Pensions Association recommends biometrics
12 October 2017 16:14 GMT

The Pensions Administration Standards Association (PASA) in the US say biometrics could prove very useful in the industry.

The administration standards body has said it believes the adoption of biometrics by schemes could drive efficiencies and better meet member needs in the long-term - predicting that, as time goes on, this kind of technology would gain popularity and become an essential investment for schemes.

PASA chairwoman Margaret Snowdon said in the publication Professional Pensions, that the industry should welcome the potential of biometrics to provide solutions - noting savvy companies would "recognise the competitive edge" and are already looking at implementing this feature.

She added the use of biometrics would also reduce the risk of fraud in addition to speeding up changes and transactions for members.

Despite this, Snowdon said she understood why some trustees and administrators might be hesitant about it.

She said: "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."

But she urged the industry to embrace rather than shun biometrics.

Snowdon explained: "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."