The 3 billion checks total of $2.3 trillion in bank deposits. We’re pleased to announce that Mitek has processed more than three billion mobile check deposits with its Mobile Deposit®, totaling $2.3 trillion in cumulative check value. This milestone is driven by financial institutions’ efforts to transform their operations to meet growing consumer demand for digital banking.
Consumer adoption and reliance on digital banking technologies has made Mobile Deposit a must-have for traditional banks and digital only financial service providers alike. As financial institutions continue to drive customers to digital channels for convenience and cost savings, the use of digital banking is expected to reach three billion users by 2021, with Mobile Deposit as one of the most popular mobile banking features at the forefront of user demand.
“We’ve processed one billion checks in a little over a year, and that number will continue to grow as consumers and businesses make mobile their preferred deposit channel,” says Michael Diamond, senior vice president and general manager of payments, Mitek.
In addition to a growth in business, major charities including the American Cancer Society and the American Heart Association have deployed Mitek’s mobile deposit technology to collect and process donations directly on mobile devices. The mobile functionality and convenience eliminates the risk of donations being lost, saves time, reduces costs, and accelerates funding of vital research.
Diamond adds, “with banks, credit unions, digital-only financial institutions, brokerages and nonprofit organizations alike continually investing in resources to drive customers to digital channels, while also prioritizing user experience, expect mobile deposit to continue to remove barriers to adoption and improve usage.”
Find more information on Mitek’s Mobile Deposit here.