Banking reinvented: a new digital bank for AMP

AMP, a prominent player in Australia's wealth and banking sectors, has built a brand-new bank – one which is redefining the digital banking experience for Australia’s small businesses and personal banking customers. 

From the initial business case, right through to delivery, we worked with AMP Bank and Engine by Starling, a leader in digital banking technology, to create a modern, mobile-first banking experience packed with innovation, in just over twelve months. Featuring Australia's first numberless debit cards and advanced fraud and scam protection, customers in Australia now have a cutting-edge, secure banking experience unmatched in Australia.

With this ground-breaking new offer, AMP Bank is positioned as a stronger, more competitive player in the Australian banking market.

AMP is transforming its business model to thrive in a digital-first world, expand into a new market and drive future success. 

Identifying an unmet need in the small business market, it set out to create a step-change in digital banking innovation and transform the banking experience for Australia’s millions of small business owners.

Traditional business banking solutions in Australia have typically focused on the needs of larger businesses, leaving these small business owners with solutions that add to, rather than ease, their administrative burden. AMP aimed to change that. 

Seeking strategic business advice and a best-in-class digital solution, the business turned to PwC for support.

The first step was to conduct a market study to assess the opportunity for a new digital-first small business banking offer in Australia. How big is the market? What do small businesses need most from their bank? Where are traditional players falling short? How can we create a compelling, future-ready proposition? These insights helped us build a business case, with detailed financial modelling, to secure board investment and excite stakeholders around the new proposition. 

Drawing on PwC’s successful relationship in the UK with Engine by Starling, the SaaS subsidiary of the UK's Starling Bank, we collaborated with them to co-deliver the solution.

Working at pace, we employed agile methodologies together with AMP and Engine, setting up self-sufficient multi-disciplinary Squads. This allowed for rapid, iterative delivery, with a focus on adopting the existing software-as-a-service platform Engine had, adapting it to meet local market and regulatory needs. It also empowered AMP staff to take ownership of progress and ultimately project success. 

Tapping into PwC’s global network, we drew on the expertise of specialists in banking in areas such as onboarding, payments, customer service and regulatory compliance and in technology engineering in areas such as AWS, Integration, Data Platforms and Testing.

The new AMP Bank includes a range of innovative features and smart tech designed to make banking simpler, easier and more secure for customers, including:

• The very latest in fraud and identity theft protection, including Australia’s first numberless debit cards for small business and selfie-style video identity verification by two customer service reps for added security.

• Seamless connectivity – yet clear distinction – between personal and business banking, making it a one-stop-shop to manage both through a single banking app.

• Market leading UK banking tech ‘Spaces’, allowing for the creation of virtual ‘sub-accounts’ and making it easier to manage tax payments, payroll and other financial obligations.

• Smart self-serve features which provide insights and give customers control, like spending breakdowns across merchants and suppliers and advanced card controls.

Delivered in a 14-month timeframe from strategy to launch, AMP Bank is now positioned to expand its market share and create a new future for itself and its customers.

Anticipated outcomes:

• Revenue growth and more diversified funding mix from underserved small business banking segment.
  

• Competitive differentiation and stronger brand, setting AMP apart from traditional banks and fintech competitors.

• Automated processes streamline operations, including onboarding with video selfie identity verification, reducing manual effort and improving efficiency.

• Faster innovation and scalability, enabled by Engine and Amazon Web Services cloud technology, allowing AMP to implement new features quickly without traditional legacy technology issues and delays.

• Reduced fraud risk and losses, enabled by numberless debit cards that minimise identity theft and fraudulent transactions.

• Regulatory and compliance benefits, improving adherence to Australian financial regulations through better reporting and tracking.

• Agile working reshaping how they operate. Business-led Squads remain under a scaled agile model, improving workforce performance and speed of delivery to customers.