New CEB TowerGroup Report: Mobile Photo Bill Pay: Next Generation In Bill Payment

SAN DIEGO, Sept. 6, 2012 (GLOBE NEWSWIRE) -- Mitek Systems, Inc., (Nasdaq:MITK) ( www.miteksystems.com), a leading mobile imaging software solutions provider, today announced the availability of a new white paper from analyst firm CEB TowerGroup, "Mobile Photo Bill Pay: The Next Generation in Bill Payment" by Research Director – Commercial Banking and Payments, Andy Schmidt. The report examines how adding mobile photo bill pay, which uses mobile imaging technology to enable consumers to add payees and pay bills using their mobile devices, can expedite customer acquisition and improve revenue opportunities for financial services institutions. Schmidt will detail his findings in an upcoming live webinar on September 18, 2012.

"We believe that mobile photo bill pay is the next killer app for mobile financial services and the new CEB TowerGroup report validates that premise," said Mitek Systems' President and CEO James DeBello. "Now that Mobile Deposit ® has become 'table stakes' for banks, they are looking for the next big mobile offering to help acquire new customers, keep their current customer base engaged and happy, and build new revenue streams. Mitek's Mobile Photo Bill Pay product delivers a unique way for consumers to enroll payees and pay bills with their camera, and for banks to lower switching costs and increase revenues."

"Extending the image capture capabilities that have been so successful with Mobile Deposit into the bill pay market is the next generation of bill payment," said CEB TowerGroup Research Director Andy Schmidt. "Our research shows that the ability to 'self-serve' is a leading drive of retention and profitability among retail banks, and offering the ability to enroll new payees and pay a bill on a mobile device extends the utility and stickiness of mobile banking while streamlining the bill payment process. This combination is a win-win for both banks and consumers."

Mitek's mobile imaging technology enables consumers with a camera-equipped smartphone or tablet to simply take a picture of a bill or remittance coupon, the technology automatically extracts relevant information from the paper bill and auto-populates the fields required to make a mobile payment. The consumer then schedules the payment and clicks "pay." This unique imaging capability gives consumers a new bill payment option via a mobile device. They can quickly add a new payee to their online bill pay, pay one-time or non-recurring bills, and set up recurring bills and payments from anywhere, at any time. The ability to add a new payee with a mobile device is a key competitive advantage over existing mobile bill pay applications.

Mobile Photo Bill Pay Live Webinar Tuesday, September 18, 2012, 11:00 PT/2:00 ET

During this live web event Schmidt will explain how mobile photo bill pay can extend mobile banking offerings and streamline the bill pay and bill enrollment process, increase customer retention and offset bill pay costs by reducing paper handling and creating new opportunities for expedited bill pay revenue. Following his presentation, Diane Morgan, Director of Mobile Photo Bill Pay will demonstrate Mitek's solution. Morgan and Schmidt will also be available for a live Q&A following the presentations.

To register for the webinar visit: https://www1.gotomeeting.com/register/785603344

About Mitek Systems

Headquartered in San Diego, Calif., Mitek Systems ( MITK) is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay bills, get insurance quotes, and transfer credit card balances by snapping a picture with their smartphone or tablet cameras instead of using the device keyboard. Mitek's technology increases convenience for the consumer by eliminating the need to have to go to the bank branch or automated teller machine, and dramatically reduces processing and customer acquisition costs while increasing customer retention. With a strong patent portfolio, Mitek is positioned as the leading innovator in mobile imaging software and currently provides its solutions to Fortune 500 financial services companies. For more information about Mitek Systems, please visit www.miteksystems.com.

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CONTACT: Investor Relations:         Julie Cunningham         Investor Relations & Corp Comms         ir@miteksystems.com                  Media Relations:         Sarah Schulz         Mix Public Relations         pr@mix-pr.com

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