Small businesses are crucial for Canada's economy. They might just be the Canadian economy. According to a 2024 Statistics Canada report, small businesses make up 98% of employer businesses and span every sector.
But despite their importance, many small businesses don’t have access to as many resources as larger enterprises. Artificial intelligence tools might just help them do more with less.
"TD Business Banking is focused on the future, we know our clients are too. With TD's advances in AI, we're able to simplify processes and free up capacity for our bankers so they can focus on what matters most: advising clients and building relationships with clarity and human connection at the center of every experience," said Barbara Hooper, Group Head, Canadian Business Banking.
Andrew Braun, Associate Vice President, Remote Channels and Distribution Strategy, Canadian Small Business Banking Strategic Initiatives at TD sees how AI tools can help Canadian small businesses scale-up their capabilities.
Braun, whose current role bridges strategy and client engagement, first got a glimpse of an AI-powered future during the pandemic. His team at the time launched a digital application process, with the help of AI tools, to help fund Canadian Emergency Business Account, or CEBA, loans at an unprecedented pace and scale.
In the latest episode of The Banking on AI Podcast, he joins host Grant McDonald to talk about that experience as well as how he sees small business owners using AI tools today—from reducing mental load to strategy development.
He also touches on possible risks of AI and stresses that there's no one-size-fits-all approach for AI adoption among small businesses.
Listen to the full episode on Spotify, Apple Podcasts or YouTube.
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