AMP, the Australian financial services company, has launched its new bank, designed to give the country’s underserved small businesses access to a new mobile-first banking experience, powered by Engine by Starling.
AMP has designed its new mobile bank app to integrate with small business management software to make accounting, cashflow management and tax time easier.
Just shy of 90 per cent (approximately 2.4 million) of Australian businesses are either self-employed or employ one to four people, while the majority of businesses in Australia have a turnover of less than $200,000 annually. Meanwhile, a quarter of all businesses in Australia (approximately 640,000) have a turnover of less than $50,000 annually.
In many cases, these small business owners juggle numerous administrative roles while striving to expand and thrive in their ventures. Traditional business banking solutions in Australia have typically focused on the needs of larger businesses, leaving these small business owners with a banking experience that doesn’t suit their needs – adding to, rather than easing, their administrative burden.
To better protect the new bank’s customers from fraud and identity theft, the new AMP Bank will offer Australia’s first numberless debit cards for small businesses, alongside selfie-style video identity verification for added security. Customers will also be able to hide and reveal their on-screen account balance at the touch of a button, providing privacy while on the move.
“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,” explained 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.
“Our ambition is to help small business owners – sole traders, side hustlers and other small businesses – seamlessly run and administer their business from the convenience of their mobile phone.”
Feature-rich banking
AMP’s new bank uses Engine by Starling, the banking technology that enabled Starling Bank to become a leading digital bank; attracting more than 4.5 million small business and retail customer accounts in the UK since launching in 2017. Starling’s rapid growth has been fuelled by its focus on customer experience and technological advancements, with its success recognised by industry awards and accolades.
AMP’s new bank includes a range of innovative features and smart tech designed to make everyday banking simpler for small business owners, and everyday customers, including:
- 24/7 human contact centre support via both phone and live chat, to support the many Australians and small business owners who often work outside the working day
- Connectivity and clear distinction between personal and business banking, making it a one-stop-shop to manage both through a single banking app
- Market-first access to 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
Customers can download the new AMP Bank app from the Apple App or Google Play stores, with a fully mobile onboarding process designed to maximise customer security.
