- Success rates among Mitek MiSnap™ adopters are higher than those using manual capture
- Early adopters include two of the top five US banks as well as leading innovators in financial services ranging from Morgan Stanley to Tangerine (formerly ING Canada) and FirstBank
- Auto capture means millions more consumers are successful on first and subsequent attempts improving adoption and usage of Mobile Deposit
SAN DIEGO, July 15, 2014 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK) (www.miteksystems.com), the leading innovator of mobile imaging for financial transactions, announced that ten leading financial institutions have now deployed its new mobile auto capture technology, Mitek MiSnap with Mobile Deposit.
A video accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=26480
Mitek MiSnap eliminates user error by providing real-time feedback until a suitable image is detected, at which point it automatically captures the image. This technology is now the mobile capture component of Mitek's award winning Mobile Deposit.
The use of mobile check deposit is growing rapidly. The recent Federal Reserve survey showed that 38 percent of mobile bankers have used their phone to deposit a check in the past 12 months, up from 21 percent in 2012. The improvement in the user experience as a result of Mitek MiSnap will accelerate the popularity of this low cost, self service deposit channel.
"Since offering Mobile Deposit Capture six months ago, adoption and usage has been great. We've processed about a quarter of a million deposits using the mobile deposit technology so far this year. We're also seeing about 6,500 new users per month. We believe Mitek MiSnap has played a key role in this product's success. We've had feedback from some customers that this is the best image capture technology they've ever used," said Jeff Kaufman, President of Retail Services at FirstBank.
Mitek MiSnap is available through Mitek partners including: Cachet, Ensenta, FIS, Fiserv, Fundtech, Jack Henry, NCR, Transcentra and others.
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 2,000 organizations and used by tens of millions of consumers enabling increased customer acquisition, retention and operational efficiency. www.miteksystems.com MITK-G
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Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company's long-term prospects and market opportunities beyond the financial services market are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company's ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company's products, the Company's ability to continue to develop, produce and introduce innovative new products in a timely manner or the outcome of any pending or threatened litigation and the timing of the launch of Mobile Deposit by the Company's signed customers.
Additional risks and uncertainties faced by the Company are contained from time to time in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2013 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC's website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company's actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.