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5 Bold Mobile Banking Predictions for 2014 From Mitek

Of course, for a software developer at the forefront of a transformative technology, customer and revenue growth are the most important items at this stage of the game.

Mitek's stock closed at $6.17 Monday, more than doubling from the end of 2012.

William Blair analyst Bhavan Suri rates Mitek "outperform," and in a note to clients on Dec. 3 wrote that the company "still has a roughly 18- to 24-month lead over its competition," noting it recently received its 18th patent and had 21 more patent applications pending.

"Based on the company's proprietary imaging technology and algorithms, the lack of competition in the mobile deposit market, and the proliferation of smartphones and growth in mobile banking, we believe Mitek could grow revenue more than 50% in fiscal 2014, and we believe the stock will outperform its technology peers," Suri wrote..



MITK Chart MITK data by YCharts

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

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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