The initiative follows AMP's launch of an "AI Centre of Excellence" in 2024, which has introduced generative AI across its operations, including advisory services. Coordinated through the UNSW AI Institute, this partnership leverages expertise from multiple disciplines, including machine learning and data science.

The partnership outlines four core objectives:

  1. Advancing AI capabilities: Co-developing cutting-edge AI solutions.
  2. Championing responsible AI: Promoting ethical and transparent AI practices.
  3. Cultivating future AI talent: Offering students practical experience in AI to nurture a diverse workforce.
  4. Empowering people: Equipping AMP employees with AI tools and training.

This collaborative effort will encompass joint research, student placements, competitive research grants, and shared learning sessions. Participants will include UNSW’s faculties of engineering, law, and business, alongside the Australian School of Management and the Australian Graduate School of Engineering.

AMP's Chief Executive, Alexis George, expressed confidence in AI's transformative potential for financial services and its capacity to address societal challenges like financial literacy and the welfare of retirees. She emphasised the responsible use of AI to resolve such issues.

Dr. Sue Keay, head of the UNSW AI Institute, highlighted the partnership as a testament to the university's dedication to melding AI with the workforce. The collaboration aims to empower students and researchers through real-world challenges while supplying talent to the financial services sector. UNSW's leadership in responsible AI seeks to ensure the partnership generates both innovation and a positive societal impact.

AMP's use of AI is already evolving, as evidenced by the launch of its AI FileNote assistant in March. This tool is integrated on a wrap platform and aids advisers in producing comprehensive meeting notes. By transcribing client meeting recordings into editable formats, it streamlines processes, reduces error risk, and enhances compliance, according to AMP.