Service Provided: Social Banking Network App
Meed is a on a global operation to convert mobile banking with a focus on community and empowerment. With the world’s first digital banking club, Meed is giving members access to cutting-edge mobile services as well as exclusive real-life benefits that put money in your pocket every day. Meed offers multiple accounts with many special features. Meed Banking Club honor your hard work with no surprise charges, three ways to earn cashback and innovative savings tools to help you earn more, save extra and accomplish more.
Initially we started to work on the backend, and as the client side was content with the performance, we were able to take over the whole assignment with an extended team, which gradually formed. Quality standards are always maintained at every turn and following that, both front-end and backend development is successfully completed by our developers.
The most important part of this project was understanding the business and technology behind each module and upgrading all details respectively. Also, working on a previously built project which used some of the obsolete technologies was critical as replacing those (such as libraries, packages) were required. Thus, we were able to take the earlier program which was not live into live version!
While shifting the program into cloud (using AWS EC2) it was another significant challenge, considering the project was live back then. Here, to ensure simple data transferring and scalable, resilient performance Amazon EC2 and S3 (object storage service) are adapted.
In order to create a specialized solution that is suited to the client’s requirements, our aim was to create a process that allows us to present unique and convenient features to consumers so that they can keep track of their finances, bills and expenses. Primarily the project was started single-handedly, but as time went on, more people were needed for various tasks of development – this turned into an entire team that extended to thirty members.
The absolute goal of the solution is to create an on-demand and always-on access 100% digital banking solution. To serve the purpose distinct features have been introduced which are carefully designed and developed. One of the prime attributes that is exclusively developed is the invite members system: Significant lifetime rewards in exchange for welcoming friends and family members who join as well. By inviting people to join Meed Banking Club user can get benefit. Depending on the number of people joined by the invitation, the bank will distribute funds among the inviters. The more people that join the club, the higher the reward will be for whoever created it. Users can easily invite members and can keep an active account.
Another remarkable feature introduced shows the overview and detailed information of user’s accounts. While opening an account in Meed banking club, 3 accounts open at a time and that are saving account, line of credit account and checking account. Thus, having multiple accounts brings customers satisfaction as users don’t need to run over the same process. The records from all three accounts are displayed in such a way so that users can get a clear understanding. For instance, savings account with goal capabilities helps customer understand, in which position he is while meeting his yearly goal of saving by checking the graphical representation.
Offers the option of a Meed Visa debit card to secure fast and easier access to money. By integrating some options such as ‘Freeze Card’, ‘Lost/Stolen’, ‘Replace Card’; in case of card misplacement user do not need to worry as these smart options are made available on fingertip.
The facility of direct deposit and remote deposit saves time and effort. Additionally, consumers can move money between accounts, send money locally and internationally as well as request money. The system is designed to ensure security, while transferring money each time an OTP automatically goes through.
According to the client’s specifications, an advancement done by the team is introducing a customized rewards system. To engage customers actively, Meed Extras are created, following which users can get discount offers on various purchases. To make an online purchase, users can follow the links in the app to the retailer’s site. Customers can see different offers and access those alongside can search by type (in store/online) or by category. Based on user provided address, nearby offers will also be shown to the consumers. By utilizing Meed Travel option user can book flights at a discount rate. Meed provides accidental death insurance included industry-leading security, the feature Meed Covers, has built to make the insurance claims easier.
The automated banking system has been made ready to pay your utility bills and even withdraw emergency funds. The monthly payment options are available through the bill pay option as well as a debit card choice. Monthly bills and recurring payments can be paid smoothly either electronically or by check. An opportunity launched which is emergency balance withdrawal from bank even if there is not enough money.
- The facility of online banking with useful and unique features attracted more and more customers over the years and their success is still ongoing.
- Automated report generation on what percentage originates from customers end, amount that distributed among the inviters, number of new customers, invitations count and more added extra benefit like reduction of manual processes and accuracy of details.
- Meed Banking Club Membership – and every one of the rewards that accompany it – is simply $9.95 per month from which the bank gets half of the percentage, and another half goes to the member’s account. No secret or unexpected expenses. Simply the features that serve customers and rewards to deliver a smooth banking experience.