Here is my updated list of financial institutions that have signed with channel partners and
are using Mitek's Mobile Deposit product. I have included the bank or CUs size
(Assets in Billions) and the channel partner they are working with where known.
Currently 390 FIs have Launched Mobile Deposit with Mitek out of 708 signed.
Jorlev, I'm a long term holder, and I really appreciate your data. Thanks! The rapid pace of banks launching the RDC product suggests we should soon begin to see transaction growth and revenue growth begin to converge. Do you have any insights on that?
As good as bank launch rate is, the latest articles indicate consumer adoption is even greater.
At some point, as the larger fish are caught, the launch numbers will become less important and it will be adoption of the technology that will be the more important driver. For now, we have substantial growth in both metrics.
As for the last Q we're about to hear about, while the company did extremely well, there were a lot of reorders the Q before so a big revenue jump may not occur even though a lot of transactions were eaten up over the last 3 months. Of course, we may see sign up revenue from US Bank for MPBP, so things might even out. I expect the Q after this to be quite impressive.
Guidance, or what passes for guidance at this company, could help. Remember, US Bank said in an article that they were piloting Balance Transfer and were trying to move rapidly to market with it.
Another growth driver in a new area would be great to hear.
Unless Mitek's pricing plan has changed don't count on it! The current plan charges less for volume so in all actuality revenue only grows marginally as transactions grow. The reason for this is that there are only a handful of resellers that aggregate the transaction and buy the licenses at a discount.