Massachusetts Mutual Life Insurance Co. 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 (DC) savings plans.
Facial recognition is available to iPhone X users who download MassMutual’s RetireSMART 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,” says 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.
The RetireSMART app is available free for Apple and Android smartphones through the Apple App Store and Google Play store, respectively, to retirement savers who already access their account through MassMutual’s RetireSmart.com web site. The app can be downloaded by searching “RetireSmart” or “MassMutual” in the Apple or Google stores.