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Mitek Systems Announces Mobile Deposit® 3.0

CHICAGO, Oct. 11, 2011 /PRNewswire/ -- Mitek Systems, Inc. (NASDAQ: MITK; www.miteksystems.com), the leader in mobile-imaging solutions, today announced version 3.0 of its award-winning Mobile Deposit® product that enables mobile-banking customers to make deposits simply by taking pictures of checks with their smartphone cameras.

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

The new version improves the user experience and performance of Mitek's industry leading mobile Remote Deposit Capture (RDC) product, which now runs on Windows Server 2008 R2, the preferred operating system of many financial institutions.  Mitek announced the improvements in its flagship mobile-check-deposit application at the BAI Retail Delivery Conference & Expo 2011 being held here.  

Six of the top 10 retail banks in the United States and more than 80 financial institutions are using Mobile Deposit as their mobile RDC application of choice and a cornerstone of their mobile strategies.  

"The first month that we launched Mobile Deposit, we saw new enrollments for consumer capture increase four times," said Mike Kroft, VP of E-Banking at Mercantile Bank of Michigan in Grand Rapids, Mich.  "It has been an extremely effective tool in helping us grow our retail customer base, so we are pleased to see Mitek continue to evolve the product."

A new market research paper entitled "Mobile Remote Deposit Capture: Changing how consumers bank and banks compete" by AlixPartners LLP, the global business-advisory firm, found that mobile RDC is a powerful, must-have capability for banks in acquiring new mobile-banking customers and keeping existing ones. Banks that fail to implement a mobile-banking strategy with mobile RDC as an essential capability risk losing market share, the report found.  

"In today's marketplace, where basic mobile banking functionality is quickly becoming table stakes, Mobile RDC capabilities represent an opportunity for banks to increase relevancy with their customers, enhance engagement and communication, and stay at the leading edge of the mobile app game. Mobile RDC delivers that unique combination of real consumer utility and marketplace sizzle," the AlixPartners report stated.

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