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Mitek Millennial Study: Love of Selfies Means Money in Mobile Commerce

  • Millennials want to digitize all commerce through mobile cameras
  • Nearly 50 percent said their smartphone was “practically useless” without a camera
  • Eighty-three percent think mobile capture will be part of all mobile transactions in the next five years


SAN DIEGO, Oct. 07, 2015 (GLOBE NEWSWIRE) -- Mitek (NASDAQ:MITK) (www.miteksystems.com), a leading innovator of mobile capture and identity solutions, today released findings from a new survey entitled “Millennials – The Next Mobile Disruptors.” The survey conducted by Zogby Analytics examines the mobile preferences of more than 1,000 consumers ages 18 to 34, to reveal that the camera is key for businesses looking to engage with this demographic. The results clearly show that Millennials want to digitize all commerce through their mobile camera.

“Mitek is the pioneer behind mobile capture with the invention of Mobile Deposit®, and we conducted this survey to keep our finger on the pulse of Millennials’ mobile preferences,” James B. DeBello, president & CEO, Mitek. “We found that Millennials love the convenience of taking a picture for data capture and they want to be doing more of it. In fact, 68 percent said that they would rather always use mobile capture instead of manually typing information on their smartphone. Businesses need to take notice and add mobile capture to their apps, because just being mobile isn’t enough anymore.”

Key findings from the survey include:

Mobile Means Money for Businesses Racing to Capture Millennials

  • Eighty-six percent of respondents make purchases and conduct transactions from their mobile phones, with 11 percent doing so daily.
  • Forty-two percent have made a decision on where to spend their money, or switched companies based on what the organization allowed users to accomplish with a mobile device.


Millennials Want to Digitize All Commerce Through Their Mobile Cameras

  • Sixty-eight percent would prefer to always use mobile capture instead of manually typing information on their smartphone.
  • Twenty-eight percent want to enroll for everything from a new credit card to a gym membership by snapping a picture of their driver’s license.


Banking is the Gateway Snap

  • Sixty-eight percent of Millennials got their first exposure to mobile capture with mobile check deposit.
  • Banking is the top industry where Millennials wish there was more mobile capture functionality (40 percent).


Millennials Value Security Over Convenience

  • Fifty-four percent said that security trumps convenience when using a mobile device.
  • Top barriers stopping Millennials from using their smartphones more are concerns about data security (53 percent) and concerns about identity fraud (52 percent).


As the largest age demographic in the United States today, and representing 90 percent of smartphone owners, Millennials’ mobile spending has huge economic impact. Mitek’s research shows that not only are an overwhelming majority of Millennial consumers making purchases through their mobile phones, but also that the camera is critically important. With more than a quarter of the respondents taking more than five selfies a day, it’s obvious businesses need to leverage this behavior with innovative new ways to conduct mobile commerce.

To download the full report visit: http://www.miteksystems.com/millennials15
To view an infographic of the survey findings visit: http://www.miteksystems.com/infographics/millennials-the-next-mobile-disruptors

About Mitek
Headquartered in San Diego, CA, Mitek (NASDAQ:MITK) is a leading innovator of mobile capture and identity solutions for customer acquisition. Mitek’s mobile photo technology enables consumers to use the Camera as a Keyboard™ to reduce friction for mobile check deposit, account opening, insurance quoting, payments, and ID document authentication. This innovative mobile technology is licensed by more than 4,100 organizations and used by tens of millions of consumers. In June of 2015, Mitek acquired IDchecker, a global provider of cloud based identity document verification and facial recognition solutions. The acquisition broadens Mitek’s global presence, expands document coverage to more than 3,500 document types and adds international customers in payments, financial services and information services. www.miteksystems.com

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Mitek Contact: Ann Reichert Senior Director of Marketing pr@miteksystems.com Katherine Verducci MIX Public Relations pr@mix-pr.com Investor Contacts: Todd Kehrli or Jim Byers MKR Group, Inc. mitk@mkr-group.com

Source:Mitek Systems, Inc.