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U.S. Bank Makes Mobile Credit Card Play

Mitek is purely an emerging revenue growth play, as the company isn't yet showing operating profits. The company's stock closed at $5.55 Friday, returning 73% this year.

Mitek had 1,059 financial institution customers for the Mobile Deposit product as of June 30, increasing very rapidly from 889 the previous quarter. Among signed customers for Mobile Deposit, 559 had deployed the service as part of their mobile banking applications at the end of the second quarter, including the largest 10 U.S. retail banks.

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Must Read: JPMorgan at Risk With FHFA Settlement

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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