Mitek (MITK), the leading innovator of mobile imaging for financial transactions, announces that FirstBank, with more than $13 billion in assets and more than 115 locations in Colorado, Arizona, and California, will be the first regional bank to offer Mobile Photo Bill Pay(R).
FirstBank customers will use their camera equipped mobile devices to quickly and easily add payees to First Bank's bill pay service or pay bills directly. The FirstBank deployment will include Mitek MiSnap(TM); touch-free capture technology. Mitek MiSnap automates image capture, eliminates user-error and decreases processing time.
"We know our customers want to perform transactions using their mobile device," said John Ikard, CEO of FirstBank, Colorado's largest locally-owned banking organization. "We're going to help them do that by partnering with Mitek and offering their Mobile Photo Bill Pay service. We expect this product to add enjoyment to a task that is normally mundane."
FirstBank customers will simply take a picture of bill remittance coupons. Mitek's technology automatically extracts relevant data and auto-populates fields required for mobile payment. This revolutionary way of paying bills eliminates the need for error prone, tedious and time consuming manual data entry. The technology builds upon science that also powers Mitek's pervasive Mobile Deposit(R), currently licensed by more than 1,000 financial institutions and embraced by millions of consumers.
"Mobile Photo Bill Pay is win-win for banks and consumers," said James DeBello, CEO of Mitek. "Mobile Photo Bill Pay extends convenience of mobile imaging to bill payment, leveraging a user experience that millions of consumers have come to love and depend upon. Financial institutions can expect higher DDA balances, lower churn, and new fees for expedited payments. FirstBank's decision to offer this service enables them to capitalize on early adopter advantage since some of the largest banks have not yet offered this innovative service."
Javelin Strategy & Research's February 2013 report, "MOBILE IMAGING: Going beyond Mobile Remote Deposit Capture to Bridge the Consumer Transaction Gap," states that of active mobile bankers, 42 percent expressed a desire to use mobile photo bill pay.
Mitek's Mobile Photo Bill Pay is part of a suite of solutions that leverage Mitek's MiSnap(TM) touch-free capture technology: Mobile Deposit(R), Mobile Photo Balance Transfer(TM), and Mobile Photo Account Opening(TM). Decades of research and development power this complete suite of mobile imaging solutions for financial transactions, which banks can deploy all together or as a single service. From depositing checks and paying bills, to acquiring new credit card customers and balances -- Mitek enables them all in a snap.