Target Professional Services has released a new app, mypensionID, which helps pension scheme members ensure their details are up-to-date. The app uses facial and movement biometrics to verify and authenticate member personal identity against official validated documents, such as passports or driving licences. Members can use the app to update their address, spouse and bank account details safely and securely, allowing the scheme to report accurate and complete data. mypensionID additionally provides international mortality screening, allowing pension payments to be suspended promptly when needed, delivering direct cost savings to schemes.
Initially targeting overseas pensioners in payment, mypensionID has been launched in 92 countries and Target Professional Services claim that the response has been impressive, with over 60% of respondents using the app to verify their identity and update their details. The average age of verifications is 67 while the oldest member is 91 years old.
Lisa Lyon, Managing Director of Target commented “We know that security of data and reliability of technology is crucial for everyone, however we are aware this demographic are particularly cautious, so are delighted with the digital take-up, clearly demonstrating the simplicity of use and confidence in mypensionID. The app will revolutionise member tracing, verification and engagement for schemes.”