Meed, the Santa Monica-based fintech, today announced the U.S. launch of its disruptive mobile banking program together with Valley National Bank of Tulsa, Oklahoma (VNB).
SAP Banking Services is the core banking software for the venture and the full integration program will be handled by Axxiome through its digitalization platform, Axxiome Digital.
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.
“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, re-building mobile financial services from the ground up.”
Valley National Bank will make available the innovative Meed Package, including:
- Linked checking, savings and credit accounts
- Domestic and international transfers
- 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.
VNB works to a vision of making banking surprisingly easy for its customers and communities everywhere, and will use Meed as a significant enhancement to this.
“The Meed package is a highly desirable and innovative banking solution that has global reach and the power to change lives in communities worldwide,” said Valley National Bank President and CEO Brad Scrivner. “We are very excited and optimistic about our partnership with Meed. We’re confident that the world is ready for a more transparent and noble banking platform.”
The Meed solution is turn-key, and Axxiome is able to run the full integration program without disrupting VNB’s day-to-day operations or adding to its IT staff or workload. The partnership will leverage Axxiome Digital, a digitalization platform designed specifically to enable banks to integrate seamlessly with FinTechs. System agnostic for improved flexibility and scalability, it will be integrated into SAP system for the launch. “Bringing the Meed Platform to life in collaboration with SAP and Valley National Bank is a great example of how new business models are changing the banking industry,” said Michael Mauk, CEO at Axxiome. “Banks working together with fintechs in this manner will change and revitalize traditional ways of banking.”
Valley National Bank chose SAP Banking Services and SAP S/4HANA to create a fully-integrated financial system that provides real-time banking, easy and flexible configuration capabilities, and a 360° view of the customer. The real-time insights enabled by SAP for banking solutions, combined with Axxiome Digital as an intelligent digitalization platform, will allow the bank to become flexible and nimble in operations for its new digital customers. In addition, Valley National Bank will at the same time move all its systems into a single tenant managed cloud hosted by DXC.
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.