SAN DIEGO – April 8, 2013 – Mitek (NASDAQ: MITK, www.miteksystems.com), a leading mobile imaging software solutions provider, today announced that its Mobile Deposit® solution has received the top award for “Overall Most Innovative”, from leading research firm Barlow Research Associates, Inc., in its annual Monarch Awards that recognize B2B innovations within the financial services industry.
Mitek’s patented Mobile Deposit enables businesses to snap a picture of a check with their smartphone or tablet camera to make a deposit from anywhere, anytime saving them a trip to the bank. With more than 700 banks and credit unions offering Mitek’s Mobile Deposit to their customers, Mitek estimates that it has facilitated more than $40 billion in check deposits.
The Monarch Innovation Awards are presented to financial institutions and industry partners that provide the most innovative products to business customers as well as recognize risk takers who create and promote innovation within their organizations.
“Receiving Barlow Research’s top honor for ‘Overall Most Innovative’ demonstrates the impact that mobile deposit technology has made on the financial services industry,” said Mitek President and CEO, James B. DeBello. “We’ll continue to provide innovative mobile imaging solutions that reduce user friction and make financial services transactions such as depositing a check and paying a bill easy, secure and seamless for both consumers and businesses.”
“Celebrating success is the first step in creating an enterprise innovation strategy. Winning a Monarch Innovation Award underscores the contribution that Mitek and its technology are making to improve the business banking experience," said John Barlow, President of Barlow Research Associates, Inc.
Mitek’s next innovation in mobile imaging, Mobile Photo Bill Pay™ builds on the success of Mobile Deposit by enabling a bank customer or credit union member to easily and securely pay a bill with the snap of a smartphone or tablet camera. After a customer takes a picture 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. The consumer can then schedule the payment and click “pay.” This revolutionary new way to pay bills eliminates the need for manual data entry, a checkbook or even a computer. U.S. Bank and First Financial Bank of Abilene, Texas, have launched the service to their customers.
About the Monarch Innovation Awards
Developed to recognize innovation in the financial services industry, the Monarch Innovation Awards are unique and coveted because an independent jury evaluates the submissions. The judges quantitatively score each submission based on uniqueness, stickiness, dependability, ease of use and value. The award is named after the monarch to symbolize the rebirth that results when old formulas and methods give way to new ways of doing things. www.MonarchInnovationAwards.com
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.
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