Colonial First State have signed a five-year agreement with Microsoft that will strengthen the company’s use of cloud and AI technologies.
CFS will continue with Microsoft Azure as its cloud provider under the agreement.
The agreement will focus on ensuring CFS improves AI development within the Australian wealth management sector.
The company is working with Microsoft on several generative AI uses. These include:
- Using Azure OpenAI Service to analyse member feedback to enhance services;
- Using Azure Open AI Service to assist the CFS FirstTech technical advisory team to quickly 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; and
- Microsoft Power Platform’s AI Builder, Power Automate and Power BI tools to analyse insights from feedback provided by financial advisers who work with CFS.
CFS is already an adopter of Microsoft’s AI technologies, such as Copilot. Copilot was introduced to a pilot group in January 2024, with 75 per cent of employees now having access.