Video Release -- Mitek Announces Mobile Photo Account Opening(TM)
New Solution Reduces Friction in Account Opening Process With Mobile Imaging
for Customer Self-Service and Employee-Assisted Service
SAN DIEGO and NEW YORK, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK)
(www.miteksystems.com), the company that created the category of mobile
imaging for financial transactions, announces the newest addition to its suite
of mobile imaging solutions for financial institutions: Mobile Photo Account
Opening™. Mobile Photo Account Opening enables financial institutions (FIs) to
increase completion rates for opening and funding new accounts by reducing the
friction in the enrollment process for checking, savings, credit card, and
other transactions with mobile imaging. The new solution will be available for
mobile self-service and for employee-assisted service in the branch and in the
community. Mobile Photo Account Opening will debut at Finovate in New York on
September 11, 2013.
A video accompanying this release is available at http://youtu.be/PEJIdS7Cpbo
Mobile Photo Account Opening eliminates the notoriously cumbersome and error
prone manual data entry on a mobile device. Consumers and employees can now
simply capture a picture of the front and the back of driver's license and the
validated data is automatically populated into the account opening
application. Mobile Photo Account Opening seamlessly integrates with FIs
existing account origination, identity proofing, and fraud prevention
providers like Experian so it facilitates existing processes.
In Gartner's May 16, 2013 report, App Explosion: Lessons From the Top 20
Banks, author Kristin Moyer noted that, "Nearly 75% of banking CIOs and
digital technology leaders plan to increase spending on mobile apps this year.
We advise that banks develop an app road map based on need-based functionality
and impact on net profits."
"We believe Mobile Photo Account Opening will have a profound impact on net
profits by enabling acquisition of the sought after digital natives and mobile
first consumers while moving them to a lower cost self-service channel," said
Mitek President & CEO James DeBello. "It is also a great tool for getting
employees out from behind a desk and streamlining account opening in the
branch and in the community on a tablet, making account opening a faster, more
friendly and engaging process."
According to theJuly 2013, Javelin Research & Strategy report, How To Upgrade
Online and Mobile Account Opening for an Omnichannel Era, "The fact that 88.5
million Americans attempted to open an account online or with a mobile device
in the past 12 months underscores how far digital account opening has come in
a few short years. Nonetheless, its potential remains largely untapped,
especially as consumers place growing importance on mobile capabilities." In
the same report the firm also noted, "The number one job for financial
intuitions should be to enable applicants to open and fund an account in one
Mitek's proven expertise with checks addresses this issue by allowing
consumers and FI employees to take a photo of a check to immediately fund the
account as part of the account opening process.
Like Mobile Deposit®, Mobile Photo Bill Pay®, and Mobile Photo Balance
Transfer™, Mobile Photo Account Opening leverages Mitek' MiSnap™ touch-free
capture technology which automates the image capture process – eliminating
user-error and decreasing transaction processing time.
Like all Mitek solutions, Mobile Photo Account Opening will be available
on-premise and in a hosted environment. Those interested in becoming an Early
Adopter can send an email to firstname.lastname@example.org.
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, open accounts, get insurance quotes, and transfer credit card
balances by snapping pictures 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
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CONTACT: Mitek Contacts:
Director of Marketing
MIX Public Relations
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