U.S. Bank (the 5th largest bank in the United States) and Mitek Systems have announced that they have entered a strategic technology partnership orientated around Mitek’s Mobile Photo Bill Pay™ product. Starting in early 2013, U.S. Bank customers will be able to pay bills by taking a simple photograph through either a smartphone or tablet. The mobile bill pay solution means that customers will no longer need to enter biller and payment information and can pay bills on the move.
Niti Badarinath, senior vice president and head of mobile banking at U.S. Bank says, “Mobile banking and mobile payments continue to be a priority for U.S. Bank as we take advantage of new technology and deliver added convenience to customers via their mobile devices. U.S. Bank has been a leader in mobile banking and mobile payments since we first piloted a contactless payment solution in 2008, and were one of the first banks to offer a mobile check deposit feature in 2010. Our investment in mobile innovation will remain strong as we enter into 2013.”
The announcement of the new product launch highlights the growing opportunities that new age banking technologies like remote deposit capture present. Consumers are consistently looking for the next banking innovation, and as James DeBello, president and chief executive officer of Mitek Systems, says, “We believe that Mobile Photo Bill Pay is the next killer app for financial services,” and it might very well be.
With the growth of smartphones, the lines between online, mobile and tablet banking are blurring and traditional products like online bill pay will have to become more accessible to platforms like mobile. Mitek’s Mobile Photo Bill Pay™ is just another step in the evolution of banking products; however its success might determine the longevity of traditional bill pay solutions.