Colonial First State (CFS) is the fund management arm of the Commonwealth Bank of Australia (CBA). As one of Australia's leading wealth management groups, CFS provides investment, superannuation, and retirement products to individuals, and corporate superannuation to employers.
CFS’ corporate actions processes were supported by disparate legacy systems. The company was looking for a
solution that would support the end-to-end corporate actions value chain, especially around process management, record keeping, downstream processing, and integration with external parties such as custodians and fund managers.
TCS BaNCS for Corporate Actions was chosen due to its high flexibility, open architecture, and modern design.
TCS BaNCS helped CFS achieve its business objectives of high STP rates, automation of corporate actions processes, and scalability. CFS has also achieved the following business outcomes:
- Improved operational efficiency and productivity
- Reduced IT complexity and risks
- Enhanced agility
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