Mobile Check Deposit Cited as No. 1 Mobile Feature for Motivating Consumers to Switch Primary Banks, According to New Independent Research Study
New data show 43 percent of mobile-oriented consumers rank the opportunity to deposit checks via smartphone as so important as to drive switching primary banks
SAN DIEGO, June 15, 2011 /PRNewswire/ -- Mitek Systems, Inc. (OTC: MITK.OB; www.miteksystems.com), is citing new independent research reported by Mercatus LLC, a leading financial services strategy firm in Boston, that finds mobile check deposit ranks as the top mobile-banking feature that would prompt consumers to switch primary banks.
In response to the question, "What are the most important features of mobile banking that would cause you to switch primary banks," 43 percent of consumers interested in mobile banking cited mobile check deposit, according to the study, which was completed in May and previewed last week at the Mobile Banking and Emerging Applications Summit in New Orleans. Paying bills and checking account balances via mobile devices ranked second, both with 28 percent.
"Our survey results clearly show that Mobile Deposit® helps drive customer acquisition and ROI for financial institutions," said Mercatus Managing Partner Robert B. Hedges, Jr. "The data we've gathered shows that mobile banking – with mobile check deposit as a cornerstone capability – is becoming a strategic growth engine for banks."
James B. DeBello, President and CEO of Mitek, the leader in mobile-imaging applications using smartphone cameras for check deposits, bill payments and ACH enrollments, said the new findings reflect Mitek's growth. With five of the nation's top 10 retail banks among dozens of banks implementing its patented technology, Mitek offers the most widely deployed mobile Remote Deposit Capture (RDC) application in the market today – Mobile Deposit.
"Mercatus' findings dovetail with the anecdotal reports we hear every day from our technology partners and their financial institution customers about consumers' appetite for mobile RDC," DeBello said. "Given the huge popularity of Android and Apple devices, we believe that banks, credit unions and other financial institutions that don't offer mobile banking with check deposit risk losing customers to those that do offer mobile RDC."
Mercatus reported finding strong interest among surveyed consumers in all age groups who said they were "very likely" or "likely" to adopt mobile RDC if it were offered by their banks, and that adoption is clearly gaining traction among consumers who already have access to the technology. Further, it said, demand for mobile RDC is strong enough that an increasing percentage of consumers are willing to pay for the service.
Hedges said the consumer survey results also indicate that:
- Mobile banking will become an increasingly critical criteria in consumers' choice of banks because 50 percent of consumers who switched banks said mobile played a role in their primary bank-selection decision
- Mobile is also increasingly a reason consumers leave their current banks to move to a bank that offers mobile capabilities
- Marketing and promotion of mobile offerings are critical to build customer awareness as many consumers do not today realize their banks offer mobile-banking capabilities
The Mercatus Mobile Survey was conducted in May 2010, surveying more than 2,300 consumers. The survey results are representative of the U.S. population. The May 2010 survey was the seventh consecutive semi-annual Mercatus survey on mobile adoption and usage providing the banking industry its best longitudinal data on mobile banking and payments.
About Mitek Systems
For more than 20 years, Mitek Systems (OTC: MITK.OB) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents. Mitek's patented technology has created the Gold Standard for Mobile Check Deposit and is currently used by leading financial organizations in the United States to process more than 10 billion items per year.
Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices. Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk -- eliminating trips to the bank, Post Office and file cabinet. Simply take a picture of the document and Mitek does the rest -- correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users' financial institutions.
For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.
About Mercatus LLC
Mercatus LLC is a strategic consulting and investing firm focused on the retail financial services. Mercatus works with industry executives and private equity investors to make investment and business growth decisions. Mercatus is dedicated to delivering the insights, innovative thinking, and information required to equip clients for success in today's fast-changing marketplace. Mercatus' semi-annual Mobile Study is the financial services industry's best source for data on mobile adoption and usage.
SOURCE Mitek Systems, Inc.
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