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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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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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
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