TD Recognized by Business Intelligence Group for Excellence in AI Innovation for Second Consecutive Year
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The Bank received two Artificial Intelligence Excellence Awards for providing customers with innovative AI-powered experiences
TORONTO, April 21, 2022 /CNW/ - TD Bank Group (TD) has been honoured for innovation in artificial intelligence (AI) through the 2022 Artificial Intelligence Excellence Awards, a program established by the Business Intelligence Group recognizing organizations, products and people who are using AI to solve real world problems.
TD was awarded twice this year: first in the Product category under Intelligent Agent, for the AI-powered digital experiences launched within the Bank's mobile app. These experiences provide users with more in-app personalization based on their behaviour and transactions. The second award was in the Organization category under Machine Learning, for Layer 6, the AI division at TD that helps pioneer the delivery of responsive, personalized, and insight-driven experiences for the Bank and its customers.
"We remain steadfast in our goal to deliver digital experiences to our customers that are rooted in solving their unique needs," said Rizwan Khalfan, Chief Digital and Payments Officer, TD. "As we continue to expand on our use of artificial intelligence across the Bank, we are focused on creating new and innovative solutions that provide increased value for our customers."
In November 2020, TD launched AI-powered digital nudges, engineered by Layer 6, within the Bank's Canadian mobile app to help support cashflow management for personal banking customers through several predictive insights into their upcoming transactions. TD has continued to expand on these experiences to offer personalized insights and guided self-serve options based on customers' transaction history. These insights aim to offer proactive guidance to help customers intuitively complete an action without having to search within the app or navigate to the external site.
TD acquired Layer 6 in 2018, a globally recognized leader in machine learning and predictive analytics, to help increase the rate of AI adoption across the Bank's businesses. TD now 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. For 2022, TD is on target to launch over 30 live use digital insights designed to offer proactive guided customer experiences within the mobile app.
At the beginning of this year, TD furthered its efforts to help advance the use of artificial intelligence in financial services and help support the development of top AI talent in Canada by extending its sponsorship of the Vector Institute, an independent non-profit research facility for AI, to 2027. Through the Layer 6 AI research lab, TD remains actively engaged in three core Vector workstreams focused on talent support, industry-focused AI training programs, and applied AI projects.
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 centers 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$1.8 trillion in assets on January 31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group