Here's How TD Bank is Topping the Canadian Banking Charts
Banks have certainly been facing an existential challenge in recent years, as the drive towards digital has left brick-and-mortar branches being shuttered at an alarming rate.
The COVID-19 pandemic has certainly exacerbated the problem as lockdown restrictions forced people all over the world to stay home and carry out as much of their business online as possible. Banking brands with a desire to succeed have therefore been pouring resources into their digital offerings in an effort to stand out from the crowd.
Canada based Toronto-Dominion (TD) Bank has been one such brand, and has been making serious digital waves, both in North America and the USA.
TD Bank
The digital experience at TD Bank now starts from the moment you open an account with it thanks to its brand-new digital verification tools. Many banks are still onboarding new clients using outdated and frustrating manual processes - including tiresome and time-consuming form filling - but TD Bank has sought to find a better way.
The main justification for sticking to these archaic practices has always revolved around security and the need to prevent cybercriminals and identity thieves from fraudulently accessing financial services by pretending to be someone they are not - something which has historically been rather easy to achieve when you don't have to meet anyone face-to-face. Having them come into a bank branch with a photo ID, was the easiest way to verify a customer was genuine.
However, thanks to modern digital technology this is no longer the case, and we have several ways to now verify people's identity online. New TD Bank customers can download the bank's proprietary smartphone app and verify their identity using fingerprint and facial recognition biometrics. TD Bank also has a system called TD VoicePrint which allows existing customers calling customer service to verify their identity using voice recognition, instead of having to remember a PIN or a password.
"Digital ID solutions for customer onboarding can actually improve CIP and KYC practices because you can triangulate and verify the authenticity of various data points that you cannot achieve in a face-to-face interaction with a potential customer," said Head of US Mobile Banking Platforms for TD Bank, Angel Kadelski. "I expect the use of both existing and new biometrics to expand to other use cases across digital - including within physical branches [...] as an additional authentication method for customers who may need an extra layer of verification."
Artificial Intelligence
With the increased adoption of digital banking services largely brought about by the pandemic come higher customer expectations. The public is becoming ever more digitally savvy and can tell at a distance which brands are phoning in their digital offering and trying to get away with the bare minimum.
TD Bank believes the answer to meeting these elevated expectations can be found in artificial intelligence and machine learning technology. For example, the TD Bank smartphone app is able to give customer's digital nudges which alert them to products and services which may be of interest. The app uses AI to analyze the customer's previous financial activity and personalizes recommendations accordingly, making sure they are both salient and sensitive.
The contexts nudges are based on include low balance predictions, whether the customer might want to consider accessing a government relief program, and notifications about upcoming recurring bills.
"In our digitally connected world, we're thinking differently about how we can support our customers and we are creating highly-personalized digital experiences to help them feel confident about their financial decisions," said Chief Digital and Payments Officer at TD Bank, Rizwan Khalfan. "Now we're focused on maintaining this momentum to continue to deliver for our customers who have come to expect more when it comes to their digital experiences."
Final Thoughts
TD Banks innovations in the digital space have been so impressive, it has recently been awarded the top spot in several Canadian digital banking reports. Categories in which TD Bank has been hitting the #1 position include:
- Most used retail banking app as measured by the number of average monthly active users
- Most downloaded retail banking app
- Most engaged user-base, measured by average session per user
TD Bank's customers have also been singing its praises, commenting on the speed and intuitive interface of its smartphone app, its excellent customer service, and a general positive banking experience.
"We've seen a significant increase in digital adoption as customers evolved how they transact during the pandemic," said Khalfan. "Our strong digital foundation has allowed us to continue to help support our customers as their needs evolve and also enabled us to create new ways to help them bank safely from home during the pandemic."
You can hear TD Bank Head of Shared Services & Data and Analytics, Stephan Schenk speak at Future Digital Finance 2022, being held in March, at the Hyatt Regency Miami, FL.
Download the agenda today for more information and insights.