SAN DIEGO and NEW YORK (9/11/13)--Mitek, a mobile imaging software provider, introduced a mobile photo account opening product Tuesday.
Consumers and credit union employees can now capture a picture of the front and the back of a driver's license and the validated data is automatically populated into the account opening application. Mobile Photo Account Opening integrates with credit unions' and banks' existing account origination, identity proofing, and fraud prevention providers like Experian so it facilitates existing processes.
"We believe Mobile Photo Account Opening will have a profound impact on net profits by enabling acquisition of the sought-after digital natives and mobile-first consumers while moving them to a lower cost self-service channel," said Mitek President/CEO James DeBello. "It is also a great tool for getting employees out from behind a desk and streamlining account opening in the branch and in the community on a tablet, making account opening a faster, more friendly and engaging process."
"The fact that 88.5 million Americans attempted to open an account online or with a mobile device in the past 12 months underscores how far digital account opening has come in a few short years," said the Javelin Research & Strategy report, How to Upgrade Online and Mobile Account Opening for an Omnichannel Era. "Nonetheless, its potential remains largely untapped, especially as consumers place growing importance on mobile capabilities."
In the same report the firm also noted, "The No. 1 job for financial institutions should be to enable applicants to open and fund an account in one session."
Mobile Photo Account Opening will debut at the Finovate conference in New York today.