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Mitek Systems, Inc. (MITK) Announces $40 Billion In Mobile Deposits

|Includes: Mitek Systems Inc. (MITK)

Mitek Systems announced that, through its mobile deposit technology, the company has facilitated the processing of over $40 billion in check deposits from over 12 million mobile devices in America, including smartphones and tablet devices.

San Diego-based Mitek is focused on producing and marketing mobile imaging software intended for mobile finance, including check deposit, bill payment, credit transfer, and obtaining insurance quotes. Mitek boasts that their imaging software is "win/win" for both banks and customers, in that the cost of depositing costs is lowered, and customers are able to deposit checks from home.

Mitek sites an unnamed bank's report that during 2012, 6% of its customer deposits were made through the bank's Mitek-powered finance app, reducing deposit costs by 95%. PNC Bank also added that their company saved $3.88 per transaction over deposits made with a teller. Mitek estimates that banks using their software have benefited from over $100 million in savings since its introduction. The company predicts that mobile deposit technology is due to expand to 30% of smartphone users by 2016.

James B. DeBello, president and CEO of Mitek, said, "Since Mobile Deposit's invention in 2007, all of the top banks in the country, and many smaller banks and credit unions have come to depend on Mitek's Mobile Deposit as the cornerstone of their mobile strategy. Mobile Deposit is a runaway-hit with consumers and banks, and adoption rates continue to accelerate. We are committed to helping banks develop mobile imaging strategies that build on the success of Mobile Deposit."

Bob Hedges, managing director in the Financial Services Practice for AlixPartners, said, "There is no other banking service that has as much consumer demand as Mobile Deposit, which has led to rapid and widespread adoption of the technology by financial services providers of all sizes. While its been a competitive differentiator for the first-moving banks, today banks and credit unions across the country are jumping on board because they realize that it has become 'table stakes' for consumers - and also delivers productivity gains."

Lori Adamski, executive vice president and CEO of Conestoga Bank, said, "Mobile Deposit can be credited with helping grow our overall customer base, as we saw a 10 percent increase in account openings in the first 13 months following its introduction. Now three years later, this service has proven to be a true differentiator and an integral part of our customer acquisition strategy."

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