Jahangiri: How is technology and innovation changing your customers’ insurance and wealth management consumption habits?


Barnett: Without doubt, social media as well as general online access to information and servicing is influencing the habits of consumers across a range of industries.  Many of our customers want to start the process online, do their own research, ask questions in real-time through online chat, or a call a customer service representative and then, if appropriate, visit a planner.


Customers are demanding a level of ease of use that requires making things simpler and utilising multi-channels that allow a consistent and seamless transition of their experience between phone, web and face-to-face.  A current example of a technology we are using to provide a more fluid experience is "click-to-chat" where customers can connect to a customer service representative directly to ask questions.


The second way we are looking at the impact of technology and innovation on customer habits is by educating ourselves. Through AMPLIFY, our Innovation Festival, we create a company-wide learning event open to all employees.  We draw on some of the best thought-leaders in emerging technologies and trends in the world. We look at how technology and innovation shift behaviour and impact structure, culture and habits.


Out of these festivals and through our Innovation Program, we've implemented technologies such as Yammer (a micro-blogging platform similar to Twitter but for internal use), complemented with monthly staff learning events like Social Media Cafes to experience first-hand how technology is changing communication, behaviour and expectations. This helps us to anticipate shifts and to connect the dots on new opportunities for business and customer innovation.


Jahangiri: What are your priorities for the year ahead?


Barnett: Delivering a range of business projects, a number of cloud computing pilots, and continuing our focus on improving our efficiency. The efficiency focus in 2010 is around improving our requirements elicitation process, management of our IP and leveraging collaborative technologies. Our people focus is embedding AMP's new leadership framework as well as refreshing and improving our IT career development framework.


Jahangiri: How far in advance do you formulate your IT strategy; how responsive are such plans to market changes?


Barnett: We have a five-year strategic roadmap in relation to our applications and core technologies. Our annual planning focuses on activities over the course of the next year to progress our capabilities in terms of people, process and technology to a defined set of goals and targets.


Jahangiri: What do you see as the big IT issues facing the wider financial services market in 2010/2011?


Barnett: I think the issues vary by company and sector. Many banks are managing large core platform replacement programs. Others are at different points of large integration projects following M&A. Some are doing both. As we all know, delivering such large scale change is challenging and has knock on impacts to the whole industry such as skill shortages. For wealth managers, we are preparing for potential changes arising from the various industry and regulatory reviews currently underway.


Jahangiri: How will your customers benefit from AMP’s upgrade of its online banking platform? 


Barnett: AMP Banking is an online bank so the strength of our banking platform is crucial. We are considering options for enhancing the online banking platform but we are not at a point where we are ready to discuss this in detail. 


Jahangiri: AMP stated that its recent transition to a new back office platform allowed its financial planners to spend more time with its clients. How so?


Barnett: AMP has rolled out software to our aligned planners that allows for more automation of planner's administrative functions with capabilities such as workflow, enhanced customer relationship management and enhanced automation of the advice process within the planner's practice. This allows planners and their staff more face to face time with clients.  


Jahangiri: How did AMP’s ongoing investment in business-enabled technology help steer it away from the negative impact of the global crisis?


Barnett: Compliance aside, our investments over the last couple of years have focused on revenue growth through new products or capabilities or they have focused on improving efficiency and reducing the cost base.


Jahangiri:  AMP has renewed its contract with CSC in a $300 million IT outsourcing deal spanning the next six years. What has been fundamental to CSC’s successful arrangement with AMP – a relationship that started 16 years ago?


Barnett: I believe a successful relationship is based on openness, trust, respect, communication and being able to look at issues from the other party’s perspective.  Outsourcing is no different to any other long term relationship in this regard.  


Importantly, we understand and are responsive to, each other’s drivers and objectives.  When we conduct our benchmark reviews we take into account the value for money outsourcing provides AMP in terms of flexibility, quality and price. We compare the value "package" against the market and determine the range we are prepared to operate within. Our arrangements with CSC are very transparent and we are able to compare costs along with scope of services against various market data points to ensure we are operating within competitive targets.  
We engage constructively when we have issues. And finally, we don’t let the contract get in the way!  


Jahangiri: What do you consider to be as the most innovative IT trend shaping the financial services industry today?


Barnett: I think the most significant and impactful trend would be software as a service. The industry has moved over time from a “build it yourself” to “buy” to “rent” paradigm. There is now far more emphasis on IT as an integrator in the broadest sense. We integrate the marketplace in terms of service providers, skills, software and IP.


Jahangiri: You lead the innovation charge by example, particularly with AMPLIFY – AMP’s Innovation & Thought Leadership Festival. Can you elaborate on this bi-annual event and some of the success stories that have come out of it?


Barnett: IT@AMP launched a small one-day event in 2005, which laid the successful foundation for the next festival which was themed Collaboration and Web 2.0, in 2007.  The theme this year, Convergence and Emergence, is inspired by a paper from the Institute for the Future.


We will explore new opportunities and threats emerging for financial services as well as society at large and look at the implications for our business, our customers and our own skills and capabilities.


The 2007 festival has had both direct and indirect business outcomes. For example, it has definitely driven greater focus and investment in the web as well as reinforcing the importance of the customer in the service and product design process. We have also significantly driven up our usage of the IT assets supporting business intelligence and customer insights.


It’s also been great for our employment brand and the attraction and retention of talent.


Jahangiri: What keeps you passionate about your job – the technology or the sector? 


Barnett: Both.  I love that my role is broad and straddles both the business and technology.  The significance and criticality of IT to financial services grows every year and that’s really challenging and very exciting.


Jahangiri: As one of Australia’s most seasoned technology professionals with more than 30 years' experience, you lead a team of 800 IT professionals. What skill-set do you seek out in aspiring IT protégés?


Barnett: An external focus and interest in learning together with strong execution capability. 


Jahangiri: Every IT leader, particularly at your level, has a legacy they wish to be remembered for. What is yours?


Barnett: My legacy will be a talented team of professionals working within a successful IT operating model and business partnership that is the envy of the industry. And yes, some great IT assets!