CFS announces Bravura, Tech Mahindra partnership
Colonial First State has announced a major upgrade of its FirstChoice platform via a strategic partnership with Bravura and Tech Mahindra.
The company said the partnership and transformation of the FirstChoice platform was the next stage of the $430 million technology investment CFS was making 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,” CFS superannuation chief executive, Kelly 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,” she said.
CFS and Tech Mahindra are developing the plan to deliver the new FirstChoice platform with implementation to commence in early 2023.
Power said the platform would be based on a digital-first operating model that delivered real-time customer interactions enabled by straight-through processing, integration with adviser software and market leading portfolio construction tools, including managed accounts.
“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.
Digitisation & Straight through processing ……… huh huh …….. sounds like another epic fail.
Check Macquarie Wraps last 2 years of so called Digitisation & Straight through processing. A complete and utter disaster, admin times blowing out by 10 times longer, constant admin mistakes, AI / IT systems failing to do as promised and Advisers tearing their hair out and leaving on mass.
their service standards have also noticeably deteriorated