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AI to power TD's digital customer experiences

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Artificial intelligence powered by Layer 6, the AI division of TD, to empower customers with personalized experiences across the Bank's digital channels, beginning with top-ranked TD mobile app

TORONTO, Oct. 31, 2019 /CNW/ - TD Bank Group (TD) today announced that artificial intelligence (AI) will be used to deliver more personalized, contextual advice and information to its customers through a new experience currently called MyTD. While still in the test phase, the experience will leverage the predictive capabilities of Layer 6's AI models to empower customers to make financial decisions with confidence.

"As more of our customers engage with us through our digital platforms, we are evolving to provide more personalized experiences across all our channels, and the MyTD experience will be a significant evolution of our digital customer journey to date," says Rizwan Khalfan, Chief Digital and Payments Officer, TD. "Combining the power of AI with our mobile app will help us anticipate customers' needs so we can provide the right information at the right time in a seamless way – with the goal of helping customers feel more confident about their financial decisions."

The vision for the MyTD experience is to provide customers with proactive, personal and contextual information. The experience will seek to combine data about monthly spending patterns and account balances with machine learning to empower customers with the knowledge to help them manage their finances. The goal will be to provide actionable insights, personalized for each customer, to help them make informed financial decisions.

An example of the capabilities being tested is an AI-powered balance predictor tool that would prompt customers when they have upcoming bills and then proactively offer tailored advice and financial options designed to help them cover their expenses.

"AI is ultimately changing the way we are able to interact with our customers and allowing us to deliver more personalized experiences that weren't possible in a purely digital format," says Tomi Poutanen, Chief AI Officer, TD. "The MyTD experience will be where the customer benefit from AI will be most visible and impactful."

The evolution of the TD mobile app

The creation of the MyTD experience is part of an ongoing effort by TD to create personalized, digitally-enabled experiences to help customers build their financial confidence. The journey began with TD MySpend that offers real-time spend tracking and financial goal-setting, allowing customers to see and track their spending on TD accounts in real-time.

TD Clari, the AI-powered chatbot TD launched earlier this year, is helping to empower customers with in-the-moment personal spending insights by leveraging Kasisto's conversational artificial intelligence platform.

According to App Annie, Silicon Valley-based mobile data and analytics firm, TD is consistently ranked #1 among top retail banking apps in Canada.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by branches and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 13 million active online and mobile customers. TD had CDN$1.4 trillion in assets on July 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD Bank Group

View original content: http://www.newswire.ca/en/releases/archive/October2019/31/c4175.html

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