TD builds on commitment to advance AI with early renewal of Vector Institute sponsorship
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Collaboration to support Vector in building a robust artificial intelligence ecosystem in Canada
TORONTO, Jan. 26, 2022 /CNW/ - As part of TD Bank Group (TD)'s continued effort to help advance the use of artificial intelligence (AI) in financial services and support the development of top AI talent in Canada, the Bank has extended its sponsorship of the Vector Institute (Vector), an independent non-profit research facility for AI, to 2027. The Bank's extended sponsorship will include funding to help support Vector's research initiatives plus providing dedicated AI talent from TD to participate in Vector-led projects.
TD is a founding sponsor of Vector and through Layer 6, TD's AI research lab, the Bank has been actively engaged in three core Vector workstreams focused on talent support, industry-focused AI training programs, and applied AI projects. Through Vector, TD also continues to develop and grow the AI talent pipeline with the Bank having hired 57 AI specialists through the Vector network to date, while also participating in a variety of joint projects through Vector that support professional development for those in the field of AI.
"AI is helping to transform the financial sector, and at TD, we're adopting AI to help build meaningful relationships with our customers and to help improve internal processes so that our colleagues' experiences are enhanced," said Tomi Poutanen, Chief Al Officer, Layer 6, TD Bank Group. "We are pleased to continue our collaboration with Vector to help support their development of AI Canadian talent and their research initiatives that support the advancement of AI."
TD has built an AI ecosystem through the Bank's extensive AI network, consisting of in-house talent, relationships with academia, work with Fintechs, and investment in organizations like Vector. TD currently has AI use cases applying to every line of business within the Bank and continues to identify areas where machine learning can help support the customer experience and evolve current processes.
Vector's mission to develop and sustain responsible AI-based innovation to help foster economic growth and improve the lives of Canadians, is aligned with the Bank's desire to adopt AI to help deliver value to and build trust with its customers.
In 2019, TD convened an industry-wide conversation on best practices on the responsible use of AI in financial services, engaging a cross-section of AI experts for a roundtable to explore the unique opportunities and challenges facing the financial sector. The findings were published in the report, "Responsible AI in Financial Services."
"We are thrilled that our sponsorship with TD has been extended as we work towards supporting Canada's innovation ecosystem through AI research, education, and leadership," said Garth Gibson, President and CEO, Vector Institute.
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 assets and serves more than 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 The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on October 31, 2021. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About Vector Institute
Launched in 2017, the Vector Institute works with industry, institutions, startups, and government to build AI talent and drive research excellence in AI to develop and sustain AI-based innovation to foster economic growth and improve the lives of Canadians. Vector's Three-Year Strategy aims to advance AI research, increase adoption in industry and health through programs for talent, commercialization, and application, and lead Canada towards the responsible use of AI. Programs for industry, led by top AI practitioners, offer foundations for applications in products and processes, company-specific guidance, training for professionals, and connections to workforce-ready talent. Vector is funded by the Province of Ontario, the Government of Canada through the CIFAR Pan-Canadian AI Strategy, and industry sponsors.
SOURCE TD Bank Group