Mitek Systems: Success Rate in Mobile Deposit of Checks on First Try Equates to Superiority of Customer Experience

SAN DIEGO, Aug. 11 /PRNewswire-FirstCall/ -- Banks thinking of developing in-house mobile Remote Deposit Capture (RDC) solutions, or adapting their existing remote deposit systems to the fast-growing mobile environment, should think again.  The reasons: Low rates of success in mobile RDC transactions produce an inferior consumer experience.

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That's the word from Mitek Systems, Inc. (OTC Bulletin Board: MITK; www.miteksystems.com), an innovator of advanced-image analytics and mobile-document-capture applications for smartphones, that points to mobile RDC acceptance rates consistently in the 95-percent range for its patent-pending Mobile Deposit® application.  This versus comparable acceptance rates in the range of 30 to 45 percent for competing in-house RDC solutions attempting to process mobile images.

Mitek President and CEO James DeBello explained that Mitek's acceptance rate represents the average number of valid check images accepted automatically by banking systems. Check images that fall outside this acceptance need to be reviewed manually, returned to the customer to try again, or simply are not deposited.  

Low acceptance rates translate into more costs to banks in the form of manual reviews or call center questions.  More important is that a low acceptance rate results in a poor customer experience, he said.

"Banks that have run comparison tests tell us that you don't want to use existing scanner technology that's industry standard for back-office RDC because it delivers a terrible user experience," DeBello said.

"In researching this market ourselves, getting input from some of our banking customers, and reviewing competing technologies and in-house solutions, we quickly learned that applying existing scanning technology to mobile phone deposits results in a significant degradation of quality and accuracy over what the industry has seen from desktop check scanners," he said.  

DeBello said Mitek has just improved Mobile Deposit with an updated version of the product – Release 2.3 – which improves the banking customer's experience by two to three times that of all other available technologies.

Current check-scanning technologies were not developed to account for the complexity of variables caused by taking a picture of a check with a mobile camera, he said.  Unlike typical check-scanning technology designed to capture a very simple check image without concern for angle, shadowing, background color, distance and more, Mitek's Mobile Deposit was designed from the ground up to account for a high number of variables which dramatically increase the complexity of accepting a check's image on the first try.

"Rather than incurring costs to develop inferior solutions that produce low check-deposit acceptance rates and only succeed in frustrating many of their customers, banks would do well to look to Mitek's 'Gold Standard' mobile RDC technology to stem attrition and create the best customer experience possible for deposits via smartphones," he said.

Mitek's Mobile Deposit has quickly become the "Gold Standard" for mobile RDC by virtue of its partnership agreements with all leading providers of technology applications and solutions for the financial services industry in the United States. More national and regional banks are using Mitek's technology for their own branded mobile RDC offers to satisfy their customers' growing demands for mobile check deposits via their camera-equipped smartphones.

Mitek points out that its technology delivers a consistently superior user experience for the banks' customers because of its many years of industry leadership in image analytics and processing, combined with the thought leadership it invested in developing a highly accurate, secure and easy-to-use app for smartphones.  Mobile Deposit works well for users of Apple iPhones, RIM BlackBerry and devices on the Android and Windows Mobile platforms.

About Mitek Systems
Mitek Systems (OTC: MITK.OB), an innovator of advanced image analytics and mobile document capture applications for smartphones, has created the Gold Standard for Mobile Check Deposit. For more than 20 years, the Company has developed a comprehensive suite of intelligent character recognition software used to test, clean, authenticate and extract data from imaged checks, documents and objects, and its software is used to process more than 10  billion items per year.  For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.

SOURCE Mitek Systems, Inc.