Through TD Invent, TD is leveraging spatial computing technology like VR to create human centered experiences for customers, colleagues and communities
TORONTO, May 16, 2024 /CNW/ - TD Bank Group (TD) today announced it is launching new immersive virtual reality (VR) tools to enable its colleagues to connect with their peers and simulate everyday customer interactions.
"To truly support our colleagues in their ongoing learning at TD, it's important that we think differently than how things have always been done and ask ourselves if there's a better way," said Baanu Ratneswaran, Vice President, Enterprise Innovation, TD Invent. "Through TD Invent, the Bank's approach to innovation, we're continuously exploring the potential of emerging technologies like VR with all lines of business to see if we can help transform these ideas into a new reality."
Simulating customer interactions for branch colleagues
In collaboration with Strivr, an enterprise VR platform for elevating workforce performance, TD launched an immersive learning VR pilot to enhance customer service training in branches. Using virtual reