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October 09, 2013

Mitek, Experian to Make Opening Accounts from Mobile Devices Easy

Mitek recently partnered with Experian to develop an alternative authentication process for opening accounts from a mobile device. The pop-out and on-screen keyboards that come with most mobile devices are highly error-prone from a data entry standpoint and do not lend themselves well to extensive manual data entry tasks.

Instead of entering in personal information manually, users can use Mobile Photo Account Opening technology developed by Mitek to capture the name and address of the user. This information is then cross-referenced with data on Experian’s servers.

As one of the three most well-known credit bureaus, Experian has an extensive database with fraud prevention mechanisms that protect financial institutions and comply with the Patriot Act. The integration with Mitek’s solution provides a data entry system that is easy to use, with reliable validation.

San Diego, Calif.-based Mitek Systems, Inc. provides imaging solutions used in banking, insurance and enterprise environments. It developed Mobile Deposit, which allows bank account holders to scan the front and back of a check to make a deposit -- no need to go to the bank or an ATM late at night.

The technology used in Mobile Deposit is patented and can correct problems like poor lighting, distorted or skewed images. It also uses encryption and provides an electronic deposit receipt.

This technology can also be used to get insurance quotes. Customers can take a picture of their license and insurance card to get a quote or file a claim.

Although Mitek and Experian have combined to provide a financially oriented solution, what Mitek has really developed is an alternative data capture system that can be used in any environment where users would enter their name, address and other personal information: applying for a job, reserving a hotel room, applying for a loan, and more.

With the world becoming more mobile, traditional entry methods are often impractical. This gives Mitek many opportunities to offer solutions that use its imaging technology.

Edited by Rachel Ramsey

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