Here is MY advice to AMP on how to improve their position in the market;
1. Focus on banking not just wealth management.
2. In regards to banking open some f&cking branches, get some market penetration. I know where all locations of branchesof various banks are, would need to use google to find even one for AMP. Typein AMP branch Sydney, get a bunch of corporate offices.
3. Product differentiate..how? Zero monthly accountfees over $10 or $20k. The $10 monthly account keeping fee (which is neither herenor there for me) but for many is pain, is a cheap money grab by banks. NAB at present is only one with no fee. Givenit is done by all other banks now, any bank that promoted no fees would promotepeople deposit and save with the bank. With $10 or $20k min deposit, it strikesright balance between giving service for free, and not setting threshold overlyhigh. In the broader sense there is ingrained public perception now that all banksmove as one, in other words are all carbon copies of each other, a bank dosomething/anything different would be refreshing. Imagine typing into google AMP and instead of first search results being RC, class action etc, you got lowest account fees, largest number new savings accounts last qrtr, significant growth on it's loan book etc.
4. Complete revamp of their online banking, from what I’ve read it is sh^t.
5. Faster, more reliable telephone customerservice, getting through to anyone is slow AF. Do not use Indian staff membersto take calls, or others whose English is difficult to understand. When I have to say “N for November…” just tocommunicate, it is annoying AF and wastes people's time.
6. Appoint a notable person to the board of AMP,someone either with a legal or political background, Order of Australia holder, ex Olympian, a personwhose reputation is impeccable. Another slant could be the concept of a "winner". Couple that with a new slogan and advertising incorporating the said individual and slogan. Someone who can aid in delivering message tosuper fund holders that AMP can be trusted with your super.
I googled 'AMP slogan"...result..."Amicus certus in re incerta" (latin for).."a certain friend in uncertain times". This needs a revamp, the latin bit sounds like something grafted from a private school blazer ...blended with (quote oddly)...something which has a aire of bearish sentiment ("uncertain"). I don't think something which has a tone of fear embedded spurs one to invest. Also the phrase "a certain friend"...conveys (paradoxically) a passive tone...kind of like a shoulder to cry on, or someone to talk to when you are feeling down. People want something that will fight for their cause at ALL TIMES, parting with one's money and entrusting to someone else needs a positively aggressive element in favour of the investor, especially in uncertain times.
Suggestions on the fly;
Imagine instead Dawn Fraser being part of a future AMP ad. See video link below, shows Dawn Fraser 1960 Rome Olympics, first woman to retain swimming gold, also only one of four swimmers in the world to have won olympic gold for the same event at three successive Olympics. Only three other swimmers in history Michael Phelps, Kristina Egerszegi and Katie Ledecky have replicated.
https://www.youtube.com/watch?v=LHcj3bPk_SA
The concept of "first" could be the focal point...AMP is Australia's first pension fund (since 1885). Dawn Fraser is Australia's first and (to date) only triple gold medallist for same event at three olympics. Be part of Australia's first super fund/wealth manager...That's one idea..Im sure you still have people in marketing who can refine.
7. Completely revamp Super fund scheme, provide no exit fees, reduced fees for first 2 years on new account holders, again something to differentiate.
8. Have an innovative phone app or net portal feature for super fund holders that enables them to be able to check, update contributions etc easily.To me any AMP exec reading this would laugh and be like,look at the clown giving us advice! It is precisely that attitude why investors have dropped their shares in the business, and super fund holders have exited in droves.The rest well, do the above see what happens. I will send the invoice to AMP for my advice later!
(20min delay)