Accelerating digital adoption: Mitek partner Amount helps financial institutions provide secure mobile-first experiences

October 27, 2020

The numbers are eye-popping.

Statista, a highly respected statistics aggregator, estimates that global financial institutions will spend $288 billion on technology in 2021 alone. However John Lynch, Senior Director of Fraud and Verification Services at Mitek partner Amount, predicts these investments will primarily focus on front-end interactions with consumers. On the back-end, some banks are still operating the same way they did 20 years ago in a very manual and analog environment.

“Many banks had taken the ‘if it ain’t broke, don’t fix it’ approach and relied heavily on the branch model,” Lynch said in a July blog post. “In 2020, the branch model broke. A decade of digital adoption was condensed into a matter of months.”

Luckily, helping financial institutions deploy modern, secure processes is where Amount excels.

Amount’s cloud-based fraud and verification digital banking platform supports secure account opening and account management processes for a wide variety of consumer finance products. Powered by the leading proprietary fraud and verification engine, Amount makes it possible for banks to rapidly and securely deploy market-leading financial services within a modern omnichannel user experience.

Identity verification central to secure online transactions

Central to empowering digital banking is the ability to confirm a customer’s identity, to verify they are who they say they are.

Historically, verifying a person’s identity – essential to meet Know Your Customer (KYC) requirements and other regulations – was a cumbersome experience, one that typically required customers to visit a physical bank branch with copies of documentation. However, by incorporating Mitek Mobile Verify® into its platform, the Amount platform allows banks and financial institutions to securely and automatically verify a customer’s identity online in seconds.

With hundreds of AI-based analytics, computer vision algorithms and biometric facial comparison, Mobile Verify is a next-generation digital identity verification service designed for banks, financial services organizations and the world’s leading marketplace and sharing platforms. Mitek’s layered approach to identity verification combines smart automation with the expertise of forensic agents as a fast and accurate way to verify the identities of consumers.

“The complex and continuously evolving nature of fraud requires a comprehensive and flexible approach,” says Michael Diamond, Mitek General Manager, Senior Vice President of Digital Banking “If left unchecked, application fraud can cause significant harm to a bank's profitability and reputation. Mitek is proud to partner with Amount to provide its bank partners the ability to seamlessly and in real time verify the identities of people applying online to open a bank account.”

“By integrating Mitek technology into our cloud-native Amount360 risk management platform, we reduce an institution’s fraud rate and operating expenses – all while providing an exceptional white-labeled omnichannel customer experience,” Lynch says.

Interested in learning more about Amount’s approach to secure online banking?

Learn about the innovative ways Mitek and our partners are securing and empowering digital commerce.