Recent

% | $
Quotes you view appear here for quick access.

Mitek Systems, Inc. Message Board

ef_nutting 13 posts  |  Last Activity: Jul 15, 2015 12:46 PM Member since: Dec 24, 2010
SortNewest  |  Oldest  |  Highest Rated Expand all messages
  • July 15, 2015
    by Philip Ryan

    Bank of America Corp. is increasing mobile users more slowly than rivals JPMorgan Chase and Wells Fargo & Co.

    The Charlotte, N.C.-based bank announced today that it had 17.6 million mobile users in the second quarter, up 2.9% from the prior quarter and 13.6% compared to the same period last year. It also announced mobile deposits reached 13% of total deposit volume.

    These are impressive figures — until you look at the bank’s closest competitors.

    Both Chase and Wells grew their mobile user base more quickly. Chase reached 21.001 million users, growth of 5.2% over last quarter and 22.1% over last year. Wells Fargo announced “nearly 16 million” mobile users — more on that here — which, assuming a number of 15.9 million, represents a gain about 6.7% on the quarter and 21.4% on the year.

    Interestingly, these mobile numbers do not line up with FDIC deposit account numbers. According to FDIC data for the quarter, BofA has about 70 million deposit accounts, while Chase had 47 million and Wells 81 million.

    This figure means 44% of Chase customers are mobile users. BofA has about 25% of its customers suing mobile devices, and Wells Fargo just 19%.

    According to the FDIC, in other words, while the nation’s largest largest banks are all growing mobile users at a steady pace, Chase is far outperforming its rivals.

    Sentiment: Strong Buy

  • Consumer adoption of mobile remote deposit capture is going mainstream, as more financial institutions offer and more consumers embrace the mobile channel.

    First Annapolis Consulting Inc. reports that 64% of a group of 250 community banks and credit unions it recently surveyed offer mobile deposit. Looking only at the subset of FIs that offer mobile banking, the uptake is higher, 75%, said Melissa Fox, a Partner at the Maryland-based consultancy.

    Celent Senior Analyst Bob Meara expects well over 4,000 financial institutions to be offering consumer mobile RDC by the end of this year. In a recent report titled State of Remote Deposit Capture 2015: Mobile is the New Scanner, Meara predicts that 62 million retail customers (consumers and very small businesses) will be using mobile deposit by the end of this year. That total should jump to 87 million by year-end 2016, when well over 6,000 banks and credit unions are expected to be offering mRDC to retail customers.

    More Deposits, Fewer Glitches
    Malauzai reports that its typical customer institution had 25% more active mobile deposit customers in May 2015 than in May 2014. Those customers made about 3 deposits per month, and the average deposit is about $500. “It’s trending up,” Gaynor said of deposits. He attributes some of the increase to more small businesses using mRDC. In-branch training programs also help.

    Malauzai’s data also suggests better user experiences with mobile deposit, and fewer technology and/or customer errors. “While a year ago, 70% of images were accepted on a user’s first attempt that number has risen to 75%,” the company reported.

    From Article at RDC 7/14/215

    Sentiment: Strong Buy

  • In MasterCard’s plan, after downloading the app, a user could pay for items by simply looking at a phone and blinking once. The blink would prevent thieves from showing the app a picture of one’s face in an attempt to fool it. Alternatively, the app can read a fingerprint.

    Instead of sending either the user’s fingerprints or a picture of his or her face to MasterCard, the system would convert the image into code and send it to MasterCard.

    “This is an important step in the right direction,” said Michael Diamond, chef revenue officer for Mitek, a maker of software that allows consumers to use the camera on their smartphone or tablet to take a photo of a document to facilitate commerce. “The mobile evolution has always been about making usage more intuitive.

    “Leveraging the camera is consistent with user behavior and provides an excellent fraud deterrent for merchants,” he said.

    Mitek is working with banks that leverage a selfie as part of their account opening process. “There are a number of potential use cases tied to providing more services to financial customers – such as higher mobile check deposits or greater velocity over a payment network,” Mr. Diamond said.

    Full article at Mobile Commerce Daily

    Sentiment: Strong Buy

  • MINNEAPOLIS, June 30, 2015 -- Cachet Financial Solutions, a leading provider of cloud-based SaaS (Software as a Service) mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, will deploy its Select BusinessTM Merchant Capture platform for United Business Bank (UBB), a California-based community bank with nine locations across the western United States. UBB will transition to the new business RDC platform this summer.

