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Mitek, Experian Partner on Mobile Account Opening Solution

The solution will combine Mitek's mobile photo bill pay with Experian's fraud prevention platform.

To provide a quick and secure resolution for customers to open bank accounts through mobile devices, Mitek, a mobile imaging provider, and Experian, an information services company, have collaborated to offer banks a mobile account opening solution with auto-fill and fraud prevention capabilities.

The solution utilizes Mitek's Mobile Photo Account Opening product, which allows customers to take a picture of the front and back of their driver’s license, validates the data and auto-fills a digital form.

The Mobile Photo Account Opening seamlessly integrates with Experian's fraud detection and prevention platform, which allows banks to comply with regulations and e-signature requirements, according to the companies

“This partnership addresses emerging patterns common in mobile adoption and helps organizations acquire, protect, and grow their customer basses,” said Jon Jones, SVP of fraud and identity solutions at Experian Decision Analytics, in a statement.

[BBVA Compass Adds Mobile Photo Bill Pay to iPhone App]

Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio

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User Rank: Author
10/8/2013 | 11:58:16 AM
re: Mitek, Experian Partner on Mobile Account Opening Solution
We're not far off from the day where account opening can be done entirely on the mobile channel.
Zarna Patel
Zarna Patel,
User Rank: Apprentice
10/8/2013 | 4:06:09 PM
re: Mitek, Experian Partner on Mobile Account Opening Solution
Which makes me wonder if there is going to be a shift from needing bank tellers to needing 24/7 mobile banking support. I think there definitely will be, but the next question would be if it will occur quick enough or whether bank tellers will be retrained for digital support.
Becca L
Becca L,
User Rank: Author
10/9/2013 | 2:19:41 PM
re: Mitek, Experian Partner on Mobile Account Opening Solution
I met with Mitek at Finovate, and they said many people try to open bank accounts on mobile each day. But mobile isn't really conducive to filling out a lot of information (tiny key pad, several fields, etc) so there was a high drop off rate. Banks are losing potential customers each day because of that frustration! This is really a sensible solution to filling out forms. Bryan is right that mobile account opening is the future, and technology like this is going to spur it along.
Greg MacSweeney
Greg MacSweeney,
User Rank: Author
10/10/2013 | 9:41:35 AM
re: Mitek, Experian Partner on Mobile Account Opening Solution
Another tool on many newer smartphones that banks should utilize is speech-to-text capabilities. This allows users to speak, rather than type, information into fields a mobile application. While you wouldn't want to be walking down the street reciting your SSN for everyone to hear, speech-to-text can be useful in many ways, especially for filling out forms.
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