The future of the banking industry is largely dependent on how effectively institutions use technology to improve the mobile and online experience and beyond.
It’s why TD Bank has put such an emphasis on making technology better and easier for customers to use each and every day. The bank's successful efforts were recently lauded as it received an industry-leading award.
The digital experience is the most frequent way customers interact with banks in the U.S., according to a 2023 survey conducted by Morning Consult on behalf of the American Bankers Association. The survey said 48% of bank customers use apps on phones or other mobile devices as their top option for managing their bank account and 23% use online banking via laptop or PC the most in the past 12 months. Other interactions include visiting a store (9%), ATMs (8%) and telephone calls (5%).
What makes TD's technology efforts particularly noteworthy is that first and foremost, we are the bank that is "Unexpectedly Human" – which allows people to have a "human" experience 24/7.
"Our intent is to understand what the customer wants first and foremost and then retrofit technology to make the customer experience better," said Joseph Sansotta, Product Group Owner, U.S. Mobile Platform, TD Bank.
“TD's guiding principle for technology and innovation is straightforward in creating easy to use products and services for customers by investing in and better understanding the obstacles our customers face,” said Jo Jagadish, Head of U.S. Digital Banking and Corporate Products & Services, TD Bank. “We are constantly looking for ways to elevate the efficiency, adaptability, accessibility and convenience of our online and mobile banking platforms, while ensure safety and stability as a top priority.”
TD's online and mobile products keep getting better
TD has continually strived to improve its online presence and mobile apps. Angela Hayes, Product Group Owner, U.S. Online Banking, TD Bank, noted just some of the improvements in recent years below for both online and mobile banking:
Last September, TD's mobile app had a significant update with a number of improvements, including a new navigational design. Items like a newly designed dashboard and a centralized view of how to send money were the first step in a multi-faceted approach to refresh the entire mobile application.
"It's easier for customers to find what they need – whether it be for checking account activity, payment or other actions," Joseph said. "The mobile experience is now much more customer friendly."
The impact beyond laptops and mobile devices
Malcolm Davis, TD Bank Store Manager in Williamstown, New Jersey, has seen firsthand how much TD's technology has improved over the years since he started with the bank in 2006.
"Customers are able to do so much more online and it's helped us with store traffic," he said. "I have particularly seen it in the past year or so. It gives us more time to really sit down and have more in-depth conversations with the customers that come in."
One of the most significant online developments from Malcolm's perspective was the ability to lock a lost or stolen debit credit right away so customers don't have to wait if they need to do it during the store's off-hours. This is just one example of what customers can do in their own home at any time and get immediate relief, as in this case, knowing their stolen card cannot be used for fraudulent activity thanks to the TD mobile app.
He noted the improvements have freed up colleagues to better serve customers when they visit a store. "Our apps and online site are so much friendlier and easy to use," he said. "Our customers really appreciate it."
What's ahead for TD
TD's digital banking team says this is only the beginning of the journey to provide the best service to customers. They suggest that customers keep an eye out for continual updates to screens, navigation and more capabilities in the future that make online and mobile banking easier and more efficient to use.
"TD will continue to put ‘human’ at the center of our innovation strategy, addressing customer needs and wants along the way to create a better overall banking experience at TD," Jo concluded.
For more on personal finance topics
If you have more questions about personal finance topics that matter to you, visit the Learning Center on TD Bank’s website. You can find out more information about TD Bank's services at td.com.
We hope you found this helpful. This article is for informational purposes only and is based on information available as of August 2024 and is subject to change. This content is not intended to be used or acted upon with respect to any client's specific circumstances. For specific advice about your unique circumstances, consider talking with your qualified professionals.
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