When the bank cut the ribbon on its first innovation lab store format one year ago, TD's Store Transformation and Innovation team had high aspirations for the role it would play in advancing TD's innovation journey. The lab – dubbed TD Workshop – is a fully-functional store, research lab and community center that sits within Philadelphia's University City district, a location primed with opportunity to engage a diverse set of customers, including college students from nearby universities.
In its first year, TD Workshop hosted 88 research sessions and community events for over 1,000 attendees, and earned top honors on Global Finance Magazine's list of the World's Best Financial Innovation Labs, along with TD Bank Group's TD Lab. From testing new digital signage to hosting coding workshops, the space quickly became a destination for colleagues and community members to gather and ideate.
Several of the research concepts were explored by Colleague Influencers, a group of Pennsylvania, New Jersey and Delaware store colleagues who work with TD's line of business (LOB) teams to gather feedback on colleague experiences. One service examined by the group included video banking, an option more recently utilized in healthcare to allow individuals the access to professionals from the comfort of their homes.
Although TD Workshop sits in a retail setting, the team is focused on exploring innovations across all LOBs and multiple channels.
TD's U.S. Digital team hosted a customer focus group to measure various tasks on the TD Mobile app and Online Banking. They hope to use these findings in future releases to enhance user experiences. Additionally, the team recently used TD Workshop to experiment with virtual and augmented reality to create enhanced customer experiences. On the Consumer Deposit Product and Payment side, the LOB worked with the Colleague Influencers to gather suggestions for adding new self-service capabilities for customers.
"This retail concept is all about coming together to ideate on new products and services while providing meaningful financial literacy resources and programming to the Philadelphia community," said Steve Turley, TD's Head of Consumer Distribution Strategy, Planning and Innovation. "I’m inspired by the creativity and collaboration we’ve seen in TD Workshop’s first year, and look forward to continuing to bring meaningful innovative solutions to our customers, colleagues and communities for years to come."
In addition to the innovation lab's designated test and learn space, TD Workshop has served as a destination for community events, including for a number of area nonprofits that have benefited from the space. One event included a career and financial literacy workshop with Girls Inc., an organization that inspires all girls to be strong, smart and bold through direct service and advocacy.
"TD Bank has allowed us to expand our reach in the community, and also provide us an opportunity to bring girls into the financial world," said Cherice Arrington, Associate Director of Programs and Advocacy at Girls Inc.
TD Workshop hosted a number of community organizations and nonprofits in 2022, including Coded By Kids; University of Pennsylvania Students Talent Acquisition Test and learn; and the African American Chamber of Commerce Capital Connections, to name a few.
Entering its second year, the Store Transformation and Innovation team will look to continue to advance the bank's innovation journey with a new Lab Manager at the helm – Karen Angier.
Angier brings a retail operations background to the role, having served as a Regional Operations Officer and Regional Workforce Manager, and is confident in the role the innovation lab will play in delivering innovative products and services and community engagement to TD's customers and communities.
"TD has been on an innovation journey for some time, and I look forward to engaging with our LOB teams and the Philadelphia community to drive the next phase of innovation through TD Workshop," said Angier.