Since 2013 we have been transforming our business in Australia to put our customers at the centre. We do this in a number of ways.
We harness digital technology and use behavioural insights to understand our customers’ motivations and life experiences, and help them realise their financial goals.
AMP is working towards this in an environment of rapid technological advancement, sustained regulatory pressure, an ageing population, rising customer expectations and intensifying competition in the wealth management and insurance industries.
We understand that having access to quality financial products and services can have a profound impact on lives. AMP therefore has a duty to ensure it delivers a positive customer experience.
In 2017, initiatives to improve the customer experience included:
- Acting on customer feedback. The Net Promoter System (NPS) is an important part of our approach to improving the customer experience, helping us to judge how well we meet our customers' needs and expectations.
- AMP Customer Advocate. AMP has strengthened its support for customers with the creation of a group-wide AMP Customer Advocate function.
- Improving the claims process. In recent years, AMP has developed a more holistic approach to insurance claims, based on insights from customer research and human-centred design.
- Goals-based advice. AMP has fundamentally rethought how to deliver financial advice. Our research shows that goals-based advice is the most effective way to engage with customers and give them confidence in their financial future.
- Giving customers choice. AMP's Approved Product List (APL) is designed to give customers of our aligned financial advisers access to broad and high-quality investment products from a range of companies, not just AMP. It is informed by the work of an independent in-house research team.
- Solutions to help people retire right. AMP's self-managed superannuation fund (SMSF) administrator, SuperConcepts, launched an online product called Connected Services in 2017 that enables members to access products and services from third-party providers. This allows them to manage their investments in a paperless way.
- KiwiSaver Scheme. In 2017 in New Zealand, the AMP Default Fund in the AMP KiwiSaver Scheme was awarded five stars for 'outstanding value' in the conservative category by CANSTAR, an independent research and ratings company. The AMP KiwiSaver Scheme helps over 230,000 New Zealanders save for their retirement.
- Continue the customer-centred transformation of our business
- Simplify our solutions and make them more accessible
- Expand our goals-based customer experience to provide advice to more people
New technology is driving fundamental shifts in the way financial services organisations operate. Technological advancements present opportunities to rethink and improve the experience for customers, who have come to expect features such as cardless payment systems and personal money management tools.
Rather than remove the human element, digital innovation can enhance the customer relationship. AMP’s Goals 360 interactive experience is a good example of how technology can enhance face-toface financial advice.
Advances in artificial intelligence (AI), combined with increasing automation and digitisation, have considerable power to not only create seamless customer experiences, but also operational efficiencies. AMP also understands that cyber security is more than an IT threat – it is a serious business risk that requires a proactive response.
With the pressure to innovate stronger than ever, and digital customer experience redefining competitiveness in our industry, AMP will continue to deliver digital solutions that are seamless, intuitive and secure.
In 2017, initiatives to improve digital tools and drive innovation included:
- AMP Goals 360 advice platform. In 2017, AMP worked with leading global actuarial firm Milliman to develop an innovative goals-modelling platform. Launched in December, it is a key component of Goals 360 – the end-to-end experience helping our customers explore, plan, track and realise their financial goals.
- Wealth management tools. In 2017 AMP introduced several tools to make money management easier for our customers. An example is AMP Bank’s new Bett3r account. With its automated budgeting and cashflow management capabilities consists of three linked accounts that provide an accurate view of income, bills, savings and spending, through a mobile app. In 2017, Bett3r won Mozo’s Experts Choice Innovation Award and a five-star rating from CANSTAR.
- Artifical intelligence. In February 2017, AMP began testing a virtual assistant that combines web chat with machine learning to help customers fill out forms. Based on technology developed by Australian fintech Flamingo, Kimberly guides customers through the AMP Flexible Super form.
- Amplify 2017. Founded in 2004, AMP’s annual Amplify festival brings leading thinkers to AMP for discussions about the future of business. Featuring 42 global thought leaders exploring digital disruption and innovation, Amplify 2017 was attended by 2,700 AMP customers, investors and businesspeople in Sydney, Melbourne and Auckland.
- Roll out the AMP Goals 360 goals-modelling platform throughout the AMP advice network
- Continue to explore new technologies, including artificial intelligence and voice activation, to simplify processes and provide greater access to financial advice, tools and services
- Share business, technology and social innovation ideas at the Amplify 2018 festival in June
While technological advancements provide great opportunities for us to innovate and offer new digital solutions for our customers, they also bring new cyber risks. These risks continue to be a focus area across the financial services sector. As such, we are enhancing our cyber security network and have detective, preventative and responsive controls in place to ensure our systems and customer information is protected.
Changes in the technological and consumer landscape also resulted in more public awareness of data privacy and protection. People trust us to secure their personal information and only use it for the purposes they expect.
We work to ensure the safety of our systems and customer information in the following ways:
- Data security. AMP is committed to enhancing our cyber resilience and related capabilities on an ongoing basis. We regularly test, review and enhance our security capabilities to ensure our controls remain effective in reducing the impacts of cyber incidents, as well as meeting increasing regulatory requirements.
- Reporting data breaches. Data breaches involve the loss, unauthorised access or disclosure of personal information. This can include an error by a company, that of a third party or malicious attacks by hackers. Managing and responding to incidents is critical. AMP takes data security, and our obligations to report and notify customers, very seriously. We have a comprehensive incident response and data breach response plans, which ensure a proactive approach to unauthorised access, disclosure or loss of personal information.
- Protecting customer privacy. AMP has privacy policies and statements that set out how we collect, use and protect personal information. We take steps to store customer information – which is gathered through face-to-face meetings or by interacting with us via telephone, mail, online or other methods – securely.
- Raising privacy awareness. Our employees play an important role in protecting customers’ personal information from misuse, loss, unauthorised access or improper disclosure, which is why AMP provides privacy communication and awareness to all employees, including mandatory training online.
- Continue to build a strong cyber security culture and maintain our data breach response plan
- Enhance our security capabilities to ensure our controls remain effective
- Build awareness among employees about changes to mandatory data breach reporting
The financial services sector has experienced considerable regulatory and legislative change in recent years, as well as media and political scrutiny.
AMP recognises that failure to effectively anticipate and respond to regulatory changes could adversely impact our reputation and business – and, in turn, our customers, our people and our investors.
We manage this risk by having dedicated resources to implement required change programs and actively engage with government, regulators and industry bodies to effectively monitor and anticipate regulatory changes.
AMP also places significant focus on our risk culture to ensure we are keeping our legal and regulatory responsibilities front of mind in our daily activities.
In 2017, activities to respond to the regulatory environment included:
Restoring trust and confidence. We take our regulatory and community expectations seriously. As such, AMP welcomes the opportunity to contribute to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. We fully support its aims as we believe a strong and stable financial system is critical to the nation’s economy and to all Australians, and will do all we can to help restore the community’s trust and confidence in our industry.
Contributing to policy and legislative development. It is vital that AMP participates in policy and legislative developments that impact our customers. We have a dedicated team to monitor and actively represent our customers and stakeholders on the complex legislative framework that impacts our interactions, as well as important discussions on the potential outcomes for retirement incomes, life insurance and financial advice.