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The bank has hired a leader for its new digital banking division, which will officially launch next year.
AMP Bank has welcomed John Arnott as its director for small business and personal banking, who will lead its new digital banking division.
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Arnott has more than 20 years of experience in the banking space, having held roles as head of mortgage products and chief customer officer at ING Australia, head of retail bank marketing for the Commonwealth Bank of Australia (CBA), and head of marketing for MyState Bank.
He was most recently the tribe lead for customer growth for e-commerce at WooliesX, the digital arm of supermarket giant Woolworths.
In his new position as AMP’s director (effective as of 4 November), small business and personal banking, Arnott will lead the new digital banking proposition that will specifically target sole traders and small businesses with one to 20 employees, providing a range of transaction and savings accounts.
The digital bank – which was announced last year and has been in development over 2024 – will operate as a separate entity within AMP Bank, utilising a distinct technological platform built in partnership with Engine, the software-as-a-service (SaaS) subsidiary of the UK-based Starling Bank.
When the digital bank is officially introduced in Q1 of 2025, it will focus on transactions, payments, and deposits, without a lending component for small businesses and consumers.
However, AMP has said that any growth in deposits through the new division would enable it to fund more home loans through AMP Bank in future.
Speaking of the new appointment, Sean O’Malley, the group executive for AMP Bank, said: “John is a highly experienced, proven leader, and we’re delighted to have him join the AMP team as we get closer to the launch of our new digital bank in the new year.
“His skills and experience are a perfect fit to lead the new digital division, having had success in transforming and growing B2C organisations, and leading customer, marketing, digital and product portfolios.”
Arnott added: “I’m thrilled to join the AMP Bank team as it enters an exciting new phase of growth with the launch of our new small business and personal banking proposition in 2025.
“One of the main reasons I joined AMP is because of its clear vision to support Australian small businesses, who are currently under supported by the banking industry.
“I believe our new digital solution has the potential to make a meaningful difference to the success of both small businesses and personal banking customers.”
[Related: AMP appoints new broker distribution sales manager]
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