Moroku GameSystem goes into BetaMay 13, 2012
Moroku IncorporatedFebruary 06, 2012
KPMG invites Moroku into Credit Union Accelerator
Cuscal takes a stake in Moroku
Moroku a top prospects in the Australian sector
Moroku selected for Acceture FinTech
Moroku built the ASB's mobile point of sale platform Pi and other platform innovations within the corporate , commercial and rural division of the NZ subsidiary of CBA
DSK launched Gameo on GameSystem, a mobile app to encourage customers to save not spend and available on iTunes and Google Play
MMPCU began as a consulting customer for Moroku, engaged to help define the digital strategy for the bank and a group of Australian Credit Unions and Mutuals. From this collaboration ChoreScout was born with MMPCU as the first customer
Moroku run the Marrakash platform on IBM Bluemix , is a member of their Global Entrepreneur Program and a winner of the IBM Smart Camp
Moroku Runs GameSystem on the Salesforce Platform. Like IBM this gives us cloud scale and security as well as global sales and service distribution