AMP Bank has announced it has successfully migrated its core banking platform to Amazon Web Services (AWS) cloud as part of its multi-year technology transformation strategy.
In a statement, the bank said its investment in cloud infrastructure would “enable new levels of flexibility and scalability” for the business and support the growth of its retail banking arm by delivering “faster customer response times, including loan application approvals”.
The shift to cloud follows the modernisation of AMP’s core banking system in late 2020, with investing in a code refresh program for its existing NTBS core banking platform.
The bank had originally planned to adopt Temenos’ cloud-native core banking system back in 2019, but has instead opted to re-platform the longstanding NTBS core.
According to AMP, the resultant core banking refresh delivered a 35 per cent improvement in productivity.
Now, with its core banking system in the cloud, AMP Bank group executive Sean O’Malley said the bank has “a platform to grow our business and meet the increasing expectations customers have around digital sophistication in their interactions with their bank”.
“The cloud also enables greater flexibility in the way AMP Bank interacts with the banking ecosystem, providing more opportunities for product and service innovation.”
AMP said its wider cloud migration program is “enabling a digitised and data-driven approach, creating benefits in agility, efficiency, and increased innovation”.
“AMP’s cloud-only strategy is an important enabler in becoming a simpler, purpose-led, and customer-focused business.”
O’Malley added: “We’re investing to grow AMP Bank by delivering products that meet the needs of our customers, brokers, and advisers, and by using technology to make it easier to bank with us.”