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: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the CMO newsletter!

Error: Please check your email address.
Show Comments

Supporting Association

Blog Posts

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

Brand management starts with management

As the world continues to grow and evolve, it’s more important than ever to build a strong brand that articulates your message clearly and consistently, stands out against the noise, and develops relevance with the people that matter. This makes managing your brand a key component to gaining cut-through and ultimately business success.

Dan Ratner

managing director, Uberbrand

Disrupting marketing as we know it

Call it digital disruption or the fourth industrial revolution, our rapidly evolving environment is affecting consumer perceptions, purchase behaviours and the way they consume information and products.

Jean-Luc Ambrosi

Author, marketer

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...

Masterarts

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

Very very good piece- very novel and innovative and very possibly- effective - way to look at one's communication headlines!

Patrick Dsouza

Should your disclaimer become your headline? - Brand science - CMO Australia

Read more

Excellent post Rob, Mobile app users are growing day by day. Everyday lots of apps are launched in the market but not every app retains t...

Marcus Miller

Why app engagement must be personalised - Mobile strategy - CMO Australia

Read more

very informative blog. I really like the information given in this blog.http://gng.com.au/

Gajanand Choudhary

The evolving role of the CMO - The CMO view - CMO Australia

Read more

Latest Podcast

More podcasts

Sign in