Colonial First State pens Microsoft deal for AI, cloud ambitions
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The news: Australian wealth manager Colonial First State (CFS) has announced a new five-year deal with Microsoft, as it looks to build its cloud and generative AI capabilities to deliver better customer and employee outcomes.
The context: Under the agreement, CFS will continue to use Microsoft Azure as its preferred cloud provider. The company said it already relies heavily on Azure to help power its data estate and security infrastructure.
The agreement will also focus on ensuring CFS drives AI innovation within Australia’s wealth management sector. The company said it is a successful early adopter of Microsoft’s generative AI technologies, including Copilot for Microsoft 365 and Azure OpenAI Service, with the new deal signalling an expansion of Copilot across their workforce.
CFS is currently working on a number of generative AI use cases in collaboration with Microsoft and partner Avanade, having begun rolling out Microsoft's AI companion Copilot across its workforce in January 2024.
What they said: Group executive of transformation, technology and operations at CFS, Jeroen Buwalda, 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," Buwalda said. "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."
The source: Microsoft media release
