When mobile banking apps first came on the scene, banks raced to add features that would differentiate themselves and prove their tech-superiority. Now, banks will have the opportunity to provide customers even more cutting-edge convenience through mobile banking.
New Way to Pay Bills
With the growing popularity of using smartphones to bank, banks are looking for ways to provide a larger variety of services through mobile apps. Until recently, phones were basically limited to allowing customers the ability to check their balances, make transfers and locate bank branches near them. Mobile banking provided a portable alternative to in-branch banking but didn’t do much to improve a customer’s banking experience.
Mitek Systems, a technological firm that provides advanced imaging and analytical software for financial institutions to extract data from financial documents with images, came out with its newest innovation in mid-October: Mobile Photo Bill Pay. Mitek highlighted in an October 18 press release the benefits of banking with its new photo bill pay system.
- The technology takes key data from the bill, i.e. the date due, address, account number and total due and sends it to the bank’s bill-processing system.
- The app is designed to be template-free, meaning it would be compatible with a variety of bill formats allowing users additional flexibility while using it.
- After the bill is photographed the first time, the payee’s information will automatically be saved in the applications vendor list.
Why Go Mobile?
The primary benefit of this application is convenience. Users would not have to worry about writing checks, purchasing stamps or mailing envelopes.
“In an era being defined by the intimacy and utility of smartphones, we see Mobile Photo Bill Pay as a major convenience for users and one more way for the financial institutions to strengthen bonds with their customers and ultimately increase loyalty,” said James DeBello, Mitek CEO.
The new app could even reduce the chances of missed bills due to forgetfulness.
The app, which is still in its infancy, is only compatible with iPhones. Mitek says that soon BlackBerry and Android will be added to the list of compatible phones. Once you have the app and your bank has the technology, all you’ll need to do is: Point. Shoot. Pay.