Colonial First State (CFS) has announced an extension of its deal with technology company Microsoft to ensure it drives “AI innovation within Australia’s wealth management sector”.
CFS said it already relied heavily on Azure to help power its data estate and security infrastructure, using tools such as Azure Data Factory, Microsoft Power BI, Microsoft Defender, and Microsoft Sentinel. Under the renewed agreement, CFS will continue to use Microsoft Azure as its preferred cloud provider.
Having introduced Copilot for Microsoft 365 to its workforce in January 2024, CFS employees said in a survey that they believe the program has increased their productivity, saving them more than 30 minutes per day.
One product manager found that using it to run market analysis reduced time spent on the task by about 70 per cent. Another employee reportedly used Copilot to access a repository from a previous project proposing similar changes, saving them about “90 per cent of the effort” to complete the task.
CFS is now exploring using Azure OpenAI Service to analyse member feedback to enhance its services and member experience, to assist the CFS FirstTech technical advisory team in answering adviser queries, among other things.
CFS group executive of transformation, technology and operations Jeroen Buwalda said the partnership is key to the future of the firm.
“AI and cloud technologies are pivotal in our mission to help Australians achieve financial freedom,” Buwalda said.
“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.”
Managing director of Microsoft Australia and New Zealand, Steven Worrall, said the company is pleased to continue its work in the wealth sector.
“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,” Worrall said.
Microsoft also recently renewed its agreement with Australian life insurer TAL for another three years in July, expanding TAL’s access to new technologies, including Azure OpenAI Service, to enhance its customer and employee experience.
Speaking at the time of the announcement, TAL’s chief information officer, Hinesh Chauhan, said the partnership with Microsoft helps TAL enhance its service offerings and product solutions.
“The partnership approach allows us to benefit from Microsoft’s leading AI technologies like Copilot for Microsoft 365 while also collaborating closely to develop our own solutions for our customers, partners, and employees,” Chauhan said.
