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Business Intelligence Authors: Liz McMillan, Elizabeth White, Dana Gardner, Pat Romanski, William Schmarzo

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Mitek Systems Announces Mobile Deposit® 3.0

New version gives banks and consumers improved user experience, now runs on Windows Server 2008 R2

CHICAGO, Oct. 11, 2011 /PRNewswire/ -- Mitek Systems, Inc. (NASDAQ: MITK; www.miteksystems.com), the leader in mobile-imaging solutions, today announced version 3.0 of its award-winning Mobile Deposit® product that enables mobile-banking customers to make deposits simply by taking pictures of checks with their smartphone cameras.

(Logo: http://photos.prnewswire.com/prnh/20100224/MITEKLOGO)

The new version improves the user experience and performance of Mitek's industry leading mobile Remote Deposit Capture (RDC) product, which now runs on Windows Server 2008 R2, the preferred operating system of many financial institutions. Mitek announced the improvements in its flagship mobile-check-deposit application at the BAI Retail Delivery Conference & Expo 2011 being held here.

Six of the top 10 retail banks in the United States and more than 80 financial institutions are using Mobile Deposit as their mobile RDC application of choice and a cornerstone of their mobile strategies.

"The first month that we launched Mobile Deposit, we saw new enrollments for consumer capture increase four times," said Mike Kroft, VP of E-Banking at Mercantile Bank of Michigan in Grand Rapids, Mich. "It has been an extremely effective tool in helping us grow our retail customer base, so we are pleased to see Mitek continue to evolve the product."

A new market research paper entitled "Mobile Remote Deposit Capture: Changing how consumers bank and banks compete" by AlixPartners LLP, the global business-advisory firm, found that mobile RDC is a powerful, must-have capability for banks in acquiring new mobile-banking customers and keeping existing ones. Banks that fail to implement a mobile-banking strategy with mobile RDC as an essential capability risk losing market share, the report found.

"In today's marketplace, where basic mobile banking functionality is quickly becoming table stakes, Mobile RDC capabilities represent an opportunity for banks to increase relevancy with their customers, enhance engagement and communication, and stay at the leading edge of the mobile app game. Mobile RDC delivers that unique combination of real consumer utility and marketplace sizzle," the AlixPartners report stated.

It added that benefits of mobile RDC to banks include attracting customers with higher balances and assets; enhancing acquisition while reducing attrition, and providing compelling economics to reduce operating costs.

"Mobile RDC could prove to be one of the most important retail-banking innovations of this decade and will be a key factor in determining the winners and losers in retail banking," said the report's co-author, Bob Hedges, managing director at AlixPartners and co-lead of the firm's Financial Services Practices.

The new features of Mobile Deposit 3.0 give both financial institutions and their customers improved user experience and performance. In addition to now running on Windows Server 2008 R2, Mobile Deposit 3.0 now supports even more check formats with unique MICRs.

The new version also enhances the user experience with the ability to detect and support both regular and -- now -- stamped endorsements, with real-time feedback to the user if an endorsement is missing.

Mobile Deposit won the Mobile Pace Setter citation at last year's BAI conference in Las Vegas as part of BAI's first-ever MobileLink Award for mobile accomplishments in retail banking.

The release of Mobile Deposit 3.0 comes on the heels of another major new product - the MitekONE: Enterprise Deposit Platform, which is designed to give FIs and their technology solutions partners greatly improved efficiencies in check imaging and processing.

About Mitek Systems
Mitek Systems (NASDAQ: MITK) is the leader in mobile-imaging solutions, achieved through 25 years of R & D, patented technology and extensive experience in extractive imaging. The company invented and patented leading software solutions that allow consumers to use the cameras on their smartphones and tablets to deposit checks, pay bills, get quotes and transfer balances ... all by just snapping photos of documents. Offering outstanding customer experience and convenience while driving operational efficiencies, Mitek Systems' solutions enable organizations across industries to differentiate themselves from their competitors, attract and retain customers and ultimately increase their revenue and profitability. Current products include Mobile Deposit®, Mobile Photo Bill Pay(TM), Mobile Balance Transfer(TM), Mobile ACH Enrollments(TM), Mobile Receipt(TM) and the Mobile Imaging Cloud(TM) platform.

For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.

Contact:
Sue Huss for Mitek Systems
[email protected]
619-379-4396
Skype = sue.huss

SOURCE Mitek Systems, Inc.

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