Meed to unveil mobile banking programme in US
California-based Meed will launch its mobile banking programme in the US with Valley National Bank of Oklahoma (VNB) in December.
“Paid to bank”
It says its customers can be “paid to bank” through its “income-building” SocialBoost programme.
According to the firm, customers can earn an income stream in return for growing the Meed community among their family and friends. The result is an acquisition and loyalty engine for VNB “driven by customers’ social sharing”.
“The vast majority of banks worldwide have all handled the mobile era in exactly the same way, and we think it’s a flawed approach,” says Les Riedl, CEO for Meed. “Simply shrinking down traditional bank accounts and putting them on a smartphone screen doesn’t offer real innovation, nor is it customer-centric. At Meed, we’re putting together an entire financial ecosystem to benefit the customer by rebuilding mobile financial services from the ground up.”
If you feel the need for Meed, then other features includes instant money transfers, secured credit, and life insurance.
While it’s a December launch in the US, the nationwide roll-out is set for Q1 2019. Meed first went live in Asia in 2016 and will add Mexico in mid-2019 as it works towards establishing a network of member banks in 30 countries by 2021.
In a separate and recent development, VNB selected SAP and Axxiome for its digital overhaul. The bank will use SAP for Banking solutions and SAP S/4HANA for its real-time operations.
