Digital account opening offers financial institutions tremendous opportunity to generate new revenue. To unlock this revenue, financial institutions must solve the convenience risk conundrum.

Completing an application requires taking many steps including the need for authenticating the customer via recognized forms of identity. Given the shortened attention spans and “mobile-first” requirements of today’s consumer, it wouldn´t be surprising if they dropped out of the process rather than pursue the application to the end – the financial services equivalent of cart abandonment.

Mitek’s identity verification software is a game changer for financial institutions that want to increase their customer base and meet the demands of today’s digitally discerning consumers.

Using Mitek’s unique combination of facial recognition and identity documents verification technology, Mobile Verify™ will simplify the ID verification process. Customers who want to open an account just need to use their smartphone or tablet and their driver license. During the application process the consumer simply snaps a photo of their license or other identity document and Mobile Verify™ uses advanced computer vision to verify the authenticity of that document.

This identity verification technology can lower the cost of acquiring new customers, and can be applied to an array of financial products, such as opening a checking/savings accounts, applying for a credit card, and seeking an auto or home loan. Mitek’s Mobile Verify™ ensures the identity authentication process is in compliance with the latest regulations for data privacy and protection can also ensure regulatory requirements for account opening are met.