A digital-first approach is no longer the future for any organisation. And with more and more industries leading with this, it’s now the norm and an expectation from consumers. So how can the pension industry catch up? And what are the benefits they can reap as a result?
Identity verification for pension funds
Verifying the identity of a member through a digital channel not only provides them with a seamless experience but it also results in accurate data, reduces manual processes and builds trust with your member.
Gone is the reliance on posting, emailing or faxing documents in, as a member can submit these through a web journey or stand-alone app by simply using the camera on their phone.
State of the art biometric technology can match the ID document submitted with the member on the other side of the screen, through a selfie or liveness check, this confirms genuine presence exists and gives you confidence that they are who they say they are.
Of course, not all members will want to make this shift, and the beauty of having both is you can provide the experience that suits your members needs and preferences.
As these digital processes are automated and built into the experience, your team will get back valuable time that they can use to focus on being there for your members when they need it most.
For an industry that is steeped in traditional, often paper-based communication, it is rewarding to see that funds and administrators are open to the innovative deployment of the latest data wrapped in cutting edge technology to optimise their own internal business processes, delivering savings to funds whilst keeping the member experience at the heart of everything they do.
If you would like to see how a digital member experience would work for your organisation be sure to get in touch today.