Santa Monica, CA – September 11, 2018. Meed, the world’s first social banking network, today announced the December U.S. launch of its disruptive mobile banking program together with Valley National Bank of Oklahoma (VNB). Meed has already launched in Asia and provides a unique and broad level of services, options, features, rewards and community to those seeking more from an online bank.
Meed’s innovative business model revolutionizes the marketing, delivery and consumption of financial services for digital consumers, and is designed to deliver differentiation, competitive advantage and significant incremental growth for Valley National Bank.
Meed customers can be “paid to bank” through its unique, income-building SocialBoost™ program. SocialBoost allows Meed customers the opportunity to earn an ongoing 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.
All Meed accounts are FDIC insured via Valley National Bank, allowing customers to bank with confidence. Meed allows users to handle all of their banking needs via an iOS/Android app or on their computer, so that critical banking needs are never further away than the user’s screen. Key features of Meed include:
– Instant Money Transfers: Instantly transfer money, plus split bills and request funds from other Members, so you can pay or get paid when and where you need it.
– Savings Goals: Whether you’re saving for a big trip or your first house, set your savings target and track your progress while earning interest on your balance.
– Secured Credit: Borrow against your savings account when you need extra cash, and keep your savings intact.
– Life Insurance: Included with all Meed accounts is a group life insurance policy provided at no extra cost
– Banking options such as checking, savings, bill pay, domestic/international money transfers and more
“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.” said 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.”
Meed will launch in the U.S. in December 2018, with nationwide rollout Q1 2019. Meed first went live in Asia in 2016 and will add Mexico in mid-2019 as it works towards a goal of establishing a global network of Member Banks in 30 countries by 2021.