SAN DIEGO and MECHANICSBURG, Pa., May 5, 2014 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK) (www.miteksystems.com), the leading innovator of mobile imaging for financial transactions, today announced that Members 1st Federal Credit Union will use Mobile Photo Balance Transfer™ to acquire new credit card members and balances. Mitek's Mobile Photo Balance Transfer™ solution is the mobile equivalent of traditional balance transfer marketing programs and appeals to the highly desirable "mobile only" and "mobile first" consumers. Members 1st Federal Credit Union is the first credit union in the Mid-Atlantic to offer this service to their members.
In a matter of minutes, Members 1st members will be able to accept a low interest balance transfer offer from their mobile banking app and then transfer balances from another credit issuer to a new Members 1st credit card account. This is accomplished by using a smartphone camera to snap a photo of their credit card bill coupon. The information captured will be used to transfer the remaining balance to their new Members 1st credit card account. This solution gives members a quick, simple way to lower their interest rates without cumbersome data entry on a mobile device.
"Mobile Photo Balance Transfer™ takes the hassle out of manually entering account information on small smartphone keyboards," James B. DeBello, president and CEO at Mitek said. "Our solution uses the power of mobile imaging to support Members 1st marketing programs designed for new credit card customer acquisition using a mobile device."
About Members 1st Federal Credit Union
Members 1st is a member-owned full service financial institution located in South Central Pennsylvania. In business since 1950, Members 1st now serves over 250,000 members with 50 plus full-service branches including 7 in-school branches. Their extensive branch network and electronic delivery channels allows the membership to be engaged in their financial future through whatever means they are most comfortable with.
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Headquartered in San Diego, CA, Mitek (Nasdaq:MITK) is the leading innovator of mobile imaging for financial transactions. Mitek's patented mobile photo technology automatically captures images of personal and financial documents and then extracts relevant data. This enables consumers to use the Camera as a Keyboard™ to reduce friction for mobile check deposit, account opening, bill payment, insurance quoting, and many other use cases. This innovative technology is licensed by more than 1,700 organizations and used by tens of millions of consumers enabling increased customer acquisition, retention and operational efficiency. www.miteksystems.com
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