AMP launches ‘strategic partnership’ with UNSW on AI

For UNSW and AMP, this partnership is looking to include AI within the advice process, with the pair stating it has the “goal of delivering practical and responsible solutions to help Australians retire with greater financial confidence”.

The research partnership also comes off the back of AMP launching its “AI Centre of Excellence” in 2024, which has seen the institution already embed generative AI throughout the organisation, including within the advice process.

This program will be co-ordinated through the UNSW AI Institute, which according to the university, “brings together hundreds of specialists in machine learning, data science and related fields”.

AMP and UNSW also laid out the partnership’s four strategic aims:

1. Advancing AI capabilities: co-developing innovative AI solutions.

2. Championing responsible AI: promoting ethical, accountable AI practices.

3. Cultivating future AI talent: providing students with industry-led experience to build a skilled and diverse AI workforce.

4. Empower people: equipping AMP employees with AI tools and training.

Within the collaboration, joint research will be undertaken as well as student placement programs, competitive research grants and shared learning sessions. Also to be included will be the faculties of engineering, law and business at UNSW, as well as engagement with the Australian School of Management and Australian Graduate School of Engineering.

“I have absolute conviction that AI will transform not only how we as financial services operate, but more importantly, how we help more Australians build financial confidence,” AMP chief executive Alexis George said.

“This includes using agentic and generative AI in responsible ways to help solve some of the fundamental challenges our society faces, including financial illiteracy and ensuring our growing retiree population can live with dignity.”

Dr Sue Keay, head of the UNSW AI Institute, added that the collaboration is a sign of her school’s commitment to integrating AI into the workforce:

“Through this agreement with AMP, we’re giving our students, researchers and academics the opportunity to work on real-world challenges, while also creating a pipeline of skilled talent for the financial services sector.

“As a national leader in responsible AI, UNSW is proud to guide the development of technologies that are transparent, fair and aligned with societal values. This leadership will help ensure the partnership delivers both innovation and lasting positive impact.”

In March, AMP North unveiled its AI FileNote assistant, which it said is the first of its kind on a wrap platform, which advisers can use to produce comprehensive meeting file notes.

The platform said the new capability was developed in accordance with its AI framework and integrated directly into North, utilising a large language model that is “designed specifically for financial advisers and client review meetings”.

The tool transcribes audio recordings of client meetings with generative AI to deliver a full transcript and structured file note that North said can be easily edited and customised to suit an adviser’s needs.

“This integrated approach eliminates the need for manual note-taking, streamlining the review process, reducing the risk of errors and enhancing compliance,” AMP said at the time.