Colonial First State (CFS) is advancing its customer support and business operations through the integration of generative AI tools. In collaboration with Avanade and Microsoft, CFS is launching AI pilot programs aimed at improving customer service, advisor support, and operational efficiency.

The AI initiatives include 'Agent Assist', a chatbot powered by GPT-4, designed to assist staff in responding to customer queries more swiftly. The tool is expected to reduce call escalations by up to 40%. Daniel Arico, CFS's Generative AI Product Owner, stated, "Agent Assist was a test of how quickly we could implement this type of tool into our business. It allowed us to leverage our learnings from FirstTech and apply them at speed, demonstrating our ability to adapt and innovate."

Another component of the initiative is 'FirstTech', a Retrieval-Augmented Generation (RAG) assistant. This tool is designed to help advisors navigate complex legislation more efficiently. The aim is to streamline the advisory process and enhance the accuracy of information provided to clients.

Additionally, CFS is employing Feedback Analysis, which utilises Azure OpenAI and machine learning technologies. This tool extracts customer insights to improve service offerings. The initiative is part of CFS's broader strategy to harness AI for operational enhancements and customer satisfaction.