CFS and Tech Mahindra in tech partnership
Colonial First State (CFS) has entered into a strategic partnership with deliver the new FirstChoice platform on Bravura’s Sonata Alta solution in conjunction with Tech Mahindra.
CFS and Tech Mahindra said the implementation of the new platform would commence in early 2023.
The investment into the platform would create a digital-first operating model with straight-through processing, integration with adviser software and portfolio construction tools.
It would also support advisers by simplifying business processes and servicing costs.
Kelly Power, CFS chief executive, superannuation, said: “The transformation of the FirstChoice platform is the next stage of the $430 million technology investment CFS is making across our business over the next four years. This will ensure that one of the largest and most highly-regarded platforms in the market becomes even better.”
Vivek Agarwal, president - BFSI, HLS and corporate development at Tech Mahindra, said: “The partnership with CFS will focus on leveraging digital tools and solutions to provide a seamless experience.
“Our proven track record from more than 11 years in the superannuation and wealth industry in Australia around the modernization and migration of IT technology platforms positions us well to partner with CFS in delivering the new FirstChoice platform.”
AUTHOR
Laura Dew
Recommended for you
Iress has announced it will divest its superannuation business as the latest step in its transformation program, allowing it to focus on wealth management.
The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March.
Following the departure of its chief marketing officer last year, AMP has appointed a successor to take up the position with the appointment coming from the US.
The Financial Services Council has appointed Justine Earl-Smith as executive director for commercial partnerships and growth, a newly created role for the organisation.
