AMP partners with UNSW Sydney on AI development

Advancing research on the use of artificial intelligence (AI) in financial services, AMP has announced a strategic partnership with UNSW Sydney. 

This has the ultimate goal of delivering practical and responsible solutions to help Australians retire with greater financial confidence.

The agreement between the two bodies builds on the success of AMP’s AI Centre of Excellence, which has embedded generative AI throughout the organisation and delivered AI-driven innovations across customer service, employee efficiency, and advice processes.

The partnership’s activities will be focused on four strategic priorities:
1.     Advancing AI capabilities – Co-developing innovative AI solutions.
2.     Championing responsible AI – Promoting ethical, accountable AI practices.
3.     Cultivating future AI talent – Providing students with industry-led experience to build a skilled and diverse AI workforce.
4.     Empowering people – Equipping AMP employees with AI tools and training.

AMP chief executive, Alexis George, said: “I have absolute conviction that AI will transform not only how we as financial services operate, but more importantly, how we help more Australians build financial confidence.

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“This includes using agentic and generative AI in responsible ways to help solve some of the fundamental challenges our society faces, including financial illiteracy and ensuring our growing retiree population can live with dignity.”

Professor Attila Brungs, UNSW vice-chancellor and president, said: “By combining UNSW’s strengths in artificial intelligence, data science, business, law, and technology with AMP’s reach and expertise in financial services, we’re helping to shape AI solutions that are practical, scalable, and beneficial to society.

“Together, we’re also creating valuable opportunities for students and researchers to gain hands-on experience and contribute to technologies that will define the future of work, finance, and daily life in Australia.”

Earlier this year, AMP unveiled AI FileNote on its North platform to help advisers to produce meeting file notes and ease the compliance burden. Integrated into North, it uses a large language model (LLM) tailored and designed specifically for financial advisers and client review meetings. 

This allows generative AI technology to transcribe audio recordings of client meetings, generate a full meeting transcript and a structured file note that can be easily edited and customised to suit an adviser’s needs.  

AI is becoming widely-used for efficiencies in financial advice with the number of advisers currently using or planning to use AI in their practices having significantly risen to almost three-quarters of firms, according to Adviser Ratings.

For those already utilising the technology, the most common use is in file note creation and meeting documentation (86 per cent) as they look to streamline “traditionally time-consuming tasks”. This is followed by use for client engagement tools such as newsletter production (53 per cent), marketing (48 per cent), and statement of advice (SOA) or record of advice (ROA) production (46 per cent).

Meanwhile, Melbourne financial advisory firm Yarra Lane launched a robotic process automation (RPA) consulting service, in association with outsourcing specialist Vital Business Partners (VBP). RPA aims to support advice businesses in automating manual tasks through software robots, freeing up staff to focus on higher value tasks.

This will leverage AI to help advisers streamline and scale their operations to deliver a consistent client experience and retain talent.