Mitek Millennial Study: Love of Selfies Means Money in Mobile Commerce
October 07 2015 - 6:00AM
Mitek (NASDAQ:MITK) (www.miteksystems.com), a leading innovator of
mobile capture and identity solutions, today released findings from
a new survey entitled “Millennials – The Next Mobile Disruptors.”
The survey conducted by Zogby Analytics examines the mobile
preferences of more than 1,000 consumers ages 18 to 34, to reveal
that the camera is key for businesses looking to engage with this
demographic. The results clearly show that Millennials want to
digitize all commerce through their mobile camera.
“Mitek is the pioneer behind mobile capture with the invention
of Mobile Deposit®, and we conducted this survey to keep our finger
on the pulse of Millennials’ mobile preferences,” James B. DeBello,
president & CEO, Mitek. “We found that Millennials love the
convenience of taking a picture for data capture and they want to
be doing more of it. In fact, 68 percent said that they would
rather always use mobile capture instead of manually typing
information on their smartphone. Businesses need to take notice and
add mobile capture to their apps, because just being mobile isn’t
enough anymore.”
Key findings from the survey include:
Mobile Means Money for Businesses Racing to Capture
Millennials
- Eighty-six percent of respondents make purchases and conduct
transactions from their mobile phones, with 11 percent doing so
daily.
- Forty-two percent have made a decision on where to spend their
money, or switched companies based on what the organization allowed
users to accomplish with a mobile device.
Millennials Want to Digitize All Commerce Through Their
Mobile Cameras
- Sixty-eight percent would prefer to always use mobile capture
instead of manually typing information on their smartphone.
- Twenty-eight percent want to enroll for everything from a new
credit card to a gym membership by snapping a picture of their
driver’s license.
Banking is the Gateway Snap
- Sixty-eight percent of Millennials got their first exposure to
mobile capture with mobile check deposit.
- Banking is the top industry where Millennials wish there was
more mobile capture functionality (40 percent).
Millennials Value Security Over Convenience
- Fifty-four percent said that security trumps convenience when
using a mobile device.
- Top barriers stopping Millennials from using their smartphones
more are concerns about data security (53 percent) and concerns
about identity fraud (52 percent).
As the largest age demographic in the United States today, and
representing 90 percent of smartphone owners, Millennials’ mobile
spending has huge economic impact. Mitek’s research shows that not
only are an overwhelming majority of Millennial consumers making
purchases through their mobile phones, but also that the camera is
critically important. With more than a quarter of the respondents
taking more than five selfies a day, it’s obvious businesses need
to leverage this behavior with innovative new ways to conduct
mobile commerce.
To download the full report visit:
http://www.miteksystems.com/millennials15To view an infographic of
the survey findings visit:
http://www.miteksystems.com/infographics/millennials-the-next-mobile-disruptors
About MitekHeadquartered in San Diego, CA,
Mitek (NASDAQ:MITK) is a leading innovator of mobile capture and
identity solutions for customer acquisition. Mitek’s mobile photo
technology enables consumers to use the Camera as a Keyboard™ to
reduce friction for mobile check deposit, account opening,
insurance quoting, payments, and ID document authentication. This
innovative mobile technology is licensed by more than 4,100
organizations and used by tens of millions of consumers. In June of
2015, Mitek acquired IDchecker, a global provider of cloud based
identity document verification and facial recognition
solutions. The acquisition broadens Mitek’s global presence,
expands document coverage to more than 3,500 document types and
adds international customers in payments, financial services and
information services. www.miteksystems.com
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Mitek Contact:
Ann Reichert
Senior Director of Marketing
pr@miteksystems.com
Katherine Verducci
MIX Public Relations
pr@mix-pr.com
Investor Contacts:
Todd Kehrli or Jim Byers
MKR Group, Inc.
mitk@mkr-group.com
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