5 Ways Mobile Banking Is Evolving: Finovate
Mobile Photo Account Opening
Mitek won the first place prize at Finovate this year for its mobile photo account opening solution that it unveiled at the show. The solution helps individuals open a bank account with their mobile device by taking a picture of both sides of their driver's license, says Scott Carter, Mitek's chief marketing officer.
The capability is designed to integrate into a bank's mobile app, and addresses a couple of key pain points highlighted in a recent Javelin report on mobile account opening, Carter points out.
First, the solution eliminates the need for the user to fill an account application by typing with their thumbs, because the application is mostly auto-populated with information from the driver's license, he says.
Secondly, when deployed in conjunction with Mitek's mobile check deposit, the customer can immediately fund their account with a check deposit without closing the app, Carter adds. Javelin's report found that inability to fund an account was by far the most common reason for customers to abandon the account opening process online or on a mobile device.