Aegon will now use biometric technology in its customer verification process.
The pension provider say this will enable it to conduct identity checks more quickly and more securely. It should also enhance the user experience as there will be less need for customers to produce physical documentation.
During successful trials, initial pass rates for electronic anti-money laundering and bank verification improved significantly. Where initial checks failed, customers could then verify their identity via biometrics instead of having to provide physical documentation.
Aegon says harnessing biometric technology allows secure identity authentication while reducing the hassle of posting sensitive documents, streamlining the identify process. Aegon says this also lays the groundwork for further enhancements to Aegon’s digital services down the line.
It adds that the introduction of this technology comes at time when digital interfaces dominate the advice landscape, the security of clients has never been more important.
Aegon head of retail Stephen Crosbie says: ”We recognise the need to balance security with convenience and innovation on our adviser platform. This upgrades our defences against modern digital threats while making the verification process smoother for advisers and clients.
“This is yet another step towards our goal of leading the digital retirement and investment market with secure, user-friendly services.”
