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Consumers Snap Their Way to More Than $40 Billion in Deposits

 

March 18 - Mitek, the pioneer behind Mobile Deposit technology, estimates that it has facilitated more than $40 billion in check deposits. Adoption for this innovative technology continues to grow, with more than 12 million Americans already depositing checks quickly and easily from their smartphones or tablets. Mitek's patented Mobile Deposit enables consumers to snap a picture of a check with their smartphone or tablet camera to make a deposit from anywhere, any time. Mobile Deposit is increasingly critical to engaging customers and growing mobile banking opportunities to maximize revenue opportunities, which is why more than 708 banks and credit unions have signed agreements to provide Mitek's Mobile Deposit to their customers.

As an example of the huge demand and widespread adoption of mobile imaging in banking, a major nationwide bank recently told the Wall Street Journal that customers are now depositing more than 100,000 checks every day through their mobile phones.

Mobile Deposit adoption has exploded because it is a win/win for banks and their customers. With Mobile Deposit, banks have lower check processing costs and customers have the freedom to deposit money on their schedule, from anywhere. In fact, a leading bank reported that in the last quarter of 2012, six percent of its consumer deposits were made through their Mobile Deposit application (QuickDeposit) enabled by Mitek, resulting in 95 percent lower costs than if the check had been deposited via teller. In addition, PNC Bank told analysts that mobile deposits save their organization $3.88 per transaction compared with a deposit made with a teller, and those savings amount to millions of dollars annually for the bank.

Given publically available data, Mitek estimates that Mobile Deposit has saved banks more than $100 million since its inception. When looking at the Mobile Deposit phenomenon, analysts also report:

The popularity of Mobile Deposit has also blazed a trail for other banking services that use the same proven mobile imaging technology, such as Mobile Photo Bill Pay(TM) and loading prepaid card accounts. The evolution of Mobile Deposit and its impact on the market are documented in an informative graphic at: http://www.miteksystems.com/2012-year-in-review.

About Mitek
Headquartered in San Diego, Calif., is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card balances by snapping a picture with their camera-equipped smartphones and tablets instead of using the device keyboard. Mitek's technology increases convenience for the consumer by eliminating the need 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, please visit www.miteksystems.com.


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