AMP hits milestone in ICT transformation program

Rolls out financial planning platform, expects strong efficiency gains

Investment in ICT during 2009 has helped AMP minimise the negative impact of the global financial crisis.

In its financial statement for 2009, the financial services company said its AMP Financial Planning business had benefited from the successfull rolled out of a new financial planning platform.

The company is now in the process of running a program to help its AMP Financial Planning and Hillross practice to realise the benefits of the platform — expected to bring efficiency gains of up to 30 per cent.

Its AMP Capital Investors (CI) business also continued to invest in technology during 2009, completing the transition to a new strategic platform and rolling out new back office services which would allow the organisations financial planners to spend more time with clients, according to the company.

“This marks the end of the most complex phase of AMPCI’s technology transformation program, which is already delivering quantifiable benefits,” the report reads.

“AMPCI secured two new credit mandates totalling over $500m in FY09 with the news systems noted as a key differentiator by investment consultants.”

AMP recorded an underlying profit of $772 million for the full year 2009, down five per cent on 2008.

“This robust result, delivered in a very difficult business environment, reflects good earnings diversity, tight cost control, resilient net cashflows and early signs of success from our continued investment in growth initiatives,” AMP chief executive officer, Craig Dunn, said.

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