How they describe themselves: Mitek (NASDAQ: MITK) is a global leader in mobile capture and identity verification software solutions. Mitek’s ID document verification allows an enterprise to verify a user’s identity during a mobile transaction, enabling businesses operating in highly regulated markets to transact business safely while increasing revenue from the mobile channel. Mitek also reduces the friction in the mobile users’ experience with advanced data pre-fill. These innovative mobile solutions are embedded into the apps of more than 5,800 organizations and used by more than 80 million consumers for mobile check deposit, new account opening, loan origination, and more. For more information, visit www.miteksystems.com.
How they describe their product/innovation: Mitek’s Mobile Verify verifies that the applicant’s ID document is authentic, then the applicant’s bank account is checked as another factor of identity verification and insights are derived instantly from the bank account activity to provide valuable lending risk factors. In addition, the combined solution checks with traditional bureau and alternative data sources to create a complete financial picture of the applicant for the lender. The combined solution gives lenders a fully verified profile to quickly make loan decisions based on the profile, and the applicant experiences a quick, simple and engaging digital application process.
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms