Canada has built one of the most robust and competitive innovation ecosystems in the world. The country is home to world-class research, top-tier talent, and a vibrant startup community. Companies here are working to solve real-world challenges in healthcare, education, and finance.
Of course, innovation doesn’t happen in isolation. It thrives in strong, collaborative ecosystems, relationships, and cross sector collaboration. As Canada continues to build on its strong global leadership in responsible artificial intelligence (AI) and digital transformation, these collaborations will only grow in importance.
TD is positioning itself to meet this challenge. Our approach to digital banking is customer focused. It begins with a seamless onboarding process, and focuses on nurturing trust, which is built on the understanding of a customer’s behaviours and needs, to deepen the relationship with them.
We are focused on hiring the best talent and fostering a culture that is diverse and inclusive to empower our colleagues to bring their full selves to work, enabling them to help deliver the best products and solutions for our customers.
More than ever before, the world needs Canadian innovators to step up and play a leading role in the development of these world-changing technologies. The human element of trust will be critical as we look to shape the future of a world where AI is woven into the very fabric of our lives.
TD approach to innovation
TD uses AI to simplify, empower, and elevate human experiences.
We view AI through a lens that enables us to empower colleagues and drive more personalized experiences so that we meet our customers where they’re at and where they’re going.
Generative AI’s rapid data processing capabilities allow banks to quickly adapt to market changes, provide tailored financial advice by harnessing data, and improve operational efficiency and knowledge.
Just as the internet and mobile banking redefined customer expectations and service delivery, AI is now setting new standards for speed, accuracy, and personalization in the banking sector.
Because of the rapid pace of innovation in the AI space, it’s hard to predict exact timelines for new developments, but we tend to view our AI journey through three key streams that can help change TD.
First, we see AI technologies empowering and elevating colleague contributions, so that they can better serve our customers. Layer 6 – our world class, in-house AI development and research lab that we acquired in 2018 – has developed tools that are already enabling colleagues to harness data to help us make real-time decisions that support customer financial well-being, with everything from proactive fraud alerts to personalized investing insights.
For example, if we forecast that a customer may not have a sufficient balance to cover their monthly expenses in a given month, we can nudge them with an actionable insight, like for example, transferring funds from another account, so they can manage their finances proactively. We also recently launched a GPT-powered knowledge engine in our contact centers. This tool equips our contact centers with expediency and efficiency for a seamless customer service experience. These integrations help augment the colleague workflow so our colleagues are able to focus on offering relevant, informed advice and growing relationships with our customers.
Finally, we believe in automation. Automating simple tasks can provide us with the opportunity to focus more on high-value, creative and strategic work. AI is going to reset the productivity bar.
Working together to find the way forward
But we can’t do it alone. That’s why TD has developed relationships with community and key innovation organizations – such as Vector Institute, Creative Destruction Lab, and Plug and Play – to gain insights, collaborate and share best practices on how to make our digital offerings more accessible and equitable.
We also know that innovation can come from any area of the Bank, which is why we have empowered all colleagues to bring forward their ideas through iD8 – an internal crowdsourcing platform, which topped more than 100,000 ideas submitted with over 10,000 ideas implemented since 2019.
TD also has a material patent portfolio – with more than 2,500 patent files (800+ in AI). TD remains the #1 patent filer among financial institutions in Canada.
Our innovation extends beyond financial services, as we are committed to making a meaningful impact in people’s lives, including through healthcare innovations that improve access, and overall well-being. One example that’s especially close to my heart is our collaboration with Wellspring – a leading organization in Canada supporting cancer patients. Through the TD Ready Commitment in 2022, the Bank provided $600,000 to help develop a digital platform to expand access to critical resources and support services. The “Virtual Centre for Cancer Support brought to you by TD” platform now helps upwards of 10,000 individuals and families dealing with cancer each year.
Striking a balance between innovation and humanity
TD serves more than 15 million customers in Canada. More than 90% of our customers are using digital. Customers are reshaping expectations. Banking today is more than transactions, it is about a relationship based on trust by making it easy, being helpful and being human. Customers want clear steps, easy tools, and quick help when they need it.
As we continue on our AI journey, there will be tools that help developers create code faster, help personalize content and provide front-line colleagues with the deep and important information they need to have personalized conversations with customers.
I think there is a harmonious imperative we need to strike between innovation and humanity. The basic principle that I’d offer is that innovation must reflect empathy. We’re focused not only on what we can build, but how it serves the lives behind the screen.
As I mentioned earlier, we’re focused on creating uniquely human digital experiences – experiences that feel seamless. The result is meeting people where they are and growing with them. It’s personalization, rooted in trust.
Keeping the human element of trust and relationship as one of our main focuses, while leveraging AI and data to help deepen customer relationships and provide personalization. This is how we strive to ensure our customers have the ability to move forward with confidence.