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TheStreet Open House

Mitek Systems Management Discusses Q3 2012 Results - Earnings Call Transcript

Mitek has developed and patented mobile capture and data extraction software solutions and continues to lead the industry with innovations. We are investing heavily in R&D to build out our existing product roadmap, as well as bring new products to market. We are on track with the latest release of our mobile photo bill pay product to our pilot banks and remain confident that this product is our second killer app.

As a leader in mobile imaging, we've helped hundreds of corporations like Chase and Progressive engage in a new and powerfully unique way with their consumers. This is a phenomenon driven by the extraordinary consumer experience that Mitek enables. The delight to consumers is almost magical, as depicted in the latest national TV advertisement from Chase, at which the mother and daughter captured a lion with a snap of a smartphone camera and sent it to the bank instead of the check. This kind of whimsical marketing has put fun back in banking and the demand for it is growing. Research firm, Forrester, calls mobile check deposit table stakes.

Brian Moynihan, the CEO of Bank of America, was recently quoted accounting mobile banking saying, "It's just a much more efficient and, frankly, stronger service model." This is the promise of our suite of mobile imaging applications that let consumers enroll in new services, fund their prepaid card and bank accounts, shop for new credit cards and auto insurance and pay their bills. All with a simple snap of a camera on their smart phone or tablet. And we're just scratching the surface to use our technology in ways that the consumer never realized possible.

A recent survey from Gartner says that only 29% of consumers are aware of mobile check deposit. As a result, we believe that the opportunity for growth for mobile deposit and our future mobile imaging solutions is very large.

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