In the last blog post, I outlined the Mobile Enrollment Conundrum – the challenge of optimizing mobile enrollment (which everyone wants) while managing identity risk (which enterprises need). The challenge in this is making a technically complex process in to something simple for the user.
Mobile Imaging Blog
Smartphone and tablet use is exploding, and this growing population of mobile device users is demanding simple, easy-to-access services. Mobile adopters have many choices, which results in rapid buying decisions, often based on the ease of the experience with which they are presented. At the same time, organizations want to attract customers to new products and services, and these “digital natives” are a highly sought-after group.
Just a few short years ago, I stood on a stage in Orlando at an industry event and talked about our vision for using the camera on a smartphone to capture images of a check to make a deposit. To put it mildly, those in the audience were skeptical. Today nearly a thousand banks have signed to deploy Mobile Deposit and those skeptics are no longer skeptical. Since that time Mitek has grown our product portfolio and expanded to new industries. With Mitek’s patented mobile imaging, you can also pay a bill or get an auto insurance quotation.
Five years since the inception of Mobile Deposit®, and three since it’s first deployment, Mitek’s Mobile Deposit has revolutionized the financial industry in a way that no other technology has in as short a time span.
A few fast facts on customers’ and banks’ love for mobile deposit:
Q&A With Jeff Casey, Senior Vice President at First Financial Bank, N.A., Abilene, Texas
Q: First Financial is the first regional bank in the country to offer Mobile Photo Bill Pay – you are calling the service "Picture Pay" - how did this come about?
If you’re like me, you love seeing data displayed in infographics. To recap a year of explosive growth in mobile adoption, we put together a graphic that highlights some of this year’s most interesting stats. Did you know that more than half of U.S. consumers own smartphones and one third of U.S. mobile users are also mobile banking users?
Take a peek at our graphic to see some great industry data points and Mitek’s 2012 milestones. Please feel free to share it with your colleagues and friends.
In 2012 mobile imaging technology took several steps forward with widespread adoption of our Mobile Deposit solution as well as some exciting introductions of new mobile applications that enable consumers to do things more easily, instantly and on the go from their mobile devices. For example:
- Car insurance quotes became instantaneous with the world’s first mobile photo insurance quoting app from Progressive.
I was sitting in the office of a senior executive of a major bank a couple years ago when he said "It really bugs me that despite all the work I put into innovation, a consumer can essentially walk across the street and get the same service I offer from a different bank."
At Mitek, we have been seen an explosion of mobile remote deposit capture (RDC) applications across the financial services industry. We’ve helped some of the largest banks in the country launch mobile deposit and prepaid services that take advantage of the convenience, simplicity and security of mobile RDC. And while we love to trumpet the big names that we work with, we don’t want to forget about some of the smaller players who are using mobile banking as a huge competitive advantage, namely credit unions.
From the telephone to the iPhone, the United States has long led the world in innovation. The U.S. system of intellectual property rights, patent laws, and trademark protection fosters an environment of technological progress that encourages the birth of great American companies and allows them to protect their inventions and thrive.
Michael Diamond is senior vice president of business development at Mitek
I was speaking recently with a friend of mine about how Mitek is transforming a dull, time-intensive banking activity (making a trip to the bank to deposit a check) into a fun, efficient activity (taking a picture of the check wherever you are and depositing it). He mused that this is the “Southwest Airlines Transformation” of the banking industry, and went on to remark that Southwest has trained its customers to line up on their own, board the plane, and select their own seat. He said if Southwest could figure out how to get their customers to fly the plane themselves, he was sure they’d do it. He went on to remark on how many of us not only purchase our groceries, but also scan, pay, and bag the groceries ourselves.
Olympians aren’t the only ones winning recognition this summer! If you have been following Mitek news lately, you may have noticed that we’ve experienced a steady stream of industry recognition, from being awarded San Diego’s 2012 Software Company of the Year by the San Diego Business Journal to our most recent accolade - being named a finalist in the first annual PYMNTS.com awards for the “Most Innovative” company in the payments space.
I’ve been reading a lot about the gamification -- the use of game design techniques, game thinking and game mechanics to enhance non-game contexts.
The past few years have seen a massive boom in mobile gaming across the globe. Mobile start-ups such as Omgpop and Rovio have burst onto the scene and companies like Zynga have transitioned into the mobile market, while console-first companies like EA have released mobile products — all of this signifies a huge expansion in the mobile gaming ecosystem. According to the Parks Associates, the number of consumers who play at least one hour of video games per month stands at 135 million, compared with 56 million in 2008.
Mitek is extremely well positioned as a leader in mobile imaging and I am proud to have the opportunity to extend and expand on such a strong foundation. Remote deposit capture (depositing a check by snapping a photo of it with either a smartphone or tablet) is just the beginning. Mitek's platform and tools can enable individuals to reload prepaid cards, pay bills, manage personal finances, manage documents and much more.
As Mitek's new Chief Technology Officer, I am responsible for driving technological advancement and innovation of our platform, ultimately creating new products and capabilities that will serve both the banked and under-banked industry segments. I believe Mitek can and will revolutionize financial services for both the banked and under-banked, as the gold standard in mobile imaging.
To read the press release about me joining Mitek: Click Here
Enroll, Fund, Shop and Pay - "Who Knew"
Yes, consumers can simply snap photos of a document to apply for a new product or service, add funds from a check to DDA account or prepaid card, shop for a better credit card rate, pay a bill and more with their camera-enabled smartphone or tablet. Our new video shows you how.
Load Prepaid Card - Yes we Can!
Now, the 60 million “underbanked” are not “underphoned." Mitek and its partners have the capability to offer innovative mobile financial solutions for the prepaid market. See how simple it will be to cash a check and load a prepaid card using our MRDC technology in our prepaid video.
Google's Android and Apple's iOS extended their dominance over the U.S. mobile market in November 2011 and now power a combined 75.6 percent of all smartphones nationwide according to new data published by digital research firm comScore.
Mobile users love their apps and that love affair has outstripped their interest in browsers. That’s according to comScore’s latest mobile subscriber data for November, which found that the percentage of users who use apps has finally surpassed the percent of subscribers who turn to a mobile browser.
ComScore said that 44.9 percent of people used apps in November, compared to 44.4 percent who used a browser. That appears to mark the first time since comScore started noting mobile content usage that app usage has surpassed browser usage.
IE Market Research, a Canadian telecommunications consultant, estimates that global mobile payments transactions will rise to $1.13 trillion in 2014, a compound annual growth rate of 94.8%.
It found that mobile payments continued growing in 2009 with the total number of users increasing to 351.4 million.
Globally, the researchers expect the number of mobile payment users to rise to 1.06 billion in 2014 for a CAGR of 20.5%. On the transaction value side, the gross value of mobile payments transactions was $37.4 billion in 2009.
The number of institutions that use Mitek Systems' Mobile Deposit solution continues to grow. It seems that customers have gotten a lot more cozy with their mobile devices since Chase made a splash with remote checking -- and it seems competing financial-services companies are now starting to catch up with their own high-tech options.