New bank designed and built for Australia’s under-served small and micro businesses, solopreneurs, side hustlers, and everyday banking customers. Delivers Australia’s first numberless debit cards and other market leading security features and technology.
AMP announces the launch of its new bank, giving small business owners and everyday customers access to a new mobile-first banking experience, powered by the very latest banking and security technology.
The new bank has been designed and built to help Australia’s millions of small business owners – including micro businesses, solopreneurs and side hustlers – more effortlessly run their businesses on the go.
It also provides everyday banking customers with a leading technology experience that moves with them, while coexisting seamlessly with small business banking needs.
Redefining banking for small business
Close to 90 per cent– or approximately 2.4 million – of Australian businesses are either self-employed or employ 1-4 people, while the majority of businesses in Australia have turnover of less than $200k annually. A quarter of all businesses in Australia – approximately 640,000 – have turnover of less than $50k annually .
Dubbed the ‘ultimate multitaskers,’ these business owners juggle numerous administrative roles while striving to expand and thrive in their ventures. Traditional business banking solutions in Australia have typically focused on the needs of larger businesses, leaving these small business owners with a banking experience that doesn’t suit their needs – adding to, rather than easing, their administrative burden.
Market leading banking tech and innovation
The new bank includes a range of innovative features and smart tech designed to make everyday banking simpler and life easier for small business owners, and everyday customers, including:
. The very latest in fraud and identify theft protection, including Australia’s first numberless debit cards for small business and selfie-style video identity verification by two customer service reps for added security
. Customers can hide and reveal their on-screen account balance at the touch of a button, providing instant privacy while on the go
. 24/7 human contact centre support via both phone and live chat, recognising that many Australians and small business owners often work outside the 9 to 5 working day
. Seamless connectivity – yet clear distinction – between personal and business banking, making it a one-stop-shop to manage both through a single banking app
. Market-first access to leading UK banking tech ‘Spaces’, allowing for the creation of virtual ‘sub-accounts’ and making it easier to manage tax payments, payroll and other financial obligations
. Smart self-serve features which provide insights and give customers control, like spending breakdowns across merchants and suppliers.
Customers pay no monthly account keeping or international currency conversion fees across both business and personal accounts.
The new AMP Bank app can be downloaded from the Apple App or Google Play stores, with a simple and fully mobile onboarding process designed to maximise customer security.
Just the beginning
The new mobile app is designed to integrate seamlessly with small business management software to make accounting, cashflow management and tax time easy. A range of new partnerships, features and functionality will be announced and incorporated into the app over the coming months.
Sean O’Malley, AMP Bank Group Executive said:
„We are thrilled to launch our brand-new digital bank – purpose designed and built from the ground up to transform the banking experience for Australia’s millions of micro, side hustlers and small business owners, and everyday banking customers.
“We searched the world to source the very best in banking technology to create what we’re confident will be Australia’s premier mobile digital banking experience.
“We’ve loaded the new app with the very latest tech and innovations to provide business owners with the latest in cyber, fraud and scam protection, and the capability to integrate leading small business software solutions.
“Our ambition is to help small business owners – sole traders, side hustlers and other small businesses – seamlessly run and administer their business from the convenience of their mobile phone.
“Today’s launch is just the beginning, with AMP Bank set to announce of range of new partnerships and features over the coming months.”
AMP’s new bank uses Engine by Starling, the revolutionary banking technology that enabled Starling Bank to become a leading digital bank; attracting more than 4.5 million small business and retail customer accounts in the UK since launching in 2017. Starling’s rapid growth has been fuelled by its focus on customer experience and technological advancements, with its success recognised by industry awards and accolades.
[1] Australian Small Business and Family Enterprise Ombudsman, June 2024, https://www.asbfeo.gov.au/small-business-data-portal/number-small-businesses-australia
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517
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