Mitek Receives 16th Patent -- Mobile Balance Transfer Process
Mitek (Nasdaq: MITK) (www.miteksystems.com), a leading mobile imaging software solutions provider, today announced that it has been issued U.S. Patent No. 8,483,473, "SYSTEMS AND METHODS FOR OBTAINING FINANCIAL OFFERS USING MOBILE IMAGE CAPTURE," by the U.S. Patent and Trademark Office. This, the company's 16th patent, describes the process of capturing an image of a credit card statement and being presented with organized, targeted offers to transfer the balance. The Mobile Balance Transfer™ solution is currently in use at San Diego County Credit Union and under consideration at numerous other institutions.
Consumers want a simple, mobile-friendly process to shop for a better credit card rate and financial institutions need a new, cost effective means to acquire new credit card customers or increase average balances for existing customers leveraging the popular mobile channel. Mitek's Mobile Balance Transfer solution achieves both of these goals. The consumer simply snaps a photo of their current credit card statement coupon. Then, within seconds, the Mitek imaging system processes the request and validates the data, allowing the organization to quickly present options for transferring the existing balance. Consumers in turn get a lower credit card rate and easily transfer their existing balance to the new issuer and financial institutions increase profitability by obtaining new credit card customers and higher balances from existing customers.
"Mitek's Mobile Balance Transfer solution makes it possible for San Diego County Credit Union customers to use their mobile phones to transfer their credit card accounts from other financial institutions to an attractive, low-rate SDCCU Visa credit card," said San Diego County Credit Union President & CEO, Teresa Halleck. "This new app is just another way SDCCU is providing a better banking experience to our customers on the go."
"Over the past three decades, Mitek has invested heavily to create the key building blocks needed to perform Intelligent Mobile Imaging. These tools are substantially different from classic optical character recognition methods, which we have extended and expanded for use in mobile applications," said Mitek CTO, Michael Strange. "We are proud of this patent, and will continue to work every day to package complex imaging technologies into simple solutions that help organizations increase profitability by offering consumers superior mobile user experience."
Mitek now has 16 patents and 22 applications pending. The technology behind the Mobile Balance Transfer patent is similar to that used for Mobile Deposit® and Mobile Photo Bill Pay®, all of which are part of Mitek's suite of solutions for financial services. All solutions integrate Mitek's MiSnap SDK for automatic image capture and utilize company's patented enterprise-class Mobile Imaging Platform™.
Headquartered in San Diego, CA., Mitek (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 camera-equipped smartphones and tablets instead of using the device keyboard. Mitek's technology increases convenience for the consumer by eliminating the need 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, please visit http://www.miteksystems.com. MITK-G
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About San Diego County Credit Union
San Diego County Credit Union is San Diego's largest locally-owned financial institution serving San Diego, Riverside and Orange counties. SDCCU has assets of $6.2 billion, more than 246,000 customers, 31 convenient branch locations and 30,000 surcharge-FREE ATMs. From FREE Checking with eStatements and SDCCU Mobile Deposit, to home and auto loans, Visa credit cards, money market accounts and business banking services, including commercial real estate loans; SDCCU provides breakthrough banking products that meet the demands of today's lifestyle and delivers banking services that save customers money. Federally insured by NCUA and is an equal housing lender. For more information, visit www.sdccu.com
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