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TheStreet Open House

Credit Unions Harness The Power Of Mitek's Mobile Deposit To Fuel Growth And Secure New Members

Stocks in this article: MITK

SAN DIEGO, Sept. 20, 2012 (GLOBE NEWSWIRE) -- Mitek Systems, Inc., (Nasdaq:MITK) ( www.miteksystems.com ), a leading mobile imaging software solutions provider, today announced that more than 150 credit unions have signed agreements for Mitek System's Mobile Deposit ® technology to offer their members the convenience of depositing checks anytime, from anywhere using their camera-enabled smartphone or tablet. Mitek has experienced an increase in credit union market penetration by over 165 percent year-over-year.

Mobile Deposit, once the domain of only large retail banks, is seeing widespread adoption by smaller regional, community banks and credit unions, which are using the technology to level the playing field and provide their customers with an easy and convenient service. Mitek invented the industry's gold standard technology that powers Mobile Deposit on smartphones and tablets. The Company has been issued 12 U.S. and Canadian patents, with another 12 patents pending, that cover the processes for depositing a check, processing the image, and creating a Check21-compliant image, whether the processes are carried out on the phone, the server, or a combination of both.

"Credit unions around the country are meeting the needs of their members who want a fast, easy and fun mobile banking experience," said James DeBello, president and CEO of Mitek Systems. "Our credit union customers tell us that Mobile Deposit is a cornerstone of their mobile banking strategies, and a powerful tool to drive new member acquisition and keep member satisfaction high. If you're using Mobile Deposit, you're using Mitek's technology."

"Since its introduction in 2008, mobile remote deposit capture has had consistent success, with the vast majority of implementations exceeding adoption forecasts, quickly turning mobile RDC into table stakes for institutions of all sizes," said CEB TowerGroup's Andy Schmidt, research director – Commercial Banking and Payments. "We see more and more credit unions adopt mobile deposit technology because it has proven to increase customer satisfaction, reduce attrition and can act as a great technology equalizer as credit unions compete with larger financial institutions for market share."

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