AMP launches its new bank for small businesses and everyday customers

AMP designed and developed the bank for underserved small and micro businesses, solopreneurs, and side hustlers, allowing them to run their operations more conveniently on the go. At the same time, the digital bank offers everyday banking customers a technology experience that adjusts to their needs while also coexisting with small business banking demands.

The launch comes just a month after AMP partnered with Mastercard to introduce numberless debit cards for its small business and personal banking customers in a makeover designed to mitigate fraud and scams. Through this collaboration, the two organisations aimed to provide cards that did not present any front-facing numbers, compared to standard-issue bank cards. Additionally, AMP focused on making cards less susceptible to fraud and scams by removing visible numbers, with them being linked to the bank’s push for an app-only service, meaning that only customers operating via its mobile app could access the cards.

AMP’s digital bank: capabilities and offering

• Modern fraud and identity theft protection, including Australia’s numberless debit cards for small businesses and selfie-style video identity verification by two customer service reps for scaled security;

• The ability to hide and reveal a customer’s on-screen account balance, in turn offering more privacy while on the go;

• Human contact centre support through phone and live chat;

• Connectivity between personal and business banking, allowing users to manage both through a single app;

• Access to UK banking tech ‘Spaces’, enabling the creation of virtual sub-accounts and simplifying the management of tax payments, payroll, and other financial duties;

• Smart self-serve capabilities which deliver insights and equip customers with control.

Furthermore, AMP highlighted that customers pay no monthly account-keeping or international currency conversion fees across business and personal accounts. The digital mobile app is developed to integrate with small business management software, supporting the optimisation of accounting, cashflow management, and tax time. The Australian bank plans to introduce a range of features and functionalities, as well as enter new collaborations in the upcoming months.