AMP Appoints New Leader for Small Business Digital Division

AMP is poised to launch its new small business digital banking division in early 2025, signaling a significant expansion of its financial services portfolio. The new unit will be spearheaded by John Arnott, who previously led the digital and data initiatives at Woolworths’ digital arm, WooliesX. His appointment as the director of small business and personal banking reflects AMP’s commitment to catering specifically to the transaction, payment, and deposit needs of small businesses and personal banking customers.

Under Arnott’s leadership, the division will harness the power of the ‘Engine’ platform developed by the UK-based Starling Bank. This technology solution is designed to facilitate seamless banking operations tailored to smaller enterprises, allowing AMP to provide competitive services that meet the evolving demands of the market. Arnott emphasized the division’s potential, stating it aims to make a meaningful difference in enhancing the success of small businesses and personal banking clients alike.

Arnott brings a wealth of experience to his new role, having previously worked in various capacities that emphasize customer engagement and growth. His tenure at WooliesX involved overseeing customer growth for ecommerce, and he has also held positions at major financial institutions such as Commonwealth Bank and global technology leader Facebook, as well as ING. This diverse background positions Arnott well to lead AMP’s efforts in this competitive sector.

The establishment of the digital banking unit, first announced last year, represents a strategic pivot for AMP, as it seeks to tap into the growing demand for specialized banking services for small businesses. By leveraging Starling Bank’s established technology and expertise, AMP aims to create a streamlined banking experience that enhances operational efficiency for its clients.

In tandem with the launch of this new banking division, AMP has recently made additional strategic hires, including Julie Slapp and Cloe Reece, to bolster its superannuation and investments business. These new appointments are intended to enhance customer solution design and drive digital innovation within the organization. This dual focus on enhancing both digital banking services and superannuation capabilities underscores AMP’s commitment to modernizing its offerings and strengthening its position within the financial services landscape.

AMP’s establishment of the new small business digital banking division exemplifies a strategic and proactive initiative aimed at addressing the specific financial needs of a diverse customer base. By focusing on small businesses and personal banking, AMP seeks to carve out a significant presence in the increasingly competitive digital banking landscape. This move not only aligns with current market trends but also positions the organization to deliver tailored, innovative solutions that resonate with today’s consumers, who demand seamless and efficient banking experiences.

Through this dedicated division, AMP is responding to the growing recognition of the unique challenges faced by small businesses in managing their financial transactions. By leveraging advanced technology, such as the Starling Bank’s ‘Engine’ platform, AMP aims to provide an integrated suite of banking services that enhances operational efficiency and simplifies financial management for its clients.

Moreover, this initiative underscores AMP’s commitment to fostering long-term relationships with its customers by providing them with tools and resources designed to support their financial success. As the financial services sector continues to evolve with digital transformation, AMP’s proactive stance signals its readiness to adapt and thrive, ultimately ensuring that it meets the evolving expectations of consumers in an increasingly digital world.

With the leadership of John Arnott, whose extensive background in digital strategy and customer engagement adds significant value to the new division, AMP is well-positioned to make a meaningful impact in the digital banking sector. The combination of innovative technology, a customer-centric approach, and a strategic vision highlights AMP’s determination to not only compete but to lead in delivering comprehensive banking solutions tailored to the needs of small businesses and personal banking customers. As it prepares for the launch in early 2025, AMP is set to redefine the banking experience for its clients, enhancing its role as a vital player in the financial services ecosystem.