Mitek Systems, Inc.
Sep 27, 2017

Second Annual Mobile Deposit Benchmark Report Shows Adoption Accelerating at Record Pace

SAN DIEGO and LONDON, Sept. 27, 2017 (GLOBE NEWSWIRE) -- Mitek (NASDAQ:MITK) (www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, today announced the release of new research from the fintech and digital commerce research firm Futurion, ranking the quality of user experience for mobile deposit solutions at 15 top financial institutions (FIs) in the United States. The second annual Mobile Deposit Benchmark Report revealed a rapid acceleration in consumer adoption over the past 12 months due to significantly improved user experiences, but also that there are still areas for significant improvement if FIs wish to fully leverage the potential of mobile deposit as a foundational product for mobile banking.

"This new research makes it clear that financial institutions must continually improve the customer experience and recommit to building awareness of their mobile deposit services or risk being perceived as digital transformation laggards," said Jim Van Dyke, CEO, Futurion. "By adopting auto-capture, increasing deposit limits and giving customers immediate access to their funds, the leading FIs have been able to improve their user experience and attract customers to their mobile deposit services in record numbers."

Futurion surveyed more than 1,000 U.S. consumers in a nationally representative sample and accessed active deposit accounts at 15 top FIs, assessing their mobile deposit user experience across 19 distinct evaluation categories.

Key findings include:

While these features have significantly increased use, the research also points out some important barriers to mobile deposit adoption that must be addressed by FIs that want to keep pace with consumer expectations. These include: a perceived opportunity for fraud, concerns about fees, deposit limits that penalize consumers for use, lag time between deposit and access to funds and a lack of training on mobile deposit services with in-branch staff.

"A great mobile deposit user experience is integral to a FI's digital transformation strategy and one of the most powerful tools available for enticing customers to do their banking through lower-cost, digital channels," said Michael Diamond, General Manager, Payments, Mitek. "FIs that want to lower operational costs, increase profit margins and attract new customers away from the competition should urgently focus on improving the ease-of-use of their mobile deposit services through features like auto-capture and real-time updates on the availability of funds."

To download the full report, view a complete ranking of the financial institutions evaluated and read detailed recommendations for how financial institutions can improve their mobile deposit user experience, visit: https://www.miteksystems.com/Mobile_Deposit_Benchmark_Report_2017

About Futurion
Lead by CEO Jim Van Dyke, Futurion is a consultancy firm specializing in helping organizations achieve transformative changes in areas including identity, virtual commerce, payments and financial services. Prior to founding Futurion, Jim founded and led Javelin Strategy & Research and has also held various research, strategy, management and board positions in his more than 30 years of experience. Jim has presented to venues including executive boards, vendors' client summits, agencies including the U.S. House of Representatives and the Ways and Means Committee, and courtrooms as an expert witness. For more information, visit http://www.futurion.digital/.

About Mitek
Mitek (NASDAQ:MITK) is a global leader in mobile capture and identity verification software solutions built on latest advancements in AI and machine learning. Mitek's identity verification solutions allow an enterprise to verify a user's identity during a digital transaction. This enables financial institutions, payments companies and other businesses operating in highly regulated markets to mitigate financial risk and meet regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users' experience with advanced data prefill and automation of the onboarding processes. Mitek's innovative solutions are embedded into the apps of more than 5,800 organizations and used by more than 80 million consumers. For more information, visit www.miteksystems.com or www.miteksystems.co.uk. (MITK-F)

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Mitek Contact:
Ann Reichert
Senior Director of Marketing
pr@miteksystems.com

Katherine Verducci
MIX Public Relations
pr@mix-pr.com 

Mitek Investor Contacts:
Todd Kehrli or Jim Byers
MKR Group, Inc.
mitk@mkr-group.com

 

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Source: Mitek Systems, Inc.

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