SAN DIEGO, Feb. 14, 2012 (GLOBE NEWSWIRE) -- Mitek Systems (Nasdaq:MITK) (www.miteksystems.com), the leader in mobile imaging solutions, today announced the release of a new research report from AlixPartners, LLP, Consumer Market Outlook for Mobile Photo Bill Pay. The report examines current trends in the payments market, and forecasts that mobile photo bill pay adoption could reach 33% among adult U.S. consumers by 2018 and result in 1.4 billion bills migrating to the mobile payment channel.
Mobile Photo Bill Pay (MPBP) is an image-based mobile banking application that offers consumers greater simplicity and choice in paying bills and enrolling a new payee. With MPBP, consumers with a camera-equipped smartphone or tablet simply take a picture of a bill coupon and advanced imaging technology, such as that offered by Mitek, automatically extracts relevant information from the paper bill and auto-populates the fields required to make a mobile payment. The consumer then schedules the payment and clicks "pay."
This unique imaging capability gives consumers a new bill payment option via a mobile device. They can quickly add a new payee to their online bill pay, pay one-time or non-recurring bills, and set up recurring bills and payments from anywhere at any time. The ability to add a new payee with a mobile device is a key competitive advantage over existing mobile bill pay applications.
For financial institutions seeking to leverage their existing bill pay platforms, drive increased usage, expand their mobile banking offerings, and address consumer needs and demands for increased convenience, MPBP offers great opportunities.
"As mobile banking applications have increasingly become 'table stakes,' it is even more critical for financial services providers to understand which new applications are truly value-added and should become a part of their core suite of mobile banking offerings," said Bob Hedges, managing director at AlixPartners and co-lead of the firm's Financial Services Practice. "The valuable consumer functionality and convenience provided by mobile image-capture technologies, and specifically, MPBP, can provide banks with the critical marketplace differentiators they need."
About Mitek Systems
Headquartered in San Diego, CA., Mitek Systems (Nasdaq:MITK) is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card balances by snapping a picture with their smartphone or tablet cameras instead of using the device keyboard. Mitek's technology increases convenience for the consumer by eliminating the need to have to go to the bank branch or automated teller machine, and dramatically reduces processing and customer acquisition costs while increasing customer retention. With a strong patent portfolio, Mitek is positioned as the leading innovator in mobile imaging software and currently provides its solutions to Fortune 500 financial services companies. For more information about Mitek Systems, please visit www.miteksystems.com">www.miteksystems.com.
Safe Harbor
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These forward-looking statements involve risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements contained herein. These factors include risks related to technological changes, new product introductions, continued acceptance of Mitek Systems products and dependence on intellectual property rights. These factors, as well as other factors that could cause actual results to differ materially, are discussed in more detail in Mitek Systems' filings with the United States Securities and Exchange Commission (available at www.sec.gov) and other regulatory agencies. The paper released by AlixPartners, Consumer Market Outlook for Mobile Photo Bill Pay, was sponsored by Mitek.
© 2012 Mitek Systems. All rights reserved. The Mitek Systems name and logo and Mobile Deposit® are registered trademarks of Mitek Systems, Inc. Mobile Photo Bill Pay™, Mobile Balance Transfer™, Mobile Photo Quoting™, Mobile Photo Payments™, Mobile Photo Claims™, Mobile Photo Capture and Send™ and Mobile Imaging Platform™ are trademarks of Mitek Systems, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.