As part of Colonial First State’s $430 million commitment to technology upgrades, the platform provider will partner with Bravura Solutions and Tech Mahindra to enhance FirstChoice.
FirstChoice will be incorporated onto Bravura’s superannuation fund administration tech platform Sonata Alta.
The partnership aims to simplify the FirstChoice platform’s business processes and servicing costs, while offering real-time tracking of applications and transactions, instant reporting capabilities and more investment options.
CFS and Tech Mahindra are developing the plan to deliver the new FirstChoice platform, with implementation to commence in early 2023.
CFS Superannuation chief executive Kelly Power said the transformation of the platform is the next stage of the $430 million technology investment being made across the 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,” Power said.
“This is a significant and important next step which will enhance the FirstChoice offering with best-in-class technology providers delivering market leading cloud native technology and services to employers, members and advisers.”
The new digital-first operating model will offer real-time customer interactions, integration with other adviser software, and managed accounts and portfolio construction tools.
“The new platform will integrate seamlessly with adviser software to create even higher levels of efficiency and ease of doing business, helping to lower the cost of providing financial advice and making it accessible to more Australians,” Power said.
Making FirstChoice the first choice
The hard work CFS has put into the platform has already paid dividends with the platform being the number one rated for overall satisfaction in the 2022 Wealth Insights Service Level report in May.
Upon that news, CFS chief distribution officer Bryce Quirk told Professional Planner all advisers asked for was the firm’s platforms to be easier to use.
“They just wanted us to be easy to do business with and there has been a concern through advisers, either through underinvestment or decision-making, within our business that we had become quite difficult to do business with,” Quirk said.
In February, the organisation announced it is creating a new wrap platform with the planned launch for late 2022.
