CONSAR, Mexico's National Commission for the Pension System, is using technology in a unique way to increase participant engagement, said Carlos Marmolejo, vice president, operations of CONSAR, in a panel on the Future of Technology in Retirement Investing at the Pensions & Investments Global Future of Retirement Conference.
Mr. Marmolejo said the existing platform for enrollment in the commission's voluntary and mandatory retirement plans “works today very well at a very low cost, but we need it to protect information.”
He said while it is a “massive undertaking,” CONSAR, which oversees the pension system and its $144 billion in assets, has been digitizing all of its participants' records. “We decided to enroll people using biometrics because we want to integrate mobility.”
Having participants access their accounts with their fingerprints, while reducing the threat of fraud and identity theft, also has allowed those voluntary savings plan participants to add to their retirement accounts through their mobile devices and even kiosks at 7-Eleven convenience stores, with contributions as low as 10 pesos (54 cents).