Migration meant to enhance flexibility, scalability
AMP Bank has migrated its core banking platform to the cloud, in a move the bank says will improve agility, innovation and customer experience.
Hosted on Amazon Web Services, the bank said the platform enabled new levels of flexibility and scalability. It supports the bank to continue to deliver retail banking products and services that meet the needs of customers, mortgage brokers and financial advisers.
The investment supported AMP’s strategy to grow its retail banking business and would help the bank to deliver faster customer response times, including loan approvals. Robust security, supported by a secure data solution, would also benefit customers, the bank said.
Read more: AMP Bank speeds up loan process
AMP Bank group executive Sean O’Malley (pictured above) said investing in growth would support the bank in delivering products that meet customer, broker and adviser needs. Use of technology made it easier for customers to bank with AMP.
“The transition of our core banking platform to the cloud provides us with a platform to grow our business and meet the increasing expectations customers have around digital sophistication in their interactions with their bank,” O’Malley said.
He said the cloud enabled greater flexibility with the way the bank interacts with the banking ecosystem, providing greater opportunities for product and service innovation.
“AMP Bank is focused on delivering an exceptional customer service experience and helping Australians better manage their finances,” O’Malley said.
Amazon Web Services managing director Rianne van Veldhuizen (pictured below) said use of its service helped AMP Bank to drive innovation across its digital services and transform customer experiences.
“We are proud to support the bank’s modernisation journey and congratulate them on successfully hosting and operating their business-critical applications in the cloud,” van Veldhuizen said.
AMP Bank said its early adoption of a cloud-based banking system was part of a multi-year technology transformation strategy. It demonstrated the bank’s commitment to invest in digital and technology to improve the lending experience.
It’s transition to a cloud-based system followed the moderation of the bank’s core system in 2020, which it said delivered a 35% improvement in productivity.
The cloud-only strategy was an important enabler to becoming a simpler, purpose-led, and customer-focused business, the bank said.
With a longstanding h istory of helping customers manage their investments and achieve their financial goals, AMP’s services include financial advice, superannuation and retirement, banking and platforms investment products.
Read more: Funding launches dedicated broker portal
AMP Bank works directly with brokers as well as customers, providing a range of solutions to meet customer needs, spanning everyday banking and home lending. It’s home loan products include the Professional Package Home Loan and AMP Essential Home Loan.
