AMP reveals the lengths it takes to become customer-centric

Wealth and financial management provider details the transformative steps and cultural changes necessary for keeping up with customers

Wealth and financial management provider, AMP, has kicked off a host of transformative steps to become a customer-centric business, according in its latest financials, shining a valuable light on what it takes to keep up with customers in the connected age.

The ASX-listed group reported solid full-year financial results this week, including an underlying profit rise of 7 per cent to $1.12 billion for the full-year to 31 December 2015, and net profit increase of 10 per cent to $972 million. Key contributors were the Australian wealth management, AMP Capital, AMP Bank and New Zealand divisions, which all reported stronger operating earnings.

“This is a very good performance against a backdrop of challenging markets in the second half,” commented AMP chief executive, Craig Meller, who added business efficiency programs were also on track.

“AMP has a clear focus to be a more customer centric, efficient and international organisation. The execution of this strategy is unlocking the long-term potential of our business, which we are confident will continue to deliver value for our shareholders.”

While AMP’s financials should be well received by the market, it’s the steps it’s taking to become a customer-oriented enterprise that provide the best reading.

Over the past two years, AMP has been putting in place the core infrastructure required to become a customer-centred business. The company kicked off the journey in 2013, appointing its first chief customer officer, Paul Sainsbury, as well as a dedicated customer relations team.

Read more: Why digital delivery lies at the heart of AMP's customer transformation

On AMP’s list of ongoing strategic priorities is building a customer goals-oriented enterprise. In its FY15 financial report, the company said consumer research had “built conviction in taking a goals-based approach to products and services”, which will be rolled out from 2016. This work identified four priority goals, which are being used to provide new customer solutions this year.

AMP is also working to build a next-generation, face-to-face advice model based on customer goals. Thanks to the success of five pilot sites this year, AMP said it will extend this approach to 30 practices as well as automate several back-end processes.

New infrastructure has also been put in place for better omni-channel experience, including a new customer and data analytics systems, and customer interactions engine. The latter is already being piloted on targeted campaigns and next best offer-driven conversations across digital, call centre and adviser channels, with 20 campaigns in testing in the first half of this year.

These are tied into a new-look digital portal, which includes and integrated banking and wealth platform, mobile and tablet apps, new website and content management systems.

In addition, AMP has deployed a customer feedback and measurement system across 122 teams, as well as established organisational capabilities in human-centred design and behavioural economics. The company said customer-facing teams are now using this customer feedback to identify and improve service.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook:, or check us out on Google+:

Join the CMO newsletter!

Error: Please check your email address.
Show Comments

Supporting Association

Blog Posts

People in vegan houses shouldn't throw bacon

Picture this. You’re at a Gourmerican burger joint chomping a cheeseburger, when an outspoken vegan friend starts preaching that you’re killing the planet. Last week, that same vegan downed a pricey glass of pinot before their flight to a far-flung destination, armed with their strongest mossie repellant and first aid kit. Anything amiss?

Abbie Love

Strategist, Ikon Communications

The role of the CMO is evolving: Are you keeping up?

My (amazing) vacation in the Galapagos Islands earlier in the year got me thinking about Charles Darwin and his theory of evolution. What does this have to do with the role of today’s CMO, you ask? Plenty.

Sheryl Pattek

Vice-president, executive partner

Getting your business ready for the Entrepreneurial Consumer

We all know the digital revolution has completely transformed the way consumers are interacting with brands, and that a lot of businesses are finding it hard to catch up. One way to closing this brand gap is to understand consumer behaviour and build a brand experience that meets these new needs.

Pip Stocks

CEO and founder, BrandHook

Or just go to sites like www.shopsthatshiptoaustralia.c... and others and be sure that the stores will send to where you live :-)


Why online shopping is like dating – RedBalloon CEO

Read more

Personalisation is the key. Customers demand a very relatable and well defined CX where the sincerity and understanding of their disposit...

Hitesh Parekh

In pictures: Improving cutomer experiences through smart personalisation

Read more

Thanks for this. The key for me is the effective of governance where it dictates and sets the proactive policy when it comes to CX. Tech ...

Hitesh Parekh

6 lessons in modern marketing from a customer experience chief

Read more

Very well said “With today’s consumers more demanding of the brands and merchants they shop, it’s imperative for merchants to not just co...


CMO's top 10 martech stories for this week - 29 September

Read more

Very interesting article which touches on the importance of a feedback loop fuelled by customer and market insights. Ideally this scenari...

Andrew Reid

Building customer insights in the data and digital age

Read more

Latest Podcast

More podcasts

Sign in