Sean O’Malley CEO AMP Bank - Building the Future of Banking

Happy Valentines day! This year I'm taking my wife on our first ever Valentines date in the 20 years we've been together. I thought I'd show my Romantic side by taking her to see The Prodigy! I hope you have a great day and for all you lonely Fintecher's out there - Happy Valentines Day ?? and thanks for your support ??

In this weeks podcast I welcome Sean O'Malley , CEO of AMP Bank for his Fintech Chatter debut.?

Listen On:

Web Browser

Apple Podcasts

Spotify

It has been a BIG week for AMP Bank as they launched their new digital mobile-first bank aimed at helping small business owners manage their business and personal finances.

I ask Sean the tough question - How do you build a bank for the future?

What transpires is a discussion that digs deep into the rapidly changing nature of employment and the rapid rise of small business.

AMP conducted extensive research on the needs of small businesses and what they found was the need for more human support in banking.

As a small business owner myself I calculated two full working days were lost to simply waiting on hold to my business bank. When I contrast this to my experience with the same bank as a retail customer, it's very different.

AMP Bank aims to bridge this gap by building a bank that specifically caters for Australia's 2.5m (and growing) small and micro business owners.

I also ask Sean to share his secrets to successful Fintech partnerships showcasing their relationship with UK Fintech Starling Bank and their Engine by Starling platform.

My Favourite Quotes

"It's hard to be a bank, especially a startup bank."

"Curiosity is a real indicator of performance."

Key Takeaways?

• AMP Bank has launched a fully digital bank catered for Australia's 2.5m small business owners.
• The future of work is evolving, with more emphasis on gig and flexible employment. AI and technology has made business creation more accessible than ever. Sean sees continued growth in small and micro businesses as a result.
• The banking industry has faced increased challenges in balancing innovation and risk management. When capital has to be allocated to risk, it is often at the expense of innovation.
• AMP were heavily involved in the formation of Australia's Fintech ecosystem. After a period of consolidation they're now in a phase of innovation and looking to partner with Fintechs.
• Partnerships with Fintech are vital for delivering innovative banking solutions. The Engine partnership has enabled rapid innovation despite the complexities of transforming an established bank that sits within a 175 year old financial institution.

00:00 ? The Launch of AMP Bank's New Platform

03:39 ? Targeting Small Businesses & Personal Banking Customers

06:03 ? Insights on the Future of Work

11:13 ? Viewing Business Failures as Learning Opportunities

14:18 ? Embracing the Challenges of Modern Workforces

17:31 ? Lessons from Fintech Startups and Neobanks

23:00 ? Navigating Change and Innovation at AMP

27:28 ? The Importance of Strategic Business Relationships

31:53 ? Risk Management in Fintech Partnerships

35:58 ? Talent Acquisition and Staff Retention

38:59 ? Managing Stress and Building Resilience

43:50 ? Future Outlook for AMP Bank

Thanks for listening and if you liked the show please consider sharing on your social channels. It really helps us book great guests and continue to build an archive of knowledge for the Fintech ecosystem ??

Next Episode

Alex B. from Spriggy makes his long awaited return! For those who don't know Spriggy, it's my favourite Fintech app, if there's one app that has made the most impact on me and my family this is it.

Alex is the most well-rounded Founder I've ever met. He seamlessly moves across tech, product and growth. As a result Spriggy is one of a handful of Australian Startups to reach 1 million plus paying subscribers!

I consider it an honour to be an advisor and friend of Alex, he's one of the most fascinating and humble people you could ever meet.

And that's why I've aimed to bring as authentic a conversation as possible and encapsulate what it's like to have a conversation with Alex. This is one episode you simply can't miss so make sure to follow us wherever you listen to podcasts or Fintech Chatter TV on Youtube.

Fintech Chatter LIVE! Using AI to Scale Your Startup

Simon Lee Co-Founder of Teamified is joining me for one of my Rants!

In this live show Simon and I will be sharing how founders can now build their startup without raising capital through AI and offshoring!

This isn't your usual Airbag, AI hype content. Simon has successfully built Fintech companies like Assembly Payments

Having done things the hard way Simon is on a mission to liberate founders from the never ending grind of raising capital and pleasing investors.

Coupled with my mission to help my network future proof their careers and livelihoods in the Digital Age - this is a live show that every founder and fintech leader will get great value from.

So why not join us and get to ask us questions live!