AMP Limited has launched its new digital banking platform in Australia, offering a mobile-first solution designed for small businesses and personal banking customers. The platform operates on Engine by Starling, a cloud-based technology system developed by the UK’s Starling Bank. The launch follows AMP’s recent partnership with Mastercard to introduce Australia’s first numberless business debit cards, demonstrating the bank’s commitment to digital innovation.
The digital bank features several technological innovations, including Australia’s first numberless debit cards and selfie-style video identity verification performed by two customer service representatives. The video verification system marks a significant advancement in remote identity verification, following a broader industry trend that has seen the FIDO Alliance establish the first global certification program for face-based remote identity verification solutions. Users can manage their account privacy with features like instant balance hiding and revealing.
The platform provides 24/7 human contact centre support via phone and live chat, along with seamless integration between personal and business banking through a single application. A notable feature is the implementation of virtual ‘sub-accounts’ called ‘Spaces,’ which enables users to organize tax payments, payroll, and other financial obligations.
The initiative serves Australia’s small and micro businesses, solopreneurs, and side hustlers. AMP reports that approximately 90 percent of Australian businesses are either self-employed or employ 1-4 people, with most generating annual turnover below $200,000. The focus supports broader efforts in Australia to modernize financial services, as shown by the Australian Banking Association’s push for digital payment system reforms.
“AMP is bringing true innovation to the Australian market by launching a modern, digital-first banking experience,” said Sam Everington, CEO of Engine by Starling. “Their focus on providing a seamless and intuitive solution for small businesses and personal customers is exactly why we built Engine—to empower banks to deliver better experiences at scale.”
The implementation requires an investment of approximately $60 million across FY24 and FY25, with $40 million capitalized within AMP’s current controllable cost targets.
“We searched the world to source the very best in banking technology to create what we’re confident will be Australia’s premier mobile digital banking experience,” said Sean O’Malley, AMP Bank Group Executive. “We’ve loaded the new app with the very latest tech and innovations to provide business owners with the latest in cyber, fraud and scam protection, and the capability to integrate leading small business software solutions.”
AMP Bank plans to announce additional partnerships and features in the coming months to enhance its digital banking services. The development comes as Australia’s financial sector continues to embrace digital transformation, with other major institutions like Telstra implementing digital identity verification services for their customers.
Sources: AMP, IBS Intelligence
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