Apple iPhone X Users Can Now Access MassMutual's RetireSMART(SM) Mobile App For Retirement Savers Through Facial Recognition

It's been said that the face is the mirror of the mind. For many people, it's also now the key to gaining access to information about their retirement savings.

Massachusetts Mutual Life Insurance Co. (MassMutual) is now allowing Apple® iPhone® X users to employ facial recognition as a secure password to information about their 401(k)s and other defined contribution savings plans. Facial recognition is available to iPhone X users who download MassMutual's RetireSMARTSM mobile app for retirement savings from the Apple App Store®.

With Face ID®, iPhone X unlocks only when the user is looking at it, according to Apple. Face ID is designed to protect against trickery by photos and masks. Each user's Face ID information is encrypted and protected by Secure Enclave, so the data doesn't leave the mobile device and is never backed up to iCloud or anywhere else, according to Apple.

"In today's mobile world, smartphone users want to apply the latest technology to everything in their lives, including their retirement savings," said Tina Wilson, Leader of MassMutual's Investment Solutions Innovation. "MassMutual is pleased to allow facial recognition for iPhone X users who already rely on the technology as part of a package of enhancements for our RetireSMART mobile app."

The RetireSMART mobile app dashboard has also been updated for both Apple and Android smartphones, providing users with more information than ever to better manage their retirement savings. The new information includes retirement savings balances based on the "as of date" for one, seven, 30 and 90 days; rates of return based on year-to-date contributions by the saver or by employers that provide matching contributions; and retirement savings broken out by assets, including cash, stocks, bonds and overall asset allocation.

RetireSMART app users already could use their smartphones to change how much they automatically contribute to their retirement plan each pay period as well as access information about their total account balance, balances by source and investment, vested balance by source, last contribution amount, asset allocation by investment and their personal rate of return. In addition, smartphone users who use their thumb print as a secure password to access their smartphones can do the same to connect with their RetireSMART app.

The RetireSMART app is available free for Apple® and AndroidTM smartphones through the Apple App Store® and Google PlayTM store, respectively, to retirement savers who already access their account through MassMutual's web site. The app can be downloaded by searching "RetireSmart" or "MassMutual" in the Apple or Google stores.

The availability of facial recognition to iPhone X users and other enhancements is part of a broad mobile technology strategy with the objective of making it easier for MassMutual retirement plan customers to access information about their retirement savings and provide the tools necessary to help them make the best decisions possible about their progress towards retirement, according to Wilson. MassMutual is dedicated to continual improvement to make retirement savers' experience the best, most secure possible, she said.

"Customer security has always been a top priority at MassMutual" said Durga Nagalla, Head of Mobile Technology in MassMutual's Customer Experience group. "Biometric authentication using facial recognition or fingerprint scanning offer a balanced solution in keeping customers information secure while offering them convenient access to their accounts. Our goal is to stay ahead of the curve by continually integrating these latest security patterns in our mobile apps."

Powered by Blogger.