CFS announces ‘transformation’ of FirstChoice platform

Colonial First State (CFS) has unveiled major technology upgrades to its FirstChoice platform with the aim of delivering significant benefits for advisers, employers and members.

Described as a digital-first operating model, CFS said that the platform will deliver real-time customer interactions enabled via straight-through processing along with market leading portfolio construction tools that include a first-class, managed accounts user experience.

“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,” said Kelly Power, CFS CEO Superannuation.

According to CFS, the new and enhanced platform will support advisers by simplifying business processes and servicing costs. It will also provide real-time tracking of applications and transactions, instant reporting capabilities and additional investment options.

Additionally, the platform will feature a new employer portal completely integrated with clearing house, improved employer support and reporting, and simplified employee maintenance which will be underpinned by straight-through processing capabilities.

CFS said that it has entered into a strategic partnership to deliver the new FirstChoice platform on Bravura Solution’s Sonata Alta in conjunction with Tech Mahindra.

The transformation marks the next stage of the $430 million technology investment that CFS has previously flagged it is making across its 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,” said Ms Power.

“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 plan to deliver the new FirstChoice platform is currently being developed by CFS and Tech Mahindra with implementation set to commence early next year.

“The partnership with CFS will focus on leveraging digital tools and solutions to provide a seamless experience,” said Vivek Agarwal, president - BFSI, HLS and corporate development, Tech Mahindra.

“Our proven track record from more than 11 years in the superannuation and wealth industry in Australia, around the modernisation and migration of IT technology platforms positions us well to partner with CFS in delivering the new FirstChoice platform.”

In July this year, CFS announced the appointment of its new CIO along with the launch of the FirstWrap mobile app. More recently, the firm launched a new people and culture platform.

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.