AMP, UNSW partner to drive responsible AI in finance

AMP and UNSW Sydney have established a partnership to progress the application of artificial intelligence (AI) within the financial services sector, with the aim of delivering practical and responsible solutions to support Australians' retirement planning.

The collaboration brings together AMP's experience in superannuation, banking and financial advice with UNSW's expertise in AI research, engineering, and ethics. UNSW has been ranked among the top 20 universities globally and its AI Institute is recognised as the largest AI research body in Australia, pooling hundreds of experts in machine learning, data science, and related fields.

According to both organisations, the partnership will draw on skills from UNSW's Faculties of Engineering, Business, and Law, as well as engage with the Australian Graduate School of Management (AGSM), the Australian Graduate School of Engineering (AGSE), and the School of Computer Science. The combined knowledge is expected to enhance practical outcomes for customers and society more broadly.

AMP's Chief Executive Officer Alexis George outlined the ambitions of the agreement and highlighted the critical role of responsible AI adoption in the financial industry.

"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. This includes using agentic and generative AI in responsible ways to help solve some of the fundamental challenges our society faces, including financial illiteracy and ensuring our growing retiree population can live with dignity. This means recognising the timeless value of human connection, and also being open to exploring the significant possibilities that AI offers. Critically, as we explore these possibilities, we need to do so from a foundation which ensures we act ethically and responsibly to protect our customers and the broader community. It's another reason why we're partnering with UNSW, home of one of Australia's most advanced AI research and development ecosystems with responsible AI at its core."

The agreement builds on the existing work of AMP's AI Centre of Excellence, which has introduced generative AI throughout the organisation, producing AI-driven improvements in customer service, staff efficiency, and advisory processes. The Centre's initiatives are overseen by a Responsible AI framework developed with Macquarie University.

The partnership is structured around four main priorities: advancing AI capabilities through co-development, promoting ethical and accountable AI use, cultivating future AI talent with industry-led experience, and equipping AMP employees with training and AI tools.

This will involve joint research projects, student placements, shared learning sessions, and cooperative applications for competitive grants. In particular, the initiative aims to provide UNSW students with more exposure to real-world industry challenges and opportunities in financial technology.

Professor Attila Brungs, UNSW Vice-Chancellor and President, described the partnership as an example of how academic and industry collaboration can deliver outcomes at scale:

"This partnership is a powerful example of how universities and industry together accelerate innovation and deliver real-world impact. By combining UNSW's strengths in artificial intelligence, data science, business, law and technology with AMP's reach and expertise in financial services, we're helping to shape AI solutions that are practical, scalable and beneficial to society. Together, we're also creating valuable opportunities for students and researchers to gain hands-on experience and contribute to technologies that will define the future of work, finance and daily life in Australia."

Dr Sue Keay, Head of the UNSW AI Institute, said the partnership aligns with UNSW's focus on responsible AI and socially relevant technology development.

"Through this agreement with AMP, we're giving our students, researchers and academics the opportunity to work on real-world challenges, while also creating a pipeline of skilled talent for the financial services sector. As a national leader in responsible AI, UNSW is proud to guide the development of technologies that are transparent, fair and aligned with societal values. This leadership will help ensure the partnership delivers both innovation and lasting positive impact."

UNSW's AI Institute is engaged in projects spanning precision medicine, supply chain optimisation, mental health, astrophysics, and urban planning, in addition to its activities in financial technology. The Institute promotes cross-disciplinary research and the commercialisation of AI output, and has taken a prominent role in shaping national discourse about responsible technology use.

Initiatives arising from the AMP and UNSW partnership are intended to contribute to business innovation and guide broader industry practices, whilst building a future workforce with enhanced skills in responsible digital technology management.