AMP's chief executive Alexis George has pledged to "elevate" technology strategy and use cases and to make the financial services institution "more IT-like".
Addressing questions from iTnews during the company's half-year results announcement, George said "embracing technology is a real opportunity and something we've got to do differently.”
“I'm certainly going to elevate the role of technology in our executive team. That's something I'm really focused on now," she said.
“We have to become more agile into the future. We have to use technology better in terms of digital, data, cyber security and AI etc."
While she could not immediately put a dollar figure on the amount of investment that AMP would drive into IT, she said that "one thing I can tell you is that we more we need to become more ‘IT like’ as a company and that's something I'm absolutely focused on.”
Financial filings for the half showed considerable effort on digital initiatives across the bank's operations.
It is investing in "digitally-enabled propositions" in its wealth management and banking operations, as well as process simplification, automation and digitisation.
Specifically in its wealth division, AMP also has a focus on "operations and technology efficiency and effectiveness."
AMP noted in financial filings that digital progress had been made in its banking operations.
It has seen a 75 percent improvement in automated credit decision-making, leading to faster approvals, and expects to continue investment into this area over the second half of 2021.
The bank also plans to "accelerate" its design of an end-to-end digital home lending experience, which it will begin to build in 2022.
“Speed and consistency of approvals will remain important drivers of the bank's growth, and we'll continue to make improvements here in the second half in addition to activities to build brand awareness," chief financial officer James Georgeson said.
AMP reported a statutory net profit after tax of $146 million for the first half of 2021.
