AMP is the latest wealth group to upgrade its online capabilities and introduce new features to its web services, which it said will make it easier for customers to navigate the website and take control of their finances.

These features include a series of educational videos explaining the various broad concepts of superannuation and insurance options, and tailored content targeting people at different life stages.

"The new AMP online experience aims to facilitate this process by educating people on super and insurance, assisting them to set retirement goals, and arming them with options that allow them to take action," said AMP director of business marketing, Cam Cimino.

Improvements have also been made to the My Portfolio customer section, which include a retirement simulator, insurance needs calculator, and customer-specific educational content.

"The Retirement Simulator gives customers a glimpse into their retirement future and some options for improving this future. Customers can save their results and review and use them to start a discussion with a financial planner. And if and when changes happen in life, they can come back, adjust the numbers and update projections," explained Cimino.

Customers can also set up SMS or email alerts and reminders on specifics such as checking the performance of a fund or to update their beneficiaries.

Another feature added to My Portfolio includes a projection of super balance and goal tracking, whereby customers can track their current super balance against their desired retirement goal.

"The improvements to both the AMP website and My Portfolio give AMP customers more control over their retirement goals by providing them with insight into what the future might look like and some of the things they can do to help them achieve their retirement lifestyle aspirations," said Cimino.

The expansion of online tools in the wealth sector follows the rapid pace of change in retail banking in Australia.

Commonwealth Bank under chief information officer Michael Harte has taken the lead in online mobile services, which saw the bank launch the world-first real time peer-to-peer mobile payment facility, Kaching last year.