Microsoft Azure: CFS signs multi-year agreement with Microsoft for cloud and AI

Australian wealth management fund Colonial First State (CFS) has signed a five-year agreement with Microsoft for cloud computing and artificial intelligence (AI) services which will see CFS continue to use Azure as its preferred cloud provider and deploy generative AI use cases in collaboration with Microsoft and consultancy firm Avanade. 
 

“AI and cloud technologies are pivotal in our mission to help Australians achieve financial freedom,” said Jeroen Buwalda, group executive of transformation, technology, and operations at CFS.

Buwalda noted the importance of keeping a human element alongside the AI. He said: "The main challenge is that AI doesn’t always provide perfect answers, so we do need to maintain controls, keep the human at the center and adjust regulatory settings to allow its beneficial use. Despite this, I believe AI can outperform the financial advice many receive from friends or relatives, though it’s not yet at the level of a financial adviser who conducts thorough, structured analysis."

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.”