Dating back to the 1800s, AMP began life as the Australian Mutual Provident Society and started providing life insurance policies in 1854. From these early days AMP has grown into a highly efficient large-scale organisation. Today the business provides customers with financial products and services, directly and through one of the largest networks of financial advisers in the country. In 2018, AMP was the fourth-largest KiwiSaver Scheme provider with 10% of the total KiwiSaver market and approximately 225,000 customers.
The New Zealand KiwiSaver scheme is a savings initiative to help Kiwis get set up for their retirement. Members who invest up to $1,042.86 each year, recieve a Government contribution of $0.50 for every dollar – a potential contribution of $521.43
1.1m members each year miss out on the full contribution because they haven’t paid in at least $1,042.86 anually. Inland Revenue research suggests that 62% of those who didn’t receive the full amount would have paid more and paid before the deadline had they been aware.
AMP recognised that there was more they could do to help members of the scheme, in particular by providing online payment options to make it quick and easy for clients to top-up their accounts.
Until now this could only be done over the phone or via the post.
Our team have a long working relationship with AMP delivering mobile and ecommerce solutions and they were aware of our track record delivering innovative payment solutions using Bambora and PushPay. We work closely with each client, working within the business to ensure we deliver effective, affordable solutions within client timeframes.
Working with AMP we identified the most appropriate payment provider – one which could meet all AMP’s payment and regulatory requirements. We then delivered a business analysis, assessed the website architecture requirements and designed a suitable user interface (UI).
Leveraging headless CMS and AWS Serverless technologies we were able to provide a cost-effective, highly scalable solution to AMP within 4 weeks. The platform offered fully integrated Direct Debit top-ups powered by Bambora and we worked with AMPs mobile development partners to integrate the portal into the MyAMP mobile app.
Flywheel now host, manage and support the payment integration platform on an ongoing basis with realtime monitoring and alerts.
The new platform allows AMPs customers to make KiwiSaver contributions quickly and easily online and through the MyAMP app.
AMPs marketing team are able to include direct links in outgoing emails to remined customers to top-up online which has resulted in a significant increase in both the number of top-ups and the total funds managed through the scheme.