Mitek's Mobile Deposit(R) Enables Consumers to Snap Their Way to More Than $40 Billion in Deposits

Mitek's Mobile Deposit(R) Enables Consumers to Snap Their Way to More Than $40
Billion in Deposits

  *More than 12 million mobile deposit users have made it a "must have" for
    financial institutions
  *Major bank reports saving $3.88 with each mobile check deposit over a
    teller deposit
  *Mitek estimates Mobile Deposit has saved banks more than $100 million in
    transaction costs

SAN DIEGO, March 18, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK)
(www.miteksystems.com), the pioneer behind Mobile Deposit® technology, today
estimates that it has facilitated more than $40 billion in check deposits.
Adoption for this innovative technology continues to grow, with more than 12
million Americans already depositing checksquickly and easilyfrom their
smartphones or tablets^1. Mitek's patented Mobile Deposit enables consumers to
snap a picture of a check with their smartphone or tablet camera to make a
deposit from anywhere, any time. Mobile Deposit is increasingly critical to
engaging customers and growing mobile banking opportunities to maximize
revenue opportunities, which is why more than 708 banks and credit unions have
signed agreements to provide Mitek's Mobile Deposit to their customers.

As an example of the huge demand and widespread adoption of mobile imaging in
banking, a major nationwide bank recently told the Wall Street Journal that
customers are now depositing more than 100,000 checks every day through their
mobile phones.

Mobile Deposit adoption has exploded because it is a win/win for banks and
their customers. With Mobile Deposit, banks have lower check processing costs
and customers have the freedom to deposit money on their schedule, from
anywhere. In fact,a leading bankreported that in the last quarter of 2012,
six percent of its consumer deposits were made through their Mobile Deposit
application (QuickDeposit^SM) enabled by Mitek, resulting in 95 percent lower
costs than if the check had been deposited via teller^2. In addition, PNC Bank
told analysts that mobile deposits save their organization $3.88 per
transaction compared with a deposit made with a teller, and those savings
amount to millions of dollars annually for the bank. Given publically
available data, Mitek estimates that Mobile Deposit has saved banks more than
$100 million since its inception.

When looking at the Mobile Deposit phenomenon, analysts also report:

  *Fifteen percent of all smartphone and tablet owners have already adopted
    mobile remote deposit capture, according to AlixPartners.^3
  *Also according to AlixPartners, Mobile Deposit continues to be the number
    one mobile feature sought by all smartphone and tablet owners who would
    switch banks for mobile banking.^4
  *Mobile Deposit is projected to expand to 30 percent of smartphone users by
    2016 according to the Aite Group, meaning approximately 1 out of 3
    consumers is expected to make deposits using their smartphones.^5
  *Javelin Strategy & Research found that banks are racing to release Mobile
    Deposit because the shift in customer perception has made the technology
    an expected capability.^6
  *The percentage of the largest financial institutions offering mobile RDC
    has almost tripled in the past two years, states Javelin Strategy &
    Research, with 64 percent of the top 25 retail banks offering Mobile
    Deposit in 2013, up from 48 percent in 2012 and 22 percent in 2011.^7
  *The number of U.S. mobile banking users will double in the next five years
    and reach 108 million by 2017, accounting for 46 percent of U.S. bank
    account holders says Forrester Research.^8

The popularity of Mobile Deposit has also blazed a trail for other banking
services that use the same proven mobile imaging technology, such as Mobile
Photo Bill Pay™ and loading prepaid card accounts. The evolution of Mobile
Deposit and its impact on the market are documented in an informative graphic
at: http://www.miteksystems.com/2012-year-in-review.

Key Quotes:

  *Mitek, James B. DeBello, president and CEO: "Since Mobile Deposit's
    invention in 2007, all of the top banks in the country, and many smaller
    banks and credit unions have come to depend on Mitek's Mobile Deposit as
    the cornerstone of their mobile strategy. Mobile Deposit is a runaway-hit
    with consumers and banks, and adoption rates continue to accelerate. We
    are committed to helping banks develop mobile imaging strategies that
    build on the success of Mobile Deposit."
  *AlixPartners, Bob Hedges, managing director in the Financial Services
    Practice: "There is no other banking service that has as much consumer
    demand as Mobile Deposit, which has led to rapid and widespread adoption
    of the technology by financial services providers of all sizes. While its
    been a competitive differentiator for the first-moving banks, today banks
    and credit unions across the country are jumping on board because they
    realize that it has become 'table stakes' for consumers – and also
    delivers productivity gains."
  *Conestoga Bank, Lori Adamski, executive vice president and chief operating
    officer: "Mobile Deposit can be credited with helping grow our overall
    customer base, as we saw a 10 percent increase in account openings in the
    first 13 months following its introduction. Now three years later, this
    service has proven to be a true differentiator and an integral part of our
    customer acquisition strategy."

Videos

  *Chase customers use QuickDeposit to deposit checks from anywhere,
    including the zoo
  *Newlyweds can't wait to deposit checks into their account
  *Mobile banking from U.S. Bank helps a customer check an item off the
    "honey-do" list while brushing his teeth

About Mitek

Headquartered in San Diego, CA., Mitek (Nasdaq:MITK) is a mobile imaging
software solutions provider that allows users to remotely deposit checks, pay
their bills, get insurance quotes, and transfer credit card balances by
snapping a picture with their camera-equipped smartphones and tablets instead
of using the device keyboard. Mitek's technology increases convenience for the
consumer by eliminating the need to go to the bank branch or automated teller
machine, and dramatically reduces processing and customer acquisition costs
while increasing customer retention. With a strong patent portfolio, Mitek is
positioned as the leading innovator in mobile imaging software and currently
provides its solutions to Fortune 500 financial services companies. For more
information about Mitek, please visit http://www.miteksystems.com. MITK-G

Connect with us on Facebook: http://www.facebook.com/MitekSystems

Follow us on Twitter: @miteksystems

See us on YouTube: http://www.youtube.com/miteksystems

Read our latest blog post: http://www.miteksystems.com/blog

^1 Mobile Banking Forecast: Smartphone and Tablet Use in the United States,
Aite Group, December 2012

^2 Investor Day: Consumer & Community Banking, JP Morgan Chase & Co, February
2013

^3 Q4 2012 Mobile Tracking Study, AlixPartners, March 2013

^4 Q4 2012 Mobile Tracking Study, AlixPartners, March 2013

^5 Mobile Banking Forecast: Smartphone and Tablet Use in the United States,
Aite Group, December 2012

^6 Mobile Imaging: Going beyond Mobile Remote Deposit Capture To Bridge the
Consumer Transaction Gap, Javelin Strategy & Research, February 2013

^7 Mobile Imaging: Going beyond Mobile Remote Deposit Capture To Bridge the
Consumer Transaction Gap, Javelin Strategy & Research, February 2013

^8 2012 US Mobile Banking Functionality Rankings, Forrester Research, Inc.,
April 2012

CONTACT: Mitek Contacts:
         Ann Reichert
         Director of Marketing
         pr@miteksystems.com
        
         Sarah Schulz
         MIX Public Relations
         pr@mix-pr.com
 
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