Mitek Systems hgas announced an innovative application for the financial services industry that enables consumers to switch bank credit card accounts as simply as “Point, Shoot and Transfer" using Mitek Mobile Balance Transfer.

The mobile application enables a bank’s customer to use a smartphone camera to take a picture of a competitor’s credit card payment coupon. The customer transmits the information to the bank, which then can offer the customer a better interest rate to incent the customer to open a new credit card account and transfer an existing balance.

Mitek Mobile Balance Transfer, like the other members of Mitek's family of mobile-banking applications, is based on the company’s mobile image-capture and data-extraction capabilities.

The US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "consumer credit increased at an annual rate of 6.0% in July 2011. Revolving credit decreased at an annual rate of 5.25%, while nonrevolving credit increased at an annual rate of 11.25%."

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