Mitek (MITK), the company that created the category of mobile imaging for financial transactions, announces the newest addition to its suite of mobile imaging solutions for financial institutions: Mobile Photo Account Opening(TM).
Mobile Photo Account Opening enables financial institutions (FIs) to increase completion rates for opening and funding new accounts by reducing the friction in the enrollment process for checking, savings, credit card, and other transactions with mobile imaging. The new solution will be available for mobile self-service and for employee-assisted service in the branch and in the community. Mobile Photo Account Opening will debut at Finovate in New York on September 11, 2013.
Mobile Photo Account Opening eliminates the notoriously cumbersome and error prone manual data entry on a mobile device. Consumers and employees can now simply capture a picture of the front and the back of driver's license and the validated data is automatically populated into the account opening application. Mobile Photo Account Opening seamlessly integrates with FIs existing account origination, identity proofing, and fraud prevention providers like Experian so it facilitates existing processes.
In Gartner's May 16, 2013 report, App Explosion: Lessons From the Top 20 Banks, author Kristin Moyer noted that, "Nearly 75% of banking CIOs and digital technology leaders plan to increase spending on mobile apps this year. We advise that banks develop an app road map based on need-based functionality and impact on net profits."
"We believe Mobile Photo Account Opening will have a profound impact on net profits by enabling acquisition of the sought after digital natives and mobile first consumers while moving them to a lower cost self-service channel," said Mitek President & CEO James DeBello. "It is also a great tool for getting employees out from behind a desk and streamlining account opening in the branch and in the community on a tablet, making account opening a faster, more friendly and engaging process."
According to the July 2013, Javelin Research & Strategy report, How To Upgrade Online and Mobile Account Opening for an Omnichannel Era, "The fact that 88.5 million Americans attempted to open an account online or with a mobile device in the past 12 months underscores how far digital account opening has come in a few short years. Nonetheless, its potential remains largely untapped, especially as consumers place growing importance on mobile capabilities." In the same report the firm also noted, "The number one job for financial intuitions should be to enable applicants to open and fund an account in one session."
Mitek's proven expertise with checks addresses this issue by allowing consumers and FI employees to take a photo of a check to immediately fund the account as part of the account opening process.
Like Mobile Deposit(R), Mobile Photo Bill Pay(R), and Mobile Photo Balance Transfer(TM), Mobile Photo Account Opening leverages Mitek' MiSnap(TM) touch-free capture technology which automates the image capture process -- eliminating user-error and decreasing transaction processing time.
Like all Mitek solutions, Mobile Photo Account Opening will be available on-premise and in a hosted environment.