TLDR: AMP and UNSW Sydney have established a strategic partnership to accelerate the real-world application of artificial intelligence within financial services. The collaboration aims to develop practical and responsible AI solutions to enhance financial confidence for Australians, leveraging AMP’s industry experience and UNSW’s leading AI research and ethical expertise.
AMP, a prominent financial services company, has announced a strategic partnership with UNSW Sydney, a globally recognized university, to drive the responsible application of artificial intelligence in the financial sector. This collaboration is specifically designed to create practical AI solutions that will empower Australians to achieve greater financial confidence, particularly concerning retirement planning.
The agreement unites AMP’s extensive experience in superannuation, banking, and financial advice with UNSW’s profound expertise in AI research, engineering, and ethics. UNSW, ranked among the top 20 universities worldwide, will contribute its academic prowess through its Faculties of Engineering, Business, and Law, with coordination facilitated by the UNSW AI Institute. The Institute stands as Australia’s largest AI research body, boasting hundreds of specialists in machine learning, data science, and related fields.
This partnership builds upon AMP’s existing AI Centre of Excellence, which has already successfully integrated generative AI into its operations. The Centre has delivered various AI-driven initiatives, significantly improving customer service, enhancing employee efficiency, and streamlining advice processes.
Alexis George, Chief Executive Officer of AMP, emphasized the strategic alignment of this partnership with the company’s vision of combining technology with human connection. “I have absolute conviction that AI will transform not only how we as financial services operate, but more importantly, how we help more Australians build financial confidence,” George stated. She further highlighted the importance of using agentic and generative AI responsibly to address societal challenges such as financial illiteracy and ensuring a dignified life for the growing retiree population. George underscored the critical need for an ethical and responsible foundation to protect customers and the broader community, citing UNSW’s advanced AI research and development ecosystem, with its core focus on responsible AI, as a key reason for the collaboration.
The collaboration will concentrate on four key areas: advancing AI capabilities, promoting ethical AI practices, providing industry-led experience to cultivate a skilled workforce, and equipping AMP staff with essential AI tools and training. Planned activities include joint research projects, student placements, shared learning sessions, and applications for competitive grants. The engagement will extend beyond the core faculties to include the Australian School of Management, the Australian Graduate School of Engineering, and the School of Computer Science.
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AMP’s AI Centre of Excellence operates as a cross-functional program, supported by a team of AI Stewards, and adheres to a Responsible AI framework developed in conjunction with Macquarie University. The Centre’s ongoing work aims to improve customer outcomes, boost productivity, and foster innovation. Similarly, UNSW’s AI Institute conducts research across diverse fields, including precision medicine, supply chain optimization, mental health, astrophysics, and city planning, while also playing a national role in promoting the responsible adoption of AI and commercializing research outcomes.
