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MITK is a pure play on mobile payments. Going to be a really big deal going forward.
Mitek Systems has introduced revolutionary disruptive technology that has taken the mobile banking industry to a new level of flexibility and utility by allowing users to deposit paper checks via the camera on their Smartphone. They have exclusive reseller agreements with most if not all the financial technology providers and indirectly provide their software to seven of the ten top US Banks. JPM Chase is served as a direct client bringing the total to eight top banks.The release of their Mobil Photo Bill Pay product is just months away. Chase Bank (a direct client of Mitek) may be the first to launch but others are very close to unveiling their version powered by Mitek.Research reveals that Mitek is not a one trick pony as they have offerings suitable for the Insurance, Medical and Transportation industries ready to go. In fact, Progressive Insurance has implemented their Mobile Photo Insurance Quote product hosted by Mitek Systems just recently.It is important to note that Mitek has several approved patents on their proprietary technology, zero debt, and cash in the bank. Their rollouts have gained steam as they continue to bring hundreds of clients online.Their business model is based on razors and blades. As clients use their blocks of user licenses they must purchase more to continue offering the Mobile Photo Check Deposit service. It appears that deals being made for higher margin services such as Mobile Photo Bill Pay are being made directly therefore eliminating the Financial Industry resellers and driving even bigger profits.Given the facts presented above and the fact that many analysts are just discovering the stock as well as institutions I believe that this stock is a strong buy.The recent comment by analyst, Mayank Tandon, pretty much sums up the potential of just one market for Mitek's product, "We see the proliferation of smartphones driving increased demand for mobile financial services, especially among younger consumers, and banks accelerating the rollout of mobile banking services both as a customer acquisition and a retention strategy. Through its proprietary and patented technology, Mitek has established first-mover advantage in the emerging mobile check deposit market. Including opportunities in adjacent markets such as mobile bill pay and other mobile financial and business transactions, we estimate Mitek’s total addressable market (TAM) is well north of $1 billion."
Love the convenience.
Growth, growth, growth
The only way this company is making money is by fooling investors to buy its stock. I just don't understand how people fall for these bad investments. The company's stock based compensation alone is almost higher than its revenue. This is a huge red flag! Also, the recent run up in the stock price is very dangerous. This is because once the stock options start getting exercised it will cause massive dilution. Once this stock crashes, which it surely will, it will crash hard. That I can guarantee!Anybody who buys a stock like this needs to do one thing and one thing only, take some basic accounting and finance classes. That's the best advice you will ever get.
As mobile banking users discover the convenience, utility, time-savings as well as cost savings of using mobile check deposit with a camera enabled cell phone and banks realize huge cost savings by driving check deposits through a less costly processing channel then their branches, ATMs and mail Mitek will grow at a tremendous rate.If this Mercatus projection even comes close to fruition revenue and profits will follow thereby rewarding investors - "Mercatus forecasts that with Mobile RDC, more than 1.5 billion check deposit-making transactions will be eliminated from U.S. bank branches by 2014."IMHO Mitek is fast becoming the defacto gateway to mass consumer mobile payments.
I love this company and their unique product. I was able to get in on this one before finding this website at under $4 after hearing about their technology. They have patents on their technology and a lock on so many of the big banks which will only help this company in the coming quarters. They also recently obtained additional financing with a private stock placement at $5.25 a share and, as I understand it, recently applied to get re-listed on NASDAQ. I've also noticed other financial institutions like Schwab using mobile check deposit (not sure if it is MITK but it looks to be the same). I am quite surprised by how little coverage they get so here's to hoping this is a diamond in the rough. I'm looking for huge gains (aren't we all) in the coming quarters thanks to all the banks they have signed-up plus an additional pop on top of that if they can jump back on the NASDAQ.
Does anyone know why this is trading on the BB or when/if they are expected to be listed on a major exchange? Any insight on this would be appreciated.
could be the microsoft of mobile banking in near future
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