WhyMoolah App Qorus Banking Innovation Awards 2014 - Winner

DBS Bank’s WhyMoolah innovation was developed in answer to two questions: “How much do we understand about the youth segment?” and “Wouldn’t it be great if we could explore a new digital way to engage youth and young working adults in an enriching and rewarding manner?” The bank partnered with Playmoolah, a local start-up that was committed to developing a mobile app. There were already several experiential mobile gaming apps available, such as SimCity and Game of Life, so the companies wanted to position the app as a simulator, rather than a game. Consequently, WhyMoolah revolves around real scenarios, possible life events, and financial decisions that young people are likely encounter after graduating from university. In essence, players need to balance four key pillars, which include career, health, social and personal finance. After learning through simulation, players can toggle to the ‘Real Rewards’ section, register via an online form, perform a real action and be rewarded. Through this app, the team aims to establish a connection between what people have learned and actual product/service take-up from the bank.