Mitek Lab Adds Innovative New Features to Mobile Deposit(R)

Endorsement Analytics, Device and Deposit Business Intelligence, and Mitek MiSnap(TM) Increase Usability for Consumers and Financial Institutions

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| Source: Mitek Systems

SAN DIEGO and ORLANDO, Fla., Sept. 26, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK) (www.miteksystems.com), the company that created the category of mobile imaging for financial transactions, today announced at the RDC Summit it has added innovative new features to its market leading Mobile Deposit solution. More than 1,000 financial institutions including all of the top 10 retail banks in the US have now licensed Mitek's Mobile Deposit. The new features created in the Mitek Lab include:

  • Endorsement analytics
  • Device and deposit business intelligence
  • Mitek MiSnap™, the automatic, touch-free image capture technology

"Mobile Deposit adoption has exploded because it is a win/win for financial institutions and their customers. Financial institutions have lower check processing costs and customers have the freedom to deposit checks anytime, anywhere," said Mitek's Chief Marketing Officer, Scott Carter. "With these new features, Mitek's Mobile Deposit will continue to be unrivaled in the marketplace."

These innovative new Mobile Deposit features increase usability for consumers and financial institutions:

  • Endorsement analytics enable financial institutions to increase deposit limits by enabling them to better isolate and manage risk. Mobile Deposit now includes a suite of endorsement related analytics and scores. Endorsement confidence levels and score thresholds are configurable by the institution.
     
  • Powerful business intelligence for insight and tuning: The new version of Mobile Deposit offers device and deposit business intelligence. Financial Institutions can now gather additional insight about device model, operating system, camera, performance, completion data, and image quality. It also includes a more robust internal logging system which increases the ability to investigate individual check processing exceptions. With this new insight financial institutions can optimize app performance.
     
  • Automatic image capture for an even better user experience: Mitek MiSnap™ SDK is a new patent-pending touch-free capture technology which automates the image capture process – eliminating user-error and decreasing transaction processing time. This new intuitive and fun image capture technology provides consumers with real-time feedback during the capture process. It determines when all the conditions are optimal and then automatically captures the image. The new user experience will increase the success of first time users, drive faster adoption and ultimately increase usage of Mobile Deposit.  

The new features of Mobile Deposit are currently available. The solution is available on-premise or in a secure hosting environment for rapid deployment from Mitek's partners.

Mitek's Mobile Deposit is part of a suite of banking solutions that include: Mobile Photo Bill Pay®, Mobile Photo Account Opening™ and Mobile Photo Balance Transfer™.

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 financial institutions 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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Mitek Contacts:

Ann Reichert
Director of Marketing


Matt Stubbs
MIX Public Relations