AMP Bank has officially launched its new digital banking platform in Australia, marking a significant milestone in the country's fintech landscape. The new digital bank, built on Starling Bank's Engine technology platform, aims to revolutionize banking services for Australian micro and small business owners, along with personal customers.
Innovative Features and Customer Focus
The new digital bank launches with a comprehensive suite of features designed for modern banking needs:
- Spending Insights: Advanced analytics for better money management
- Spaces: Dedicated areas for organizing and saving money
- 24/7 in-app customer support: Round-the-clock assistance
- Smart money management tools: Tailored for both business and personal users
Technology Partnership
The platform was developed using Engine by Starling, the technology arm of UK's Starling Bank. Under the leadership of Sam Everington, the Engine team accomplished the remarkable feat of building the feature-rich digital bank in just 12 months, demonstrating the efficiency and scalability of their banking technology platform.
Focus on Underserved Markets
Sean O'Malley, leading the AMP team, has positioned the bank to address a crucial gap in the Australian banking sector. The platform specifically targets micro and small business owners, a segment that has traditionally been underserved by conventional banks. This approach mirrors Starling Bank's successful strategy in the UK market.
Personal Banking Services
While maintaining a strong focus on business customers, AMP Bank also offers comprehensive personal banking services. The platform provides personal account holders access to the same advanced features and user-friendly interface designed for business customers.
Market Impact
This launch represents a significant development in Australia's digital banking landscape, bringing proven technology from one of the UK's leading digital banks to serve Australian customers. The partnership between AMP and Starling's Engine platform demonstrates the growing trend of international collaboration in fintech innovation.
Raman Bhatia, CEO of Starling Bank, expressed her congratulations to the AMP team, highlighting the shared mission of serving underserved business customers and praising the swift implementation of the technology platform.
The launch of AMP's digital bank marks another step forward in the modernization of banking services in Australia, promising to deliver innovative solutions for both business and personal customers through advanced technology and customer-centric design.