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Thursday, September 20, 2012
(Mitek Systems / Mitek Systems)
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SAN DIEGO, Sept. 20, 2012 - Mitek Systems, Inc., (Nasdaq:MITK), a leading mobile imaging software solutions provider, today announced that more than 150 credit unions have signed agreements for Mitek System's Mobile Deposit® technology to offer their members the convenience of depositing checks anytime, from anywhere using their camera-enabled smartphone or tablet. Mitek has experienced an increase in credit union market penetration by over 165 percent year-over-year.
Mobile Deposit, once the domain of only large retail banks, is seeing widespread adoption by smaller regional, community banks and credit unions, which are using the technology to level the playing field and provide their customers with an easy and convenient service. Mitek invented the industry's gold standard technology that powers Mobile Deposit on smartphones and tablets. The Company has been issued 12 U.S. and Canadian patents, with another 12 patents pending, that cover the processes for depositing a check, processing the image, and creating a Check21-compliant image, whether the processes are carried out on the phone, the server, or a combination of both.
"Credit unions around the country are meeting the needs of their members who want a fast, easy and fun mobile banking experience," said James DeBello, president and CEO of Mitek Systems. "Our credit union customers tell us that Mobile Deposit is a cornerstone of their mobile banking strategies, and a powerful tool to drive new member acquisition and keep member satisfaction high. If you're using Mobile Deposit, you're using Mitek's technology."
"Since its introduction in 2008, mobile remote deposit capture has had consistent success, with the vast majority of implementations exceeding adoption forecasts, quickly turning mobile RDC into table stakes for institutions of all sizes," said CEB TowerGroup's Andy Schmidt, research director - Commercial Banking and Payments. "We see more and more credit unions adopt mobile deposit technology because it has proven to increase customer satisfaction, reduce attrition and can act as a great technology equalizer as credit unions compete with larger financial institutions for market share."
"Many members have told us that they enrolled in mobile banking specifically for Mobile Deposit, which has resulted in an increase in overall mobile banking adoption," said Corina Watts, senior manager of marketing, University Federal Credit Union, the largest locally owned financial institution in the Austin, Texas area, with more than 150,000 members. "Twenty percent of our members now use mobile banking services and since launching our Mobile Deposit solution just eight months ago, we have already had more than $16 million deposited from our member's smartphones or tablets."
"We believe that making our member's lives easier with Mobile Deposit will help drive long-lasting relationships. Additionally, with a large population of college students, Mobile Deposit is a valuable tool to retain members after they graduate and move out of the area," added Watts.
Tony Rasmussen, senior vice president of eServices at Utah-based Mountain America Credit Union, said, "There are many reasons credit unions see tremendous value in Mobile Deposit®. It allows us to compete with financial institutions of all sizes, increase deposit volumes and reduce deposit costs, and it gives us the ability to expand our geographic footprint without adding new brick and mortar branches. Most important, it is very convenient for our members, making their lives easier and improving their customer experience."
Mitek's Mobile Deposit is a mobile remote deposit capture (RDC) solution used by hundreds of financial institutions to enable seamless, secure and fast mobile deposits for their customers. Earlier this year Mitek announced that approximately $10 billion in mobile deposits has been enabled by Mitek's mobile imaging technology.
About Mitek Systems
Headquartered in San Diego, Calif., Mitek Systems is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay bills, get insurance quotes, and transfer credit card balances by snapping a picture with their smartphone or tablet cameras instead of using the device keyboard. Mitek's technology increases convenience for the consumer by eliminating the need to have 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 Systems, please visit www.miteksystems.com.
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