Mitek Wins Monarch Innovation Awards' Top Honor for Overall Most Innovative
Business Banking Firm Barlow Research Recognizes Mitek's Mobile Deposit(R) for
Its B2B Innovation
SAN DIEGO, April 8, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK)
(www.miteksystems.com), a leading mobile imaging software solutions provider,
today announced that its Mobile Deposit® solution has received the top award
for "Overall Most Innovative", from leading research firm Barlow Research
Associates, Inc., in its annual Monarch Awards that recognize B2B innovations
within the financial services industry.
Mitek's patented Mobile Deposit enables businesses to snap a picture of a
check with their smartphone or tablet camera to make a deposit from anywhere,
anytime saving them a trip to the bank. With more than 700 banks and credit
unions offering Mitek's Mobile Deposit to their customers, Mitek estimates
that it has facilitated more than $40 billion in check deposits.
The Monarch Innovation Awards are presented to financial institutions and
industry partners that provide the most innovative products to business
customers as well as recognize risk takers who create and promote innovation
within their organizations.
"Receiving Barlow Research's top honor for 'Overall Most Innovative'
demonstrates the impact that mobile deposit technology has made on the
financial services industry," said Mitek President and CEO, James B. DeBello.
"We'll continue to provide innovative mobile imaging solutions that reduce
user friction and make financial services transactions such as depositing a
check and paying a bill easy, secure and seamless for both consumers and
"Celebrating success is the first step in creating an enterprise innovation
strategy. Winning a Monarch Innovation Award underscores the contribution that
Mitek and its technology are making to improve the business banking
experience," said John Barlow, President of Barlow Research Associates, Inc.
Mitek's next innovation in mobile imaging, Mobile Photo Bill Pay^™ builds on
the success of Mobile Deposit by enabling a bank customer or credit union
member to easily and securely pay a bill with the snap of a smartphone or
tablet camera. After a customer takes a picture of a bill, Mitek's technology
automatically extracts relevant information from the paper bill and
auto-populates the fields required to make a mobile payment. The consumer can
then schedule the payment and click "pay." This revolutionary new way to pay
bills eliminates the need for manual data entry, a checkbook or even a
computer. U.S. Bank and First Financial Bank of Abilene, Texas, have launched
the service to their customers.
About the Monarch Innovation Awards
Developed to recognize innovation in the financial services industry, the
Monarch Innovation Awards are unique and coveted because an independent jury
evaluates the submissions. The judges quantitatively score each submission
based on uniqueness, stickiness, dependability, ease of use and value. The
award is named after the monarch to symbolize the rebirth that results when
old formulas and methods give way to new ways of doing things.
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.
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Read our latest blog post: http://www.miteksystems.com/blog
CONTACT: Mitek Contacts:
Director of Marketing
MIX Public Relations
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