Mitek's Mobile Deposit(R) Enables Consumers to Snap Their Way to More Than $40 Billion in Deposits

  • More than 12 million mobile deposit users have made it a "must have" for financial institutions
  • Major bank reports saving $3.88 with each mobile check deposit over a teller deposit
  • Mitek estimates Mobile Deposit has saved banks more than $100 million in transaction costs

SAN DIEGO, March 18, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK) (www.miteksystems.com), the pioneer behind Mobile Deposit® technology, today 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 tablets1. 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 (QuickDepositSM) enabled by Mitek, resulting in 95 percent lower costs than if the check had been deposited via teller2. 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:

  • Fifteen percent of all smartphone and tablet owners have already adopted mobile remote deposit capture, according to AlixPartners.3
  • Also according to AlixPartners, Mobile Deposit continues to be the number one mobile feature sought by all smartphone and tablet owners who would switch banks for mobile banking.4
  • Mobile Deposit is projected to expand to 30 percent of smartphone users by 2016 according to the Aite Group, meaning approximately 1 out of 3 consumers is expected to make deposits using their smartphones.5
  • Javelin Strategy & Research found that banks are racing to release Mobile Deposit because the shift in customer perception has made the technology an expected capability.6
  • The percentage of the largest financial institutions offering mobile RDC has almost tripled in the past two years, states Javelin Strategy & Research, with 64 percent of the top 25 retail banks offering Mobile Deposit in 2013, up from 48 percent in 2012 and 22 percent in 2011.7
  • The number of U.S. mobile banking users will double in the next five years and reach 108 million by 2017, accounting for 46 percent of U.S. bank account holders says Forrester Research.8

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™ 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.

Key Quotes:

  • Mitek, James B. DeBello, president and CEO: "Since Mobile Deposit's invention in 2007, all of the top banks in the country, and many smaller banks and credit unions have come to depend on Mitek's Mobile Deposit as the cornerstone of their mobile strategy. Mobile Deposit is a runaway-hit with consumers and banks, and adoption rates continue to accelerate. We are committed to helping banks develop mobile imaging strategies that build on the success of Mobile Deposit."
  • AlixPartners, Bob Hedges, managing director in the Financial Services Practice: "There is no other banking service that has as much consumer demand as Mobile Deposit, which has led to rapid and widespread adoption of the technology by financial services providers of all sizes. While its been a competitive differentiator for the first-moving banks, today banks and credit unions across the country are jumping on board because they realize that it has become 'table stakes' for consumers – and also delivers productivity gains."
  • Conestoga Bank, Lori Adamski, executive vice president and chief operating officer: "Mobile Deposit can be credited with helping grow our overall customer base, as we saw a 10 percent increase in account openings in the first 13 months following its introduction. Now three years later, this service has proven to be a true differentiator and an integral part of our customer acquisition strategy."

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About Mitek

Headquartered in San Diego, CA., Mitek (Nasdaq:MITK) 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 http://www.miteksystems.com. MITK-G

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1 Mobile Banking Forecast: Smartphone and Tablet Use in the United States, Aite Group, December 2012

2 Investor Day: Consumer & Community Banking, JP Morgan Chase & Co, February 2013

3 Q4 2012 Mobile Tracking Study, AlixPartners, March 2013

4 Q4 2012 Mobile Tracking Study, AlixPartners, March 2013

5 Mobile Banking Forecast: Smartphone and Tablet Use in the United States, Aite Group, December 2012

6 Mobile Imaging: Going beyond Mobile Remote Deposit Capture To Bridge the Consumer Transaction Gap, Javelin Strategy & Research, February 2013

7 Mobile Imaging: Going beyond Mobile Remote Deposit Capture To Bridge the Consumer Transaction Gap, Javelin Strategy & Research, February 2013

8 2012 US Mobile Banking Functionality Rankings, Forrester Research, Inc., April 2012

CONTACT: Mitek Contacts:
         Ann Reichert
         Director of Marketing
         pr@miteksystems.com
         
         Sarah Schulz
         MIX Public Relations
         pr@mix-pr.com