Sean O'Malley, AMP Bank - Evolving Small Business and Personal Banking

Fintech Chatter: Insights From Fintech Leaders

Dexter Cousins welcomes Sean O'Malley CEO of AMP Bank for his Fintech Chatter debut.

It's been a BIG week for AMP Bank as they launched their new digital mobile-first bank aimed at helping small business owners manage their business and personal finances.

Dexter and Sean discuss the role of technology in modern banking and how an established financial institution tackles innovation.

Sean and Dexter uncover AMP’s extensive research on the needs of small businesses and the need for more human support in banking. Sean also shares the thesis on the problem they’re solving and the rapidly evolving nature of how, when and where people work.

And Sean shares his secrets to successful partnerships showcasing their relationship with UK Fintech Starling Bank and their ‘Engine’ platform.

About Sean O’Malley

Sean O’Malley was appointed the Group Executive of AMP Bank in September 2021, after 11 years at AMP.

He is responsible for the management and growth of AMP Bank, delivering its future growth strategy, uplifting its digital capability and ensuring the ongoing delivery of high-quality products and services to customers.

He has over 25 years of experience in delivering enhanced business results, predominately in the financial services industries.

About AMP Bank

AMP Bank is aiming to disrupt the small business banking market in Australia. They have launched a fully digital, 24x7 human-supported, full-service Bank to help serve the needs of the Australian small business community.

Their aim is to help Small businesses get started, survive and thrive, embracing the challenge of bringing new thinking, new ways of working and new bold ideas to a 26 year old Bank, inside a 175 year old Super & Wealth business.

Key Takeaways

• AMP Bank has launched a fully digital offering for small business owners.
• The future of work is evolving, with more emphasis on gig and flexible employment. Sean sees continued growth in small and micro businesses as a result.
• The banking industry faces challenges in balancing innovation and risk management.
• Brand reputation is crucial for banks, especially in the digital age.
• Curiosity and a willingness to learn are key traits for success.
• AMP Bank is focused on building a customer-centric culture.
• Partnerships are vital for delivering innovative banking solutions.

Chapters

00:00 The Launch of AMP Bank's New Platform

03:39 Targeting Small Businesses & Personal Banking Customers

06:03 Insights on the Future of Work

11:13 Viewing Business Failures as Learning Opportunities

14:18 Embracing the Challenges of Modern Workforces

17:31 Lessons from Fintech Startups and Neobanks

23:00 Navigating Change and Innovation at AMP

27:28 The Importance of Strategic Business Relationships

31:53 Risk Management in Fintech Partnerships

35:58 Talent Acquisition and Staff Retention

38:59 Managing Stress and Building Resilience

43:50 Future Outlook for AMP Bank

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