News

Mitek offers mobile credit card balance transfers

September 7, 2011

Mitek Systems Inc., a provider of mobile-imaging applications using smartphone cameras for check deposits, bill payments and ACH enrollments, today announced an application for the financial services industry that enables consumers to switch bank credit card accounts by "Point, Shoot and Transfer."

According to a company press release, Mitek Mobile Balance Transfer will be demonstrated for the first time on Sept. 21 to attendees at the FinovateFall 2011 conference in New York.

"We're seeing financial institutions starting to formulate their mobile-imaging strategies in interesting ways," said Mitek President and CEO James B. DeBello. "It's now clear that every bank or credit union needs one because the huge growth in smartphones and tablets dictate that you either have a mobile-imaging strategy or you'll be woefully behind your competition."

Upon opening the app during a mobile-banking session, consumers are prompted to snap photos of credit card coupons from their current issuers. Mobile Balance Transfer then converts the photographed information into data files that electronic banking systems can use to extend a more competitive offer to the consumer, including interest rates, terms and conditions.

Consumers can accept the offers using their device keypads, and the banks will automatically transfer the balances and establish new accounts.

For more information on this topic, please visit our mobile banking research center.