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.
- Mobile Deposit became “must have” technology for banks. In fact, more than $10 billion in deposits were made with Mobile Deposit. Some of the country’s largest banks including Bank of America and Wells Fargo launched Mobile Deposit capabilities in 2012, making Mitek’s technology available to millions more Americans.
- Prepaid cards went mainstream with retail giants like Walmart and banks like Chase using Mitek’s mobile imaging technology to power the ability to enroll, fund and manage the cards.
- Mobile Photo Bill Pay is set to revolutionize bill pay systems much like Mobile Deposit revolutionized depositing checks. This month, U.S. Bank and Mitek announced a strategic partnership that will bring Mitek’s Mobile Photo Bill Pay solution to U.S. Bank customers in 2013 making it fast and easy for them to pay bills with the snap of a smartphone or tablet camera.
But 2012 is so last year, and we are already looking ahead for future innovation. What will 2013 bring? We were able to speak with a few media outlets the past week to discuss what’s coming in terms of mobile trends and predictions.
Credit Union Times spoke with our CEO Jim DeBello who discussed the concept of using mobile imaging technology for quick, easy and login-free identification with the snap of a smartphone camera phone. See the article in full here: Mobility Matters: Login-Free Mobile Banking?
Additionally, Mobile Commerce Daily allowed us to share some of our predictions with their readers in the bylined piece Smartphone Camera to Influence Mobile Marketing and Commerce in 2013.
What else do we see on the horizon? Here are a few predictions we think you should look out for in the coming year.
- Paying bills on the go – In 2013, we anticipate rapid adoption of mobile photo bill pay – the ability for a bank customer to add a new payee and pay a bill by simply snapping a photo of their bill. No computer, no checkbook, no trip to the mailbox required.
- Snap a photo of your mug to prove your identity – Verifying and validating a users’ identity when using a mobile device can be a challenge and irritating for users who want a quick and easy enrollment or sign on process while on their device. In 2013, mobile device cameras will become the key to easy, mobile identity validation. For example, when opening a new account, or finalizing a transaction on your mobile device, what if you could snap a photo of your face and your drivers license with your smartphone or tablet camera and enroll, with no need to type – enrollment completed in seconds?
- Smartphone camera advancements open up "panoramic" new view of emerging capabilities – Rapid advancements in smartphone camera capabilities such as panorama, and high definition video open up new opportunities for new never-before-seen use cases using mobile imaging technology.
- Prepaid card programs for all – Mobile solutions are making it easier than ever for consumers to load and manage prepaid card accounts. What may have started as a way to court the unbanked and under-banked has become mainstream with offerings from some of leading banks and retailers looking to tap into the millions of Americans interested in alternatives to traditional financial services. Use of prepaid cards is going to dramatically increase in the coming year. In fact, Mercator Advisory Group predicts that by 2013, consumers will load $117 billion onto prepaid cards, a 200 percent usage increase in just three years.
As this year draws to a close, we are amazed at how quickly our solutions have been embraced. 2012 really validated mobile imaging as technology that consumers love and as an innovation with applications far beyond banking. 2013 promises an explosion of uses for mobile imaging and we can’t wait to see what is going to be the next Mitek solution that customers just can’t live without.