    Cachet's Select Business Merchant Capture is a cloud-based RDC software solution that will enable UBB's business/merchant customers to electronically deposit checks from their desktops (PC or Mac), smartphones or tablets, eliminating the need to make a trip to the bank or ATM. The platform's intuitive and user-friendly interface will provide merchants with easy navigation between deposits, reports and activities. A streamlined workflow will simplify UBB merchant on-boarding and user set-up across deposit platforms. Additionally, comprehensive audit reporting capabilities will enable UBB to more easily meet new compliance requirements.

    "We were looking for a leading-edge solution that would provide a better overall experience for our merchants today and also support our continued growth into the future," said UBB's Executive Vice President and Chief Operating Officer, Ed Perez. "Cachet's easy-to-use merchant capture solution, with Mac and mobile compatibility, and seamless integration across channels, fit the bill perfectly."

    UBB is one of more than a dozen financial institutions to transition to Select Business Merchant Capture since Cachet rolled out a new release of the product earlier this year that seamlessly supports both desktop and mobile platforms.

    "Research shows that checks remain widely accepted and are the preferred form of payment among small to medium size businesses," noted Jeffrey Mack, President and CEO of Cachet Financial Solutions.

    Sentiment: Strong Buy

  • June 26, 2015

    By Tina Orem
    2. Offer mobile deposit.

    “One feature that really has exploded recently, and this is one where that process has already taken place and people have realized it, is mobile deposit,” says Rob Morgan, ABA’s director of emerging technologies. “Maybe five years ago, less even, a few banks came out with mobile deposit and it didn’t take long before the rest of the industry realized they needed to catch up.”

    “Customers that use those features are growing faster than ones that are logging in to check a balance,” says Don Westermann, EVP and chief information officer at Eastern Bank in Boston. “It’s really designed, I think, to drive engagement with the customer.”

    Carriles adds that BBVA is also getting serious traction in mobile deposit. In fact, he says growth in mobile deposits and transactions was so high that he expected to blow through his per-transaction cost budget by the end of the month. That budget was supposed to last until early 2016.

    From article at ABA Banking Journal

    Sentiment: Strong Buy

  • Going forward, look for technology and solutions providers in the RDC space to focus capturing more and better information, about end users and the check payments they deposit, whether using mobile devices or sophisticated check scanners.

    “Our long-term vision is to read more data off checks,” explained Marek Helcl, Product Owner for Mobile Deposit at Mitek. Mitek, he said, is readying a mobile deposit analytics dashboard that can alert FIs to potential problem deposits, from endorsement problems down to the color of check stock.

    Several data-based risk management tools are being built into Version 4.0 of Mitek’s mobile image capture technology, too, including image quality analytics. “Our goal is to supply as good information as possible, and as much as possible, to help them [financial institutions] do the analytics,” said Helcl.

    Earlier this week Mitek announced it had acquired IDchecker, which specializes in cloud-based identity verification and facial recognition solutions. Helcl suggested that over time the combination will enable Mitek to offer FI’s and corporations accepting check payments “the mobile equivalent of asking customers to show their drivers licenses.”

    The latest generation of iPhones, which incorporate fingerprint security, could help further secure mobile deposits, explained Wolfe. “I think we’ll see something that leverages that [thumbprint security] coming out within the next year and a half,” he said.

    Getting better all the time...

    Sentiment: Strong Buy

  • AUSTIN, Texas — American Express is overhauling its mobile check deposit for some of its accounts, an executive disclosed today.

    In an offhand comment during a presentation at the Digital Banking Summit here today, Stefan Happ, chief commercial officer, enterprise growth at Amex, revealed that the card company was “in the process of significantly improving” its mobile check deposit service for its Bluebird and Serve product lines, which have many similarities.

    The move is especially noteworthy because Bluebird and Serve are intended for the underserved market, so exceptional RDC is crucial.

    It was not clear from Happ’s presentation what is less-than-acceptable about the current mobile check deposit on the Bluebird and Serve apps.

    Happ did reveal that the two products last year reached a combined load volume of $7 billion, up 300% since 2012. About 40% of Bluebird and Serve volume comes from direct deposit.

    Sentiment: Strong Buy

  • Advanced payment processing capabilities will enable Regal Wine Company to implement real-time collections for increased cash flow, reduced processing costs.

    Miami, FL – June 2, 2015 – DadeSystems, a provider of next generation payment processing solutions, today announced that Regal Wine Company has implemented DadePay Mobile as part of its payment processing strategy. Regal, one of the preeminent wine distributors in California, is an affiliate of Jackson Family Wines, a family-owned company with a portfolio of more than 40 distinct and renowned wineries.

