The Mitek Mobile Balance Transfer app aims to provide banks with a means to acquire new credit card customers and will be demonstrated to attendees at the FinovateFall 2011 conference, which is set to take place 20 – 21 September 2011 in New York.
Mobile Balance Transfer joins a number of existing mobile-banking applications for banks, credit unions, brokerages and payment-management providers that are rooted in Mitek’s mobile image-capture and data-extraction capabilities Mobile Deposit, Mobile Photo Bill Pay and Mobile ACH Enrollment.
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.
Mitek also recently launched its Mobile Imaging Cloud Service, which provides mobile application developers and businesses with a means to create smartphone and tablet apps that use the camera as an input method, eliminating the need to key in data from documents.
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