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Mitek Systems Brings Balance Transfer To Smartphones; Mobile Imaging Makes It As Easy As 'Point, Shoot And Transfer'

SAN DIEGO, Sept. 8, 2011 /PRNewswire/ -- Mitek Systems, Inc. (NASDAQ: MITK; www.miteksystems.com), the leader in mobile-imaging applications using smartphone cameras for check deposits, bill payments and ACH enrollments, today announced an innovative application for the financial services industry that enables consumers to switch bank credit card accounts as simply as "Point, Shoot and Transfer."

(Logo: http://photos.prnewswire.com/prnh/20100224/MITEKLOGO)

Mitek Mobile Balance Transfer™, a new, easy, attractive and cost-effective way for a bank to acquire new credit card customers, will be demonstrated for the first time on Sept. 21 to attendees at the FinovateFall 2011 conference in New York.

Mobile Balance Transfer joins the rapidly growing family of mobile-banking applications for banks, credit unions, brokerages and payment-management providers that are all rooted in the company's patented mobile image-capture and data-extraction capabilities.  Along with Mobile Deposit®, Mobile Photo Bill Pay™ and Mobile ACH Enrollment™, the newest Mitek app gives financial institutions a powerful platform of customer-acquisition and -retention tools.

The mobile application enables a bank's customer to use a smartphone camera to take a picture of a competitor's credit card payment coupon.  The customer transmits the information to the bank, which then can offer the customer a better interest rate to incent the customer to open a new credit card account and transfer an existing balance. 

For banks, Mobile Balance Transfer broadens the reach of traditional balance-transfer-marketing programs, enabling the bank to interact with the customer in real time.  By accepting the bank's offer, the consumer simply transfers his or her outstanding credit card balance to a new credit card account offering a more attractive rate, saving the customer time and money.

See " How Mobile Balance Transfer from Mitek works" below.

"The better banks understand the power of the digital-scanning devices in consumers' hands, the more they want to add applications that create more intimate relationships with their customers that are based on convenience and trust," said Mitek President and CEO James B. DeBello.  

"Mobile Balance Transfer is our latest product that does just that," he said.  "We're responding to the banks' requests for greater functionality and simplicity for users. The breadth of capabilities found in our imaging services, and now on the devices themselves, further position Mitek as the 'Gold Standard' in mobile banking."

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