SAN DIEGO – June 4, 2013 ─ Mitek (NASDAQ: MITK, www.miteksystems.com), a leading mobile imaging software solutions provider, today announced the release of Mobile Photo Bill Pay™ 2.0 which makes bill payment even faster and easier on a mobile device. The newest version of the patented solution features a ground-breaking, touch-free, automatic image capture technology and a host of powerful analytic and performance features. Most importantly, the new features of Mobile Photo Bill Pay 2.0 will increase usability for both consumers and financial institutions.
New features include:
- Automatic image capture: Making more than 1,000 calculations per second, Mitek MiSnap™ SDK is a patent-pending new technology that knows when all conditions are optimal and automatically snaps photo of bill coupon. It also provides real-time visual feedback to users in an intuitive and fun way. MiSnap is twice as accurate as manual capture because it minimizes human error, especially for first time users. This will ultimately increase consumer satisfaction and adoption.
- Powerful business intelligence: Mobile Photo Bill Pay 2.0 provides mobile imaging business intelligence which gives financial institutions insight into their customers’ behavior. Intelligence data includes device model, OS, camera, performance and completion data, and image quality. With this information, financial institutions can better assess user behavior for improved decision making.
- Performance enhancements: Most credit card bill statements don’t include the entire account number. The new version of Mobile Photo Bill Pay reads masked Visa® and Mastercard® account numbers for faster and more accurate payments of credit card bills. The new version also automatically reads barcodes for the United States Postal Service (USPS) which results in faster address verification.
“With this new version of Mobile Photo Bill Pay, we’re making it even easier for end-users to pay bills with their smartphone camera and we’re delivering powerful new business intelligence information for financial institutions to make better informed decisions about a key demographic – their mobile users,” said Mitek CTO Mike Strange.
When looking at Mobile Photo Bill Pay, analysts and media report:
- Aite Group, an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry, recently examined the ROI of Mobile Photo Bill Pay. “During my analysis I found that by using Mobile Photo Bill Pay to capture customers as bill payers, financial institutions can achieve three quantifiable benefits: increased DDA balances, reduced churn, and new fees from expedited payments,” said David O’Connell, Senior Analyst.
- Consumer response to Mobile Photo Bill Pay has been overwhelmingly positive. U.S. Bank reported that in a two-week timespan, the number of their Mobile Photo BillPay users doubled. Additionally, the bank said, “thousands of billers have been incorporated into the bank’s biller profiles via mobile, and 10 percent to 15 percent of billers that enter US Bank’s system now come via mobile.”
- In a recent Forrester blog post by Analyst Peter Wannamacher, the analyst used Mobile Photo Bill Pay and reported this: "Put simply, this is an innovation that delivers: A customer can go from opening a bill he got in the mail to enrolling a brand new payee to paying that bill in under 150 seconds (a.k.a. less than 2 minutes and 30 seconds). This is without setting up any bill payment options in advance, or entering any information manually – the mobile photo bill pay feature even corrects for image distortion, reads relevant data and auto-populates all the information."
Mitek’s Mobile Photo Bill Pay enables consumers to easily and securely pay a bill with the snap of a smartphone or tablet camera. After a customer captures an image of a bill, Mitek’s technology automatically extracts relevant information from the paper bill and auto-populates the fields required to make a mobile payment. This revolutionary way to pay bills eliminates the need for manual data entry, a checkbook or even a computer.
Mobile Photo Bill Pay 2.0 is currently available. The solution utilizes Mitek’s patented enterprise-class Mobile Imaging Platform and is available on-premise or in a secure hosting environment for rapid deployment.
Headquartered in San Diego, CA., Mitek (NASDAQ: MITK) is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card balances by snapping a picture with their camera-equipped smartphones and tablets instead of using the device keyboard. Mitek’s technology increases convenience for the consumer by eliminating the need to go to the bank branch or automated teller machine, and dramatically reduces processing and customer acquisition costs while increasing customer retention. With a strong patent portfolio, Mitek is positioned as the leading innovator in mobile imaging software and currently provides its solutions to Fortune 500 financial services companies. For more information about Mitek, please visit http://www.miteksystems.com. MITK-G
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