Biometrics essential to drive efficiency in pensions administration
PASA, the UK Pensions Administration Standards Association, the independent body dedicated to driving up standards in pensions administration in the UK, has stressed that the use and development of biometrics must be given a higher priority in order to drive efficiency and continue meeting member needs in the long term.
“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,” explained Margaret Snowdon, chair at PASA. “Whilst 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.”
Snowdon continued saying that “savvy companies will recognise the competitive edge it will give them and already be looking at implementing this feature, recognizing 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 – many will already be interacting with other financial providers in this way and welcome it.
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.”
A few months ago, Accenture published research that finds that biometrics and advanced analytics are helping to revolutionize the way governments and public service agencies are addressing data security and privacy concerns. Titled ‘Emerging Technologies in Public Service’, the report explores the adoption of emerging technologies across government agencies including health and social services, policing/justice, revenue, border services, administration and pensions / social security.