New CEB TowerGroup Report: Mobile Photo Bill Pay: Next Generation In Bill Payment

SAN DIEGO, Sept. 6, 2012 (GLOBE NEWSWIRE) -- Mitek Systems, Inc., (Nasdaq:MITK) ( www.miteksystems.com ), a leading mobile imaging software solutions provider, today announced the availability of a new white paper from analyst firm CEB TowerGroup, "Mobile Photo Bill Pay: The Next Generation in Bill Payment" by Research Director – Commercial Banking and Payments, Andy Schmidt. The report examines how adding mobile photo bill pay, which uses mobile imaging technology to enable consumers to add payees and pay bills using their mobile devices, can expedite customer acquisition and improve revenue opportunities for financial services institutions. Schmidt will detail his findings in an upcoming live webinar on September 18, 2012.

"We believe that mobile photo bill pay is the next killer app for mobile financial services and the new CEB TowerGroup report validates that premise," said Mitek Systems' President and CEO James DeBello. "Now that Mobile Deposit ^® has become 'table stakes' for banks, they are looking for the next big mobile offering to help acquire new customers, keep their current customer base engaged and happy, and build new revenue streams. Mitek's Mobile Photo Bill Pay ^™ product delivers a unique way for consumers to enroll payees and pay bills with their camera, and for banks to lower switching costs and increase revenues."

"Extending the image capture capabilities that have been so successful with Mobile Deposit into the bill pay market is the next generation of bill payment," said CEB TowerGroup Research Director Andy Schmidt. "Our research shows that the ability to 'self-serve' is a leading drive of retention and profitability among retail banks, and offering the ability to enroll new payees and pay a bill on a mobile device extends the utility and stickiness of mobile banking while streamlining the bill payment process. This combination is a win-win for both banks and consumers."

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