    Regal now uses DadeSystems’ full suite of accounts receivables automation systems to streamline the entire payment process, from the point of capture of checks and remittance documents in the field, to posting payments and depositing funds. DadePay AR Automation leverages patent-pending algorithms and straight-through processing capabilities to capture and automatically validate incoming payments, update an organization’s accounts receivables system and send an electronic deposit to the bank. The front-end image capture capabilities of DadePay Mobile are provided through a strategic partnership with Mitek and its Mobile Deposit Capture (MDC) solution

    Sentiment: Strong Buy

  • What's Next In Payments®

    8:15 AM EDT June 4th, 2015
    As payment method possibilities expand for consumers, businesses are fueling the demand for increased security features. The trend has launched the financial services market into the world of data security, leading to often high-tech, innovative solutions, from fingerprint scanning to iris identification.

    The trend is also, perhaps, why mobile identity solution service provider Mitek has made moves to strengthen its security offerings for the financial services sector. According to recent reports, the U.S.-based firm has reached a deal to acquire Netherlands-based IDchecker, which offers cloud-based identity and document verification tools, including facial recognition technology.

    The acquisition price was settled at $10.6 million, the companies said.

    According to Mitek President and CEO James B. DeBello, the buyout is positioning the company in a market set to see major growth in the next few years. “By expanding our product portfolio, we will transform Mitek into a global provider of mobile capture and identity solutions in the multi-factor authentication market,” he said, adding that MarketsandMarkets research predicts the industry to see a $10.75 billion valuation by 2020.

    Through the acquisition, Mitek will take on IDchecker’s technology as well as its clients, which reports say include major financial services providers in the money transfer and payments sectors, among others. The firm’s StrongID solution has the capabilities of verifying 3,500 different types of identification, while its Facelink tool offers facial recognition abilities. Business clients that use these technologies, the companies said, are in a substantially better position when it comes to the Know Your Customer regulations.

    The services will combine with Mitek’s existing Photo Verify and MiSnap services, which the company said are optimal for mobile identity verification.

    Sentiment: Strong Buy

  • Reply to

    Says IDchecker is profitable

    by mitk_long May 26, 2015 9:01 PM
    ef_nutting ef_nutting May 26, 2015 9:19 PM Flag

    MITK 1 Billion + Market Cap. sooner than later on the way...

    Mitek states IDchecker's Strong ID solution "authenticates 3,500 different types of passports, driver licenses and identity cards from nearly every country in the world," and complements Mitek's Photo Verify tech and MiSnap mobile image capture SDK. Customers are said to include "a large international money transfer service, a leading worldwide payments company, and a preeminent global information services provider."

    Sentiment: Strong Buy

  • Reply to

    IDchecker winner of 2015 CNP Award!

    by ef_nutting May 26, 2015 5:56 PM
    ef_nutting ef_nutting May 26, 2015 6:29 PM Flag

    About IDchecker

    IDchecker was established in 2004 and it has become a global identity verification company with worldwide document coverage. It is trusted by businesses to help them achieve their compliance requirements and improve client onboarding processes. IDchecker has been recognized for its excellence, receiving awards including the Deloitte Technology Fast 50, Red Herring Top 100 Europe, the Florin Award for innovation in transaction services and most recently the Customer Choice Award for Best Mobile Solution at the 2015 CNP Awards. Its ISO 27001 certification ensures its clients, who include some of the world’s most trusted and innovative brands, are provided the highest security standard.

    Sentiment: Strong Buy

  • Chalking up a Customer Choice Award for Best Mobile Solution at the 2015 CNP Awards is IDchecker. The company provides online ID verification solutions across a range of industries worldwide. Its solutions provide users with an efficient online registration process; StrongID, an automated online ID document verification system; and FACELINK, a facial recognition solution that ties a person’s ID document to their face to complete the online authentication process.



    Since it was founded in 2005, IDchecker has expanded across a range of industries all over the globe to include transaction services, money and banking, payments, insurance, digital currency, telecom, airline and, most recently, peer-to-peer. According to IDchecker, its solutions have become increasingly popular for any company operating in the online and mobile space.



    IDchecker notes that its FACELINK solution is a result of recognizing exactly what was missing from ID verification solutions in the marketplace. FACELINK involves a two-factor authentication process to match the image of someone on his or her ID document to a live image of his or her face. This enables companies to take their entire registration process online, giving them access to users all over the globe.

    Sentiment: Strong Buy

  • ef_nutting ef_nutting Apr 30, 2015 4:27 PM Flag

    SA News Editor
    •Mitek Systems (NASDAQ:MITK): FQ2 EPS of $0.05 beats by $0.02.
    •Revenue of $5.7M (+27.2% Y/Y) beats by $0.3M.


    And the BEAT goes on...

    Sentiment: Strong Buy

MITK
3.53-0.03(-0.84%)2:13 PMEDT