Leading global data verification and tracing specialists Target Professional Services released their innovative mypensionID app in September.
mypensionID enables schemes to connect with members via proven GDPR compliant mobile technology allowing them to ensure their details are up-to-date. The app uses cutting-edge facial and movement biometrics to verify and authenticate member personal identity against official validated documents, such as passports or driving licences. The member can update their address, spouse and bank account details safely and securely, allowing the scheme to report accurate and complete data. With the Pensions Regulator scrutinising scheme data more than ever mypensionID ensures schemes comply with regulatory requirements securely and compliantly. mypensionID additionally provides cost-effective and efficient 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 the response has been impressive, with almost 60% of respondents using the app to verify their identity and update their details. The average age of verifications is 68 while the oldest member is 93 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.”