The future of banking is about data-driven services

When it comes to banking, technology is helping people manage their finances when, where, and how they want. The bar has been raised when it comes to how fast consumers expect to be able to connect with their accounts, make transactions, and move on with their day.

As TD looks for new ways to connect with its customer base that now spans over 25 million customers across North America, the Bank is making a big bet on personalization. Central to TD’s strategy is harnessing the power of data and artificial intelligence (AI) to create personalized and connected experiences for its customers — experiences that are extending well beyond traditional notions of banking.

Rizwan Khalfan, TD’s chief digital and payments officer, says the Bank now processes over a billion digital transactions each year as it continues to offer customers new ways to transact online and through its mobile apps. When it comes to digital adoption, across iOS, Android and desktop, TD currently has more than 13 million active online and mobile customers in the United States and Canada.

“We are focused on re-imagining the banking experience and seamlessly connecting with our customers across our digital and physical platforms so we can exceed their needs and expectations,” says Khalfan. “We are innovating in ways that bring the whole bank to our customers and that helps them live their lives.”

Helping customers navigate buying their first home is an important focus of TD’s mobile innovation strategy. To help create a more connected experience for homebuyers, AI and geolocation technology within the Bank’s mobile app are helping the Bank create curated content and services for customers based on where they’re located in that moment.

For example, a customer could be taking a walk in the neighbourhood they’re thinking of moving into, or they could be in an entirely new city, and through the TD mobile app they can quickly find the closest TD branch or connect with a local mobile mortgage specialist.

The demand for personalized digital experiences is only growing. TD’s MySpend app, which helps customers track their spending, sits at the top of the finance category in both the Canadian App Store and the Google Play Store, with the app racking up over 2 million users across both major mobile operating systems.

Khalfan sites the Bank’s launch of TD Clari last year as another example of how TD is putting its customers at the centre of its innovation strategy. Rather than a standard chatbot, TD Clari uses a customer’s own data and harnesses the power of AI to offer real-time, personalized information.

“The potential of customer-centric, data-driven services is enormous. Our goal is to innovate in ways that empower our customers with highly personalized, digital experiences that can help them make financial decisions with confidence.”

Fun Fact! TD’s Clari’s personality was created by a team of Hollywood screenwriters, and combines conversational AI technology with a human-like charm.

As TD looks to innovate outside the boundaries of traditional banking, the TD Wheels app that launched in December, has become an industry-leading mobile experience that lets prospective car buyers search for vehicles and prequalify for financing. Customers can share their information with a dealer of their choice before even entering the dealership, estimate their monthly payments and determine their current vehicle’s approximate trade-in value.

“The potential of customer-centric, data-driven services is enormous. Our goal is to innovate in ways that empower our customers with highly personalized, digital experiences that can help them make financial decisions with confidence, says Khalfan.”

MobileSyrup utilizes affiliate partnerships, and at times we include these links in our posts. These partnerships do not influence our editorial content, though MobileSyrup may earn a commission on purchases made via these links.