The new bank is powered by Engine by Starling. Credit: AMP.

Australian financial services company AMP’s new mobile-first bank has opened for business, targeting the country’s small business owners and everyday customers.

This initiative is claimed to transform the financial management landscape for the country’s numerous micro businesses, solopreneurs, and side hustlers.

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The new bank is powered by Engine by Starling, a cloud native core banking platform. 

It offers a suite of features that include advanced fraud and identity theft protection, the ability to conceal and reveal account balances with a simple touch, and a 24/7 human contact centre.

Additionally, the digital bank is the first in the market to introduce UK banking technology ‘Spaces’ to the Australian audience.

It also provides smart self-serve tools that offer spending insights and empower customers with greater control over their finances. These include detailed spending breakdowns across various merchants and suppliers.

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AMP has emphasised that the bank will not charge monthly account keeping or international currency conversion fees for both business and personal accounts.

The company also plans to expand the app’s capabilities with new partnerships, features, and functionalities soon.

AMP’s new bank looks to address the needs of nearly 2.4 million Australian businesses that are either self-employed or employ one to four people.

These businesses make up almost 90% of the country’s business landscape.

The bank has been tailored to meet the specific requirements of these “ultimate multitaskers”, who manage various administrative tasks while seeking to grow their businesses.

Traditional banking solutions have largely overlooked this segment, leading to a mismatch between the services offered and the actual needs of small business owners, highlighted the company.

AMP Bank Group executive Sean O’Malley 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.”