U.S. Bank Partners with Mitek to Launch Mobile Photo Balance Transfer™ to Customers in November
MINNEAPOLIS & SAN DIEGO–(BUSINESS WIRE)–Oct. 28, 2013– U.S. Bank, the fifth-largest bank in the United States and lead bank of U.S. Bancorp (NYSE:USB), and Mitek Systems (NASDAQ:MITK), the leading innovator of mobile imaging for financial transactions, have made an agreement in which U.S. Bank will offer Mitek’s Mobile Photo Balance Transfer™ to U.S. Bank mobile banking customers.
Mobile Photo Balance Transfer will allow U.S. Bank customers to easily take advantage of credit card balance transfer offers from U.S. Bank by snapping a photo of a credit card payment coupon using their mobile device and sending it to U.S. Bank to apply for a balance transfer to a U.S. Bank credit card. Standard eligibility criteria and credit approval processes apply.
“U.S. Bank recognizes the power of mobile imaging and its ability to enhance our customers’ experience by giving them new and innovative ways to access and manage their banking relationship with us, said Niti Badarinath, senior vice president and head of mobile banking at U.S. Bank. “This is our third innovative mobile imaging service, following DepositPointTM, mobile check deposit and Mobile Photo Bill Pay, which was launched in March 2013.”
“It is a pleasure working with U.S. Bank to redefine what consumers expect from their mobile banking experience,” said James DeBello, president and CEO at Mitek. “Using our patented mobile balance transfer process, U.S. Bank can bring the power of mobile imaging to a traditional balance-transfer marketing program.”
U.S. Bank will be the first leading bank to offer this innovative credit card service to customers in November 2013. U.S. Bank will further enhance their customer’s mobile experience with Mitek MiSnap™ in the first quarter of 2014. Mitek MiSnap is an enhancement that further simplifies the imaging process by automatically capturing the best possible photo without the customer needing to “snap” the picture.
About U.S. Bank
U.S. Bancorp (NYSE:USB), with $361 billion in assets as of September 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,088 banking offices in 25 states and 4,937 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Headquartered in San Diego, Mitek Systems (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
Source: U.S. Bancorp
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year.