5 Ways Mobile Banking Is Evolving: Finovate
Mobile Mortgage Application
Mitek wasn't the only company making use of the smartphone camera in a new solution at the event. Kofax introduced a mobile app that allows mortgage applicants to send in their supplemental documents by snapping a picture of them with their phone. Typically customers have to fax or scan their verification documents in to the lender, which can be time-consuming and inconvenient depending on the customer's access to a scanner or fax machine, says Drew Hyatt, Kofax's VP of mobile applications.
The mobile app can be integrated into a bank's mobile app or downloaded as a stand-alone app, and alerts the customer with a text message when specific documents are needed, Hyatt notes. Additionally, Kofax can also offer additional products to help with document management, and analytics capabilities to track which branches or brokers are originating the most loans.