Bank recognized for industry-leading
personalized experiences
TORONTO, March 17,
2022 /CNW/ - TD Bank Group (TD) has been
recognized by Celent, a global research and advisory
firm focused on technology for financial institutions, as the
winner of the 2022 Model Bank Award for Customer Engagement.
Celent's annual awards program celebrates best practices of
technology usage in areas critical to success in banking. This is
the second consecutive year TD has won a Celent Model
Bank award as a result of its AI-powered digital
experiences.
"We are honored to be recognized by Celent for digital customer
engagement," says Rizwan Khalfan,
Chief Digital and Payments Officer, TD Bank Group. "At TD, the
customer is at the center of everything we do, and we have built an
innovation ecosystem focused on delivering personalized digital
experiences to help empower our customers with actionable insights
that are tailored to their needs."
As noted by Celent, the award recognizes TD as innovative for
its underlying technology, delivery, creative uses of data and
approaches to identifying customized experiences for customers.
Celent examined how TD addressed two key themes in retail banking
today: personalizing the customer experience and how to help
improve financial well-being through its continued use of AI-driven
predictive models that help to deliver tailored solutions and
elevate the customer experience.
"The Model Bank Awards recognize how banks are using technology
to change the face of banking," said Bob
Meara, Senior Analyst at Celent. "TD's approach to leverage
its investments in technology to offer experiences that put
customers at the forefront of innovation helps to serve as an
inspiration for industry best practices."
AI-powered nudges within the TD app leverage the Bank's in-house
capabilities through the TD AI division, Layer 6. Designed to
prompt customers with guided self-serve options based on their
transaction history, the recently launched experiences offer
proactive guidance to help customers intuitively complete an action
without having to search within the app or navigate to the external
site. These in-app experiences build upon TD's use of AI-powered
insights to help support cashflow management for personal banking
customers with predictive insights into their upcoming
transactions. The digital offering has seen strong engagement with
less than 1% of TD customers electing to turn-off the personalized
nudges within their mobile app to-date.i The
offering has further strengthened the TD app, which has seen an
increase of almost 20% in mobile active users with mobile sessions
accelerating by nearly 40% resulting in more than 2.5 billion
mobile customer sessions, since the start of the
pandemic.ii
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 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.
About Celent
Celent is a research and advisory firm dedicated to helping
financial institutions formulate comprehensive business and
technology strategies. Celent publishes reports identifying trends
and best practices in financial services technology and conducts
consulting engagements for financial institutions looking to use
technology to enhance existing business processes or launch new
business strategies. With a team of internationally experienced
analysts, Celent is uniquely positioned to offer strategic advice
and market insights on a global basis. Celent is a member of the
Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh
& McLennan Companies
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i
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TD Bank Group: "The
Power of Personalization" Case Study, released March 2022. Defined
as the percentage of TD Canadian mobile app users who turned off
the AI-powered digital experiences nudges since inception in
November 2020.
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ii
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TD Bank Group. Active
mobile users are users who have logged in via their mobile device
at least once in the last 90 days. Canadian mobile users and
sessions percentage growth is comparing Q1/22 vs Q1/20.
Mobile sessions represent the total number of Canadian Personal
banking and Small Business banking customer logins using a mobile
device for the period between January 31, 2020 – January 31,
2022.
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SOURCE TD Bank Group