AMP is a leading financial institution in Australia, and it provides wealth management, superannuation, financial advice, and other banking services to individuals and corporations. AMP had multiple reasons to venture into open banking. Aside from compliance with the Australian Consumer Data Right (CDR), the company aimed to modernize its technologies and capabilities, which would put it on firmer footing for the future.
The CDR aims give consumers greater access to and control over their data and improve consumers’ ability to compare and switch between products and services. It encourages competition between service providers, leading not only to better prices for customers but also more innovative products and services.
AMP reached out to WSO2 due to its strong experience working with European banks. Subsequently, WSO2 offerings ranging from API management to analytics were seamlessly adopted with existing IT systems ahead of the deadline. With a vision to empower their platform and be recognized as a trusted partner in finance, AMP’s adoption of open banking positions them to improve their overall agility and foster innovation. Watch the video to discover how WSO2 Open Banking helps AMP achieve its goals.
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