Profile: Mitek Systems Inc (MITK.OQ)
24 Apr 2015
Mitek Systems, Inc. (Mitek), incorporated on May 29, 1986, is a mobile solutions provider engaged in the development, sale and service of software solutions related to mobile imaging. The Company’s technology allows users to deposit checks, pay bills, transfer credit card balances, open accounts and get insurance quotes by taking pictures of various documents with their camera-equipped smartphones and tablets. Its products use algorithms to correct image distortion, extract relevant data, route images to their desired location and process transactions through users’ financial institutions. The Company’s mobile imaging software solutions are often embedded in other mobile banking or enterprise applications developed by banks, insurance companies or their partners, and marketed under its own brands. Its mobile imaging software solutions can be accessed by smartphones and tablets using iOS and Android operating systems. The Company’s mobile imaging solutions include Mobile Photo Bill Pay, Mobile Balance Transfer, Mobile Photo Account Opening and Mobile Photo Quoting are sold directly to enterprise customers.
The Company’s mobile deposit product is a software, which allows users to remotely deposit a check using their camera-equipped smartphone or tablet. As of September 30, 2013, approximately 1,420 financial institutions have deployed Mobile Deposit, and 805 of these financial institutions have deployed Mobile Deposit to their customers. Mobile Deposit uses its product mobile imaging analytics and character recognition software to allow financial institutions to accept check deposits via images of checks taken with camera-equipped smartphones and tablets. Mobile Deposit allows users to make deposits by photographing the front and back of a check and submitting the image electronically to their bank using their smartphone or tablet.
Mobile Photo Bill Pay
The Company’s Mobile Photo Bill Pay is a mobile bill payment product that allows users to pay their bills using their camera-equipped smartphone or tablet. Mobile Photo Bill Pay provides service and convenience for customers who want to pay bills using their smartphone or tablet. Mobile Photo Bill Pay connects to existing online bill pay systems and allows users to pay bills by taking pictures with their camera-equipped smartphone or tablet camera. As of September 30, 2013, 14 financial institutions have deployed Mobile Photo Bill Pay and nine of these have deployed Mobile Photo Bill Pay to their customers.
Mobile Balance Transfer
Mobile Balance Transfer is a mobile product, which allows credit card issuers to provide an offer to users and transfer an existing credit card balance by capturing an image of the user’s current credit card statement. Mobile Balance Transfer extracts necessary data from an image of the user’s credit card statement to create a balance transfer offer. The customer can accept the offer with a single touch of a button and the bank can then automatically transfer the balance and establish a new credit card account.
Mobile Photo Account Opening
Mobile Photo Account Opening is a product, which enables users to open a checking, savings or credit card account by capturing an image of the front and back of their driver’s license with their camera-equipped smartphone or tablet. Its technology extracts data from the driver’s license and automatically populates account information form. Mobile Photo Account Opening can be used to open a new checking, savings or credit card account with a financial institution, retailer, or other organization with account opening needs. This process can be extended to capture the image of a check, allowing immediate funding of the newly-created account.
Mobile Photo Quoting
Mobile Photo Quoting enables property and casualty insurance companies to provide an insurance quote to potential customers using their camera-equipped smartphone or tablet. Mobile Photo Quoting extracts the data from the user’s driver’s license and insurance card to provide a quote via a smartphone or tablet. It allows customers to receive a quote simply, quickly and without ever having to step foot in a store, call or complete an online application. As of September 30, 2013, two insurance carriers have deployed Mobile Photo Quoting and one has deployed Mobile Photo Quoting to its customers.
Mitek Systems Inc
SUITE B, 8911 BALBOA AVE.
SAN DIEGO CA 92123