Kofax First to Deliver a Mobile App for Gift Card Balance Inquiries
April 28 2014 - 3:00AM
Business Wire
Consumers Can Now Check the Balance Remaining
on a Gift Card via Their Smartphones
Kofax® Limited (NASDAQ: KFX)(LSE: KFX), a leading provider of
smart process applications for the business critical First Mile™ of
customer interactions, today announced a new mobile app for gift
card balance inquiries based on the Kofax Mobile Capture™ Platform.
The first of its kind, this new mobile app allows consumers to
check the balance remaining on a gift card via their smartphones
and enables card issuers to use mobile engagement to drive greater
customer loyalty and revenue.
Kofax will demonstrate the gift card balance inquiry mobile app
at FinovateSpring 2014, a showcase of cutting-edge financial and
banking technology innovations in San Jose, CA on April 29 and 30,
2014. The demonstration will show how consumers can use the camera
in mobile devices to snap a picture of the back of a gift card and
automatically send it via the cloud to the Kofax Mobile Capture
Platform, which reads it, securely accesses the issuer’s database
and displays the gift card’s remaining balance in near real time.
This is a much faster and more convenient way for consumers to
check gift card balances than asking an in store cashier to check
the balance, calling the issuer to ask or entering data into an
online portal or automated telephone system.
According to the CEB TowerGroup's 2013 gift card report, annual
gift card use is growing and fast approaching $140 billion in
volume, with $1.7 billion going unspent per year. With many states
boosting revenue by collecting unused retail gift card funds under
so-called “abandoned property” laws, retailers have significant
motivation to help consumers spend those balances. Data from the
study also shows that consumers spend on average 20-30% more when
they use a gift card or apply gift card funds to retail purchases,
another incentive for issuers to help consumers know their gift
card balances.
“By offering a convenient way to check balances via smartphones,
retailers can now make it easier for consumers to spend gift
cards,” stated Drew Hyatt, Senior Vice President of Mobile
Applications at Kofax. “This is just one more value-added mobile
service that card issuers using the Kofax Mobile Capture Platform
can offer to increase customer loyalty and revenue.”
The Kofax Mobile Capture Platform enables organizations to
rapidly develop and deploy any number of mobile apps on a single
platform that uses Kofax's patented and market leading image
capture and perfection, real time data extraction and validation
and analytics capabilities. Using this platform, organizations can
speed time to market with mobile apps, achieve substantial cost
savings, make better informed decisions to drive incremental
revenue and free themselves of the undesirable vendor dependencies
associated with alternative approaches. The Kofax Mobile Capture
Platform turns smartphones into information capture devices, with
more dynamic apps that meet customers where, when and how they want
to engage.
Additional information and resources can be found online at
Kofax Mobile Capture Platform.
About Kofax
Kofax is a leading provider of smart process applications for
the business critical First Mile of customer interactions. These
begin with an organization’s systems of engagement, which generate
real time, information intensive communications from customers, and
provide an essential connection to their systems of record, which
are typically large scale, rigid enterprise applications and
repositories not easily adapted to more contemporary technology.
Success in the First Mile can dramatically improve an
organization’s customer experience and greatly reduce operating
costs, thus driving increased competitiveness, growth and
profitability. Kofax software and solutions provide a rapid return
on investment to more than 20,000 customers in financial services,
insurance, government, healthcare, business process outsourcing and
other markets. Kofax delivers these through its own sales and
service organization, and a global network of more than 800
authorized partners in more than 75 countries throughout the
Americas, EMEA and Asia Pacific. For more information, visit
kofax.com.
© 2014 Kofax Limited. Kofax is a registered trademark and First
Mile and Kofax Mobile Capture are trademarks of Kofax Limited.
Source: Kofax
Kofax LimitedMedia Contact:Colleen EdwardsVice President,
Corporate
Communications+1-949-783-1582colleen.edwards@kofax.comorInvestor
Contacts:MKR Group Inc.Todd Kehrli,
+1-323-468-2300kfx@mkr-group.comorFTI ConsultingSophie McMillan,
+44 (0) 20 7831 3113kofax@fticonsulting.com
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