CFS plans increased AI usage in wealth management
Colonial First State (CFS) has announced a five-year agreement with Microsoft to underpin the firm’s use of cloud and artificial intelligence (AI) technology in wealth management.
The agreement will focus on ensuring CFS drives AI innovation within Australia’s wealth management, having already adopted Microsoft’s Copilot and Azure OpenAI Service in a pilot program back in January 2024. With the new deal inked, it will now expand Copilot across the CFS workforce.
According to survey data, all pilot group users believed that Copilot made them more productive, with 40 per cent saving more than 30 minutes per day. Uses by staff in the pilot included running market analysis and speeding up proposal development for process changes.
It will also continue to use Microsoft Azure as its preferred cloud provider to help power its data estate and security infrastructure.
Planned use of AI within wealth management include:
- Using Azure OpenAI Service to analyse member feedback and gain insights by identifying specific themes and patterns to enhance services and overall member experience.
- Using Azure Open AI Service to assist the CFS FirstTech technical advisory team to quickly locate information from their extensive library of superannuation legislation to answer questions from financial advisers.
- Using Azure Open AI Service to identify ways in which AI can assist CFS contact centre agents by providing faster access to information.
- Microsoft Power Platform’s AI Builder, Power Automate and Power BI tools to analyse and extract insights from feedback provided by financial advisers who work with CFS.
Jeroen Buwalda, group executive of transformation, technology and operations at CFS, said: “AI and cloud technologies are pivotal in our mission to help Australians achieve financial freedom. Our extended partnership with Microsoft places us in a strong position to harness these technologies. It will enable CFS to identify new and innovative ways to deliver enhanced services for our members and the financial advisers we work with.”
Steven Worrall, managing director at Microsoft Australia and New Zealand, said: “We’re very excited to strengthen our partnership with Colonial First State. Together, we will continue to drive innovation in wealth management and the broader financial services sector.”
AUTHOR
Laura Dew
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
