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
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
