AMP ups ante on advice technology

In his speech, Dunn said innovative client engagement was one of the key prongs of the company’s plan to become more competitive on the world stage and transform its business to reflect “changing consumer behaviour, technology and ongoing regulatory change”.

“We are developing new ways of interacting with our customers and business partners, including through the use of mobile technology [and] trialling new options in financial advice and different ways of accessing that advice,” he said.

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“While AMP’s business is already one of the most efficient in the Australian market, we believe there are still more opportunities to drive down our costs and deliver better value.”

Speaking to ifa after the AGM, Dunn said this focus is about “working with our advisers and planners to ensure they are as effective and efficient as possible”.

Singling out the use of iPads in client meetings across AMP’s advice channels as an example; Dunn said “technology provides both challenges and opportunities”.

He said a growing and consumer-friendly technical capability was one of the key factors in the success of AMP’s self-managed superannuation fund (SMSF) business, which was launched in June 2012 and is now a “market leader”, shareholders heard.

“We have the digital capacity and technological advances to really make self-managed super much easier than ever before,” he said.

“Technology is a real opportunity to improve our efficiency but also our service provision and end result to clients and customers.”

The comments followed the release of information indicating increased cash flows into AMP’s wealth management, retail platform and SMSF businesses.