This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Mitek Rolls Out Mobile Photo Account Opening

Stocks in this article: MITKUSBBBVABACEXPN.L

The new customer will then be asked by the bank to input another piece of key data, probably their social security number, after which the customer will be asked to answer some questions (via a multiple choice format in Mitek's demonstration of the product) for verification.

Mitek Chief Marketing Officer Scott Carter says for the customer verification process, "what we are doing is working with a broad network of companies, including Experian, to plug into their platforms for verification. There are additional capabilities around the integrity of the document. We compare the data in the bar code on the back of the license with the data on the front to help banks meet their security requirements."

The new customer can review their data during the account opening process to correct various items, including their address and the spelling of their name.

To make their initial deposit, the customer can then use Mitek's Mobile Deposit built into the bank's smartphone app to take a photo of a check, and then enter their initial deposit amount.

Finally, the customer will be directed to create a user name and password for their new bank's mobile banking service.

In an effort to make the smartphone camera easier to use, Mitek has developed a technology called MiSnap, which allows the customer to hover the camera over the check, driver's license, bill or other document, to automatically capture the required information. This results in a higher-quality image, while avoiding the possible nuisance of taking multiple photos.

While Mitek doesn't have a high-profile customer signing to announce along with the rollout of Mobile Account Opening, DeBello says "we expect to announce a customer win very shortly."

Mitek's Stock

Shares of Mitek closed at $5.29 Friday, returning 65% this year, following a 56% decline during 2012, as the company faced pressure from continuing operating losses and patent litigation.

United Services Automobile Association (USAA) in March 2012 sued Mitek seeking a judgment that USAA didn't infringe on any of Mitek's patents, and that Mitek misused confidential information from USAA in the development of Mobile Deposit. Mitek in turn sued USAA in April 2012, alleging patent infringement and misuse of confidential information by the insurer.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs