AMP Launches New Bank To Support Underserved Small Businesses
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AMP, an Australian finance company, announced that it had launched a new bank to help small businesses that had not been served well by other banks. The firm said that this bank would give business owners a mobile banking service using Engine by Starling.
The company explained that its new bank app would work with business software to help with accounting, handling money, and sorting out taxes. It mentioned that nearly 90% of businesses in Australia had either one worker or up to four.
AMP’s Plan To Support Small Businesses With Safer And Easier Banking
According to AMP, most businesses in the country earned less than $200,000 each year, and about 640,000 businesses earned less than $50,000 yearly.
AMP pointed out that many small business owners handled different jobs while trying to grow. It stated that most banks had always focused on larger businesses, leaving small business owners with banking that did not suit them. This, it noted, had made work harder instead of easier.
To keep customers safe, AMP stated that its new bank would offer the country’s first debit cards without numbers for small businesses.
The company added that customers would also confirm their identity using a video selfie. The bank mentioned that people using the app could hide and show their account balance with one tap, helping them keep their money details private in public places.
AMP Introduces New Banking System To Support Small Businesses In Australia
Sean O’Malley, who looked after AMP Bank, explained that the company had searched worldwide for the best banking technology.
He stated that it wanted to give small businesses in Australia the best mobile banking experience. He added that the app had the newest tools to protect users from online dangers, fraud, and scams.
O’Malley pointed out that AMP’s goal was to help small business owners, side workers, and self-employed people run their businesses easily from their mobile phones.
The company stated that its new bank used Engine by Starling, the same system that had helped Starling Bank grow fast in the UK.
AMP noted that Starling had gained over 4.5 million business and personal customers since it started in 2017. It added that Starling’s success had come from its strong focus on helping customers and using new technology.
The company pointed out that Starling had won awards and had been praised in the industry for its work. It explained that it believed this system would also help small businesses in Australia by giving them easy-to-use banking that worked for their needs.
