When FinTech companies started playing in the financial services space, it’s fair to say there was a level of discomfort among the more traditional organisations. These lean, nimble start-ups were springing up seemingly from nowhere with a goal to disrupt the banking sector.
Where we saw our people as the future, FinTechs saw technology as the path forward.
Thankfully, this ‘us versus them’ mentality has largely evaporated in the intervening years. And the message I got loud and clear from internationally recognised futurist Brett King (pictured above), who was in Australia last week to speak at the AMP Amplify Festival, was that it’s a combination of both visions of the future that will be required to succeed.
"AMP Bank is not going to achieve its goal of doubling in size by 2021 through replicating what is out there."
Brett is well versed in the area, having advised the Obama administration on FinTech policy and the future of banking.
He reminded the transfixed audience that increasingly it will be experiences that define how our customers value us. And this is where our people meet our technical aspirations.
AMP Bank is not going to achieve its goal of doubling in size by 2021 through replicating what is out there. We will not seek and serve customers via a branch network, nor will we deliver to customers’ needs in the same old ways.
We are investing in the bank to grow it and have begun a journey of meeting customers’ needs through innovation. This means an improved customer experience via automation and the use of Chat bots, as well as product innovation such as the Bett3r Account and our AMP Goals 360 proposition.
These innovations are underpinned by our human centred design approach and brought to life with our cutting edge technology. It’s a clear example of how we’re harnessing disruptive forces for the benefit of our customers.
But we know we’re early in our journey and we need to continue to inform and challenge ourselves as to how best deliver to our customers to win their loyalty and beat the market.
That’s why it’s been great to hear speakers like Brett at Amplify. To challenge us, but also to remind us it’s only the combination of our people and technology that will lay the foundations for the future.
"These innovations are underpinned by our human centred design approach and brought to life with our cutting edge technology."
Whether it’s the way we measure success or the very nature of our business, it’s inevitable that all industries will evolve as technology continues to drive change. In this, the 20th year of AMP Bank, it’s both smart and necessary for us to be actively working to anticipate these changes, and to complement these advances with the right people.
No one is immune to the changing landscape and mortgage brokers and advisers have an incredibly important role in this evolution given the valuable service they provide in supporting more than 50 per cent of all Australians seeking a home loan.
At AMP Bank we’ll continue to work closely with our partners to anticipate customers’ changing expectations and to be best placed to meet them. We know disruptive thinking is an essential ingredient in the leadership of our Bank to ensure its relevance and to drive the delivery of our ambitions.
It’s only the combination of human-friendly technology and great people that will allow us to succeed in the future.
Sally Bruce is the Group Executive, AMP Bank at AMP.
