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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

U.S. Bank Makes Mobile Credit Card Play

NEW YORK (TheStreet) -- U.S. Bank -- the main subsidiary of U.S. Bancorp (USB) -- on Monday announced the rollout of another innovative addition to its mobile banking application: Mobile Photo Balance Transfer.

The new service was developed by Mitek (MITK), which is the leading developer of smartphone camera-based mobile banking applications designed to use smartphone cameras to "reduce friction for consumers in the mobile experience," according to the company's head of marketing Scott Carter.

Using the new service, a customer can respond to a balance transfer offer or apply to transfer a credit card balance to U.S. Bank simply by using their smartphone camera to snap a photo of their credit card bill.

The new service will be available to U.S. Bank's customers in November.

"We were one of the first banks in the country to roll out mobile deposit, and it was a great success," says U.S. Bank senior vice president and head of mobile banking Niti Badarinath." The bank rolled out mobile check deposit in 2010, and also rolled out Mitek's Mobile Photo Billpay in March.

All three of these services make use of smartphone cameras to help customers avoid as much data entry as possible. U.S. Bank in January will enhance its mobile platform with the addition of Mitek's MiSnap technology, which simplifies the imaging experience. In order to avoid the possibility of a customer needing to take multiple snapshots of a bill or credit card statement, MiSnap automatically captures a high quality image as the customer hovers the smartphone camera over a document.

Considering the change in consumer behavior, with tablets and smartphones continuing to gain popularity, it behooves any financial services company to offer as many mobile service options as possible. For U.S. Bank, the latest mobile offering could provide a nice boost to the bottom line, if the bank is able to compel significant credit card balance transfer activity.

"We are starting to see 'mobile only' customers, which tend to index to 18 to 34 year olds," says Badarinath. "We are the only bank right now that allows you to completely enroll with a mobile device. Imaging is a very compelling value proposition for us," he says.

1 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 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

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