AMP and UNSW Collaborate to Advance Responsible AI in Finance
AMP and UNSW Sydney have launched a partnership focused on applying artificial intelligence (AI) within financial services to support Australians' retirement planning through practical and responsible solutions. This collaboration combines AMP’s expertise in superannuation, banking, and financial advice with UNSW’s leadership in AI research, engineering, and ethics.
UNSW ranks among the top 20 universities globally and hosts Australia’s largest AI research institute, bringing together hundreds of specialists in machine learning, data science, and related disciplines.
Cross-Disciplinary Expertise Fuels Innovation
The partnership leverages skills across UNSW’s Faculties of Engineering, Business, and Law, along with its Australian Graduate School of Management (AGSM), Australian Graduate School of Engineering (AGSE), and School of Computer Science. This broad academic base is expected to generate practical benefits for both customers and society.
Leadership Perspective on Responsible AI
AMP’s CEO, Alexis George, emphasized the importance of responsible AI adoption in financial services. She stated that AI has the potential to transform how financial services operate and, crucially, how Australians build financial confidence. This includes addressing financial literacy and ensuring retirees live with dignity.
George highlighted the balance between human connection and AI’s possibilities, stressing that ethical and responsible AI use must remain the foundation. The partnership with UNSW strengthens this commitment, given the university’s advanced AI research ecosystem centered on responsible AI development.
Building on Existing AI Initiatives
AMP’s AI Centre of Excellence, which already employs generative AI to improve customer service, staff efficiency, and advisory processes, serves as a foundation for this partnership. The Centre operates under a Responsible AI framework co-developed with Macquarie University.
Four Pillars of the Partnership
- Advancing AI capabilities through joint development projects.
- Promoting ethical and accountable AI in financial services.
- Developing future AI talent via industry-led student placements and research.
- Equipping AMP employees with AI training and tools.
The collaboration will include shared research, student involvement in real-world fintech challenges, learning sessions, and cooperative applications for competitive grants, enhancing both innovation and workforce skills.
Academic and Industry Synergy
UNSW Vice-Chancellor Professor Attila Brungs described the partnership as a model for how universities and industry can accelerate innovation and produce scalable, societal benefits. By combining UNSW’s AI, data science, business, law, and technology strengths with AMP’s financial services reach, the partnership aims to develop AI solutions with tangible impact.
Students and researchers will gain hands-on experience contributing to technologies that will influence the future of finance, work, and daily life in Australia.
Focus on Responsible and Socially Relevant AI
Dr Sue Keay, Head of the UNSW AI Institute, noted that the partnership supports UNSW’s commitment to responsible AI and socially relevant technology. The initiative offers students and academics opportunities to tackle real-world problems while preparing skilled talent for the financial sector.
UNSW’s AI Institute is active in diverse areas including precision medicine, supply chain optimization, mental health, astrophysics, and urban planning, alongside financial technology. The Institute promotes cross-disciplinary research and commercialisation of AI innovations, while shaping national discussions on responsible technology use.
Contributing to Industry Innovation and Workforce Development
The AMP-UNSW partnership aims to influence business innovation and industry standards while preparing a workforce proficient in responsible digital technology management. This collaboration supports practical AI application that benefits customers, businesses, and society.
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