CFS and Tech Mahindra in tech partnership
Colonial First State (CFS) has entered into a strategic partnership with deliver the new FirstChoice platform on Bravura’s Sonata Alta solution in conjunction with Tech Mahindra.
CFS and Tech Mahindra said the implementation of the new platform would commence in early 2023.
The investment into the platform would create a digital-first operating model with straight-through processing, integration with adviser software and portfolio construction tools.
It would also support advisers by simplifying business processes and servicing costs.
Kelly Power, CFS chief executive, superannuation, said: “The transformation of the FirstChoice platform is the next stage of the $430 million technology investment CFS is making across our 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.”
Vivek Agarwal, president - BFSI, HLS and corporate development at Tech Mahindra, said: “The partnership with CFS will focus on leveraging digital tools and solutions to provide a seamless experience.
“Our proven track record from more than 11 years in the superannuation and wealth industry in Australia around the modernization and migration of IT technology platforms positions us well to partner with CFS in delivering the new FirstChoice platform.”
AUTHOR
Laura Dew
Recommended for you
Lonsec Research and Ratings has appointed a head of sales, completing the leadership team to boost its reach with financial advisers.
Allianz Retire+ has announced major leadership changes with the appointment of a new CEO and distribution heads to help expand its presence across the wealth channel.
The RBA assistant governor (business services) is set to speak at the Women in Finance Summit 2025, taking place this November.
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
