Successful $60M Digital Bank Launch by PwC and AMP

Delivering a major banking project on schedule and within budget is rare, but PwC’s approach to AMP Bank’s new online platform made it happen. By deploying a mostly unmodified UK-developed software system, the $60 million initiative was completed in just 15 months, ensuring a quick market entry while minimising costly delays.

AMP Bank’s new digital offering, built on Engine - cloud-based software from UK-based Starling Bank - caters primarily to Australia's 2.4 million micro-businesses. The platform provides essential security features, round-the-clock support and virtual sub-accounts, enhancing convenience for small business owners.

A key factor in the project’s success was prioritising a simple "adopt not adapt" strategy. Instead of extensive customisation, only minor adjustments were made to comply with Australian regulations. This streamlined approach helped secure swift approval from regulators and kept the rollout on track. More than 100 specialists from PwC UK, PwC Australia, AMP and Engine collaborated across continents to ensure seamless execution.

As smaller banks face mounting competition, AMP Bank’s fast-tracked launch highlights a potential blueprint for future financial institutions. With an allocated $60 million investment over two years, the project's efficient delivery suggests that scaling digital banking can be done quickly and effectively without overcomplicating technology solutions.

Source: Australian Financial Review, Engine, PwC