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Mitek’s Mobile Balance Transfer Helps Banks Acquire Credit Card Customers


Next up this morning, Mitek Systems showed off its Balance Transfer mechanism that allows banks to interact with customers in real time:
“Mobile Balance Transfer is new, easy, attractive and cost-effective way for a bank to acquire new credit card customers. The mobile application enables a bank’s customer to use a smartphone camera to take a picture of a competitor’s credit card payment coupon. The customer transmits the information to the bank, which then can offer the customer a better interest rate to incent the customer to open a new credit card account and transfer an existing balance. 
For banks, Mobile Balance Transfer broadens the reach of traditional balance-transfer-marketing programs, enabling the bank to interact with the customer in real time. By accepting the bank’s offer, the consumer simply transfers his or her outstanding credit card balance to a new credit card account offering a more attractive rate. Consumers gain reduced costs on their credit card accounts and the banks offering Mobile Balance Transfer gain new credit card customers more cost-effectively than previous balance-transfer methods. Mobile Balance Transfer is the latest in a rapidly growing family of mobile-banking applications for banks, credit unions, brokerages and payment-management providers that are all rooted in Mitek’s patented mobile image-capture and data-extraction capabilities.”
HQ Location: San Diego, CA 
Company Founded: 1986 
Presenting Drew Hyatt (SVP Business Dev. & Sales, Mitek Systems) & Diane Morgan (Director, Mobile Photo Bill Pay, Mitek Systems)