SAN DIEGO, CA, December 16, 2016 – Mitek (NASDAQ: MITK, www.miteksystems.com) a global leader in mobile capture and identity verification software solutions, today unveiled its top predictions for the mobile industry in 2016. After conducting an in-depth study of the impact that Millennials are having on mobile banking and mobile commerce, speaking with leading financial institutions and mobile payments providers and observing recent changes in the mobile landscape, Mitek has condensed its industry insights down to four predictions for the future of the mobile industry.
“Over the past year we’ve seen many advances in the mobile industry that will drive major transformations in areas such as mobile commerce, account opening, fraud detection and identity verification in 2016,” said James B. DeBello, president and CEO, Mitek. “We expect 2016 to be a year that technology delivers the user verification required for the mobile channel to operate safely and efficiently, while creating easy to use and engaging processes for end users at the same time. The value of this will be evident to both consumers and businesses in the months ahead.”
Mitek’s predictions for 2016 include:
1. Mobile wins the account-opening race
Many consumers, especially Millennials, are shifting to mobile as their channel of choice for everything, including account opening. As a result, mobile account opening will overtake desktop account opening by 20 percent in 2016. The fact that mobile capture technology has made the mobile account opening process 50 percent faster than the traditional method of data entry will encourage this shift.
2. Biometrics will become the norm
2016 will be the tipping point where advances in security, maturity and user experience will lead to the mass adoption of biometric authentication in the mobile channel. We predict that biometrics will be used for nearly 50 percent of mobile transactions including banking, shopping and enrollment in 2016.
3. Smart phones get smarter than people when it comes to fraud
Advances in computer vision will make smart phones better than the human eye when it comes to spotting authentic identity documents. As a result, online and mobile technology will become as good, if not better, than humans at verifying a user’s identity, bringing fraud losses down 15 percent in the mobile channel next year. This will help reduce what Javelin Strategies estimates to be $2 billion lost from new account fraud.
4. Real applicants get the respect they deserve in the mobile channel
In 2016, improvements in mobile technologies and data analytics used to verify customer IDs in the mobile channel will enable companies to double the amount of approved customers through the mobile channel by decreasing their pending queue. This will result in a 50 percent increase of real applicants being approved for accounts.
For a look back at some of the major events that shaped the mobile industry in 2015, visit Mitek’s blog: https://www.miteksystems.com/blog/miteks-2015-year-review
Mitek (NASDAQ: MITK) is a global leader in mobile capture and identity verification software solutions. Mitek’s ID document verification allows an enterprise to verify a user’s identity during a mobile transaction, enabling financial institutions, payments companies and other businesses operating in highly regulated markets to transact business safely while increasing revenue from the mobile channel. Mitek also reduces the friction in the mobile users experience with advanced data prefill. These innovative mobile solutions are embedded into the apps of more than 4,500 organizations and used by tens of millions of consumers daily for new account openings, insurance quoting, mobile check deposit and more. For more information, visit www.miteksystems.com.
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