Digital Banking

Mitek Unveils Update For Mobile Banking Deposits

mobile banking

Mitek, which provides software and authentication services, said it has upped its game with its release of Mobile Deposit 4.8, a mobile banking app. The company said, in a press release, that the need for such a service is heightened in the COVID-19 era.

The technology update “will help customers get access to funds securely and quickly,” the San Diego, California-based firm said, adding that the new release will give financial institutions (FIs) “even more control over” the mobile deposit feature.

Mitek’s update comes at a time, the company added, “when heading to a physical branch location with a paper check may not be an immediate option.” The update improves the handling of checks, including those with nonstandard sizes and missing signatures.

The company said its identity verification setups allow organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements — and even make more money. Its Mobile Deposit solution has been licensed by more than 6,400 financial institutions.

Banking giant HSBC recently picked Mitek to provide biometric identification services for “U.S. Premier” checking account customers.

Mitek will aid HSBC with its international client onboarding process and provide a biometric option.

The goal is to streamline and automate the onboarding process.

Authentication and fraud prevention have become especially important in a time when the world is using the internet for many daily needs due to the pandemic. PYMNTS reported that fraudsters have taken advantage of online sales growth during the COVID-19 crisis to plunder some $100 million from customers across the U.S.

At the same time, PYMNTS research shows that there is a growing acceptance of the use of fingerprints for authentication.

In early 2019, PYMNTS conducted a survey of 3,585 consumers that showed users of with sharing-economy services were most satisfied with authenticating their identities when using fingerprint scans.

Over three-quarters of the consumers who are asked to verify their identities by scanning their fingerprints when signing onto existing sharing-economy accounts reported being “very” or “extremely” satisfied with their login process.

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