SAN DIEGO and NEW YORK, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK) ( www.miteksystems.com ), the company that created the category of mobile imaging for financial transactions, announces the newest addition to its suite of mobile imaging solutions for financial institutions: Mobile Photo Account Opening™. Mobile Photo Account Opening enables financial institutions (FIs) to increase completion rates for opening and funding new accounts by reducing the friction in the enrollment process for checking, savings, credit card, and other transactions with mobile imaging. The new solution will be available for mobile self-service and for employee-assisted service in the branch and in the community. Mobile Photo Account Opening will debut at Finovate in New York on September 11, 2013.
A video accompanying this release is available at http://youtu.be/PEJIdS7Cpbo
Mobile Photo Account Opening eliminates the notoriously cumbersome and error prone manual data entry on a mobile device. Consumers and employees can now simply capture a picture of the front and the back of driver's license and the validated data is automatically populated into the account opening application. Mobile Photo Account Opening seamlessly integrates with FIs existing account origination, identity proofing, and fraud prevention providers like Experian so it facilitates existing processes.In Gartner's May 16, 2013 report, App Explosion: Lessons From the Top 20 Banks, author Kristin Moyer noted that, "Nearly 75% of banking CIOs and digital technology leaders plan to increase spending on mobile apps this year. We advise that banks develop an app road map based on need-based functionality and impact on net profits." "We believe Mobile Photo Account Opening will have a profound impact on net profits by enabling acquisition of the sought after digital natives and mobile first consumers while moving them to a lower cost self-service channel," said Mitek President & CEO James DeBello. "It is also a great tool for getting employees out from behind a desk and streamlining account opening in the branch and in the community on a tablet, making account opening a faster, more friendly and engaging process."