AMP introduces facial recognition for mobile clients

Users of AMP's wealth management apps can now log-in via facial recognition.

Facial recognition identification enhances the experience of using the Bett3r and My AMP apps, according to AMP's director of digital and design, Michael Weeding.

"The apps have been specifically designed to provide customers with greater visibility of their finances and the ability to take control of their day-to-day, month-to-month spending and saving. The ultimate purpose of which is to help them achieve their financial goals," he said.

The functionality builds on the existing fingerprint log-in already available on both apps and Weeding said AMP will continue to work on providing digital experiences that are seamless, intuitive and secure.

The Bett3r app incorporates three linked transaction accounts - Pay, Save and Spend - to help customers manage their cashflow and reward savings.

Alternatively, My AMP provides customers with a holistic view of their wealth, including super, insurance, investments and banking.

Upgrades to its digital capabilities follow on from AMP's recent enhancement of its goals-based advice business.

Advisers at AMP Advice will now use real-time modelling built by Milliman to demonstrate to clients varying consequences of financial decisions made using AMP's goals-based framework.

The use of facial analytics and recognition technology looks set to become more widespread in financial services if developments in the US life insurance market are anything to go by.

A North Carolina technology firm, Lapetus Life Event Solutions, recently developed CHRONOS, an end-to-end underwriting platform that predicts a person's life expectancy by scanning hundreds of points on their face to extract information.

Already being trialed by a select number of international life insurers, the CHRONOS technology is of interest to Australian life companies as it plays into a space that they are exploring.

"It's effectively predictive underwriting through data analytics, which we've been looking at for a little while now. The work that we've done so far does demonstrate that it is extremely accurate," MLC Life head of underwriting Simon Dent said.

Read more: CHRONOSwealth managementMichael WeedingAMP AdviceLapetus Life Event SolutionsMillimanMLC LifeSimon Dentlife insurancefinancial advice
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