The Pensions Administration Standards Association (PASA) has stressed that the use and development of Biometrics must be higher on the trustee agenda if schemes are to drive efficiency and continue meeting member needs in the long term.
The Pensions Administration Standards Association (PASA) has stressed that the use and development of biometrics must be higher on the trustee agenda if schemes are to drive efficiency and continue meeting member needs.
Margaret Snowdon, chair at PASA, commented: “Used as a means to instantly electronically identify individuals by unique features like voice, fingerprint or iris recognition, biometrics combines personal data with search technology and logic to check that an individual is highly likely to be who he or she claims to be. While it might currently be seen as a ‘nice-to-have’, as time goes on this kind of technology will gain popularity and become an essential investment for schemes. Savvy companies will recognise the competitive edge it will give them and already be looking at implementing this feature, recognising the financial efficiency that it brings in the longer term and the vastly reduced risk of fraud, in addition to speeding up changes and transactions for members.”
Snowdon added: “Inevitably, there may be objections from some trustees who are reluctant to adopt a new method of identification because they feel requesting certificates is safe and foolproof – plus some administrators may not be willing to commit to the investment required for the new technology. Biometrics offer a whole new way to engage members and as the trend towards financial technology continues to grow, these changes are inevitable. As an industry, we should be embracing this new opportunity and focus our efforts on making it a success.”