What does it really take for a bank to build a relationship with an Indigenous community?
If that bank is TD, it sometimes starts with a colleague hopping in the car, getting on a plane, or boarding a boat.
"I’m clear with my team this work requires a willingness to travel, because our relationships are built in community,” said Doris Bear, Vice President, Indigenous Banking at TD.
“Our work is grounded in community and being present matters. Being there, listening, and learning firsthand is central to the role.”
The goal is to take the time to build meaningful relationships and listen to understand how the Bank can best support what are the community’s priorities. How the relationship can deepen and grow will depend on what the community needs and what the Bank can offer, Bear said.
"We're focused on establishing a relationship before we do anything. We're learning the community's history. We're starting by making sure we get names of people and places right," said Pheroz Austin, Associate Vice President, Eastern Canada, Indigenous Banking, at TD.
"But we go deep by trying to understand what kind of economic prosperity they want to create and how they can sustain their way of life and protect their culture for the future. We're there to listen for the long-term because we know not all the needs of a community can be solved in one day, one quarter, or even one year."
Why access to banking is part of reconciliation
Economic reconciliation is about removing barriers and working to ensure fair access to the financial tools Indigenous Peoples need to support their families and communities, no matter where they live, Bear said.
At TD, it means offering low-cost and no-cost bank accounts, regardless of where people live.
The Bank works with Indigenous communities to support housing, education, and community-owned enterprises aligned with long-term community priorities. This includes supporting individual home ownership by providing advice to those who want to know more about how to obtain financing to build, renovate, or buy a home in their community or on their reserve through the TD First Nations Home Loan Program.
It also includes supporting the community with economic development opportunities by providing financing for infrastructure projects.
"When I spend time in community, I’m mindful that there are many voices," Bear said. "The participation and leadership of Indigenous Peoples is central to reconciliation.”
“Beyond banking, we support education and community-led initiatives through scholarships and community funding as part of our broader work to reduce systemic barriers and support more equitable economic outcomes."
The TD Scholarship for Indigenous Peoples program, managed by AFOA Canada, offers 25 scholarships annually – worth up to $60,000 over four years – to post-secondary students who are members or citizens of a First Nation, Métis or Inuit community.
Part of the scholarship program are summer internship opportunities at TD, which can lead to a full-time career at the Bank.
Organizations from Indigenous communities can also apply to receive funding through the Bank's corporate citizenship platform for programs that promote early learning, enhance financial education, support equitable health outcomes, and celebrate Indigenous culture. TD supports several non-profits led by Indigenous Peoples that are helping to meet the needs of their communities.
At the same time, Bear said many colleagues back inside TD branches and offices are doing their own work to unpack their approach to Indigenous banking, shift policies, and reduce systemic barriers.
Strengthening participation from Indigenous communities in the economy
The Bank’s framework for serving Indigenous Peoples, organizations, businesses, and communities is driven in part by the Truth and Reconciliation Commission of Canada's Calls to Action – specifically number 92.
This Call to Action is about creating change around corporate policy and economic prosperity for Indigenous Peoples.
In practice, this means the Indigenous Banking team at TD is educating colleagues about why they need to intentionally consider the perspectives and needs of Indigenous communities when they're drafting policies and creating new products, Bear said.
"Many policies in corporate Canada were created without the voices of Indigenous Peoples," Bear said. "It's that education around Indigenous Peoples and communities that needs to influence our decisions."
The goal is to try to avoid launching a policy or new initiative about Indigenous Peoples without the input of Indigenous Peoples, Austin added.
In support of Call to Action number 92, TD is making products and services more accessible to remote clients in Indigenous communities to support the advancement of their economic prosperity.
The Indigenous Banking team worked with the Canadian Personal Banking team to bring remote account opening to communities where popping into a branch with a piece of identification just isn't possible for most residents. (Although the Bank has four on-reserve branches).
Searching for ways to support
Much of the new Indigenous Banking business comes to TD by word of mouth.
The work is personal for Bear, who grew up in Peguis First Nation in Manitoba, and can sometimes feel heavy.
"I grew up in my community and I know what it's like not to have the infrastructure that so many people take for granted. I am committed to always working towards the betterment of Indigenous Peoples,” she said.
The positive impact in Indigenous communities that comes from enabling access to capital speaks for itself, Bear said.