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Monday February 13, 2012
Mitek: Smartphone banking
by Jim Oberweis, Jr., editor The Oberweis Report  Mitek Systems (MITK) develops proprietary software for mobile imaging solutions as well as intelligent character recognition software. Its system allows users to make deposits by photographing the front and back of a check and submitting the items electronically to their bank from their smartphone or tablet. Its advanced imaging and analytics software was historically used by financial institution back offices to authenticate and extract data from imaged checks, with Mitek processing nearly one-third of all checks in the U.S. The majority of revenues today come from MobileDeposit, which was the company’s first smartphone application to utilize their mobile imaging analytics and pattern recognition software to allow banks to accept check deposits via photos of checks taken with camera-equipped smartphones and tablets. The total number of mobile deposit signed customers more than doubled to 161 financial institutions in the latest quarter versus a customer count of 80 as of the prior quarter, including 7 of the top 10 U.S. retail banks and payment facilitating companies. The company launched Mobile Photo BillPay in October 2010, allowing customers to pay bills by taking pictures of their bills with their smartphone or tablet camera. Mitek’s technology allows this by correcting image distortion, reading relevant data and processing the transactions through the users’ banks. The payment is then made electronically by debiting the users account. This solution allows customers to submit electronic payments from their smartphone or tablet without having to write checks, buy stamps, visit a payment location or even use their personal computers. New product offerings include Mobile Balance Transfer which allows customers to shop for better credit card rates by taking a picture of their credit card statement. In the company’s latest reported third quarter, sales increased approximately 88% to $3.0 million from $1.6 million in the third quarter of last year. Mitek reported a loss in the latest quarter as the company continues to invest in resources to take advantage of significant demand; the company hired 13 team members during fiscal 2011, increasing total headcount by 65%. Clients of Oberweis Asset Management own approximately 220,000 shares. These shares may be appropriate for risk oriented investors. Learn more about this financial newsletter at Jim Oberweis, Jr.'s The Oberweis Report. Related articles: 
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