- “A November study by Accenture of more than 47,800 global banking customers, 2,000 of them Canadian, showed only 15 per cent had used bank video calls before Covid-19.
- Now 46 per cent said they would use video calls when branches reopen and 35 per cent would prefer them to a face-to-face meeting.
- Only 34 per cent of Canadians in its survey said they trust banks “a lot” to look after their long-term financial well-being, compared with 47 per cent two years ago.”
“Like its peers, TD had been investing heavily in technology—including AI applications—prior to the pandemic, in an effort to deepen relationships with clients. For example, the bank partnered with fintech Kasisto last year to leverage its conversational AI platform and integrate a chatbot into the TD mobile banking app.”
- “TD Bank, which brands itself as “America’s Most Convenient Bank”, is now the 8th largest U.S. bank by deposits and the 10th largest bank in the United States by total assets.
- Rhodes refers to TD as a “165-year old growth company”, noting that the bank has a long tradition of being deeply ingrained in the communities it serves.
- Rhodes leads the firm’s innovation and technology functions, which include enterprise digital and data capabilities. His direct reports include a Chief Digital Officer and Chief AI Officer, as well as responsibility for the Chief Data Office.
- To accelerate their digital transformation, TD acquired in January 2018 a leading-edge AI firm, Layer 6 in a move which was characterized by The Wall Street Journal as “aimed at bolstering the Canadian bank’s artificial intelligence expertise”
Group Head, Innovation, Technology, and Shared Services
- “TD Wealth, the wealth management unit of Toronto-based TD Bank Group, is one organization that isn’t content to think wishfully about this sort of cultural change. It created a program called WealthACT—for “Accelerate Change through Technology”
- It wasn’t just “industrial tourism;” participants had various assignments throughout the five-month program and even participated in a hackathon to develop new apps.”
Thomas H. Davenport
“One of the features that is currently being tested is an AI-powered balance predictor tool that would notify customers when they have upcoming bills, and then offer proactive tailored advice. “It uses intelligence to determine that the customer has an upcoming payment,” Imran Khan, the vice-president of digital customer experience at TD, told MobileSyrup.”