Colonial First State (CFS) is harnessing generative artificial intelligence (AI) with Avanade and Microsoft to enhance customer service and operational efficiency. Transitioning from AI experimentation to practical applications, CFS has introduced several pilot projects, including a GPT-4-powered chatbot for customer inquiries and a Retrieval-Augmented Generation (RAG) assistant for advisors. These innovations aim to streamline wealth management for over three million customers.
Key projects include the Agent Assist, which improves response times and cuts escalations by up to 40%; the FirstTech RAG assistant, aiding in complex legislative navigation; and a Feedback Analysis tool leveraging Azure OpenAI for service enhancements.
CFS emphasizes learning through their AI journey, guided by employee enthusiasm and collaboration with experts. With 75% of staff using Microsoft Copilot, CFS reports improved workflows and customer outcomes. The company plans to expand its AI Centre of Excellence for further integration of generative AI in operations, focusing on enhancing both customer and employee experiences.
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