Mitek reports growing demand for mobile deposit tech

Source: Mitek

Mitek (MITK), the leading innovator of mobile imaging for financial transactions and identity, today announced that 3,026 financial institutions have signed agreements for its patented Mobile Deposit solution.

"Mobile Deposit has been and continues to be the de facto standard for mobile banking," said James B. DeBello, president & CEO at Mitek. "Since last year, we've more than doubled the number of signed institutions from 1,420 to 3,026."

Celent projects that Mobile Deposit will be used by 33 million consumers in 2014. The popularity of Mobile Deposit was underscored in a recent Zogby Analytics survey sponsored by Mitek,"Millennials, Selfies and The Changing Face of Mobile Commerce". It found that nearly 9 out of 10 Millennials have used or are willing to use a smartphone camera to deposit checks.

Mobile remote deposits have emerged as an increasingly popular banking service, with more than one in eight Americans depositing a check using a mobile device within the past year, according to a recent survey by the American Bankers Association. Of those who have used mobile deposit, 80 percent report using it regularly—at least once per month.

Mitek invented Mobile Deposit and announced it in 2008. According to AlixPartners, this patented, award winning solution has revolutionized how consumers bank and banks compete.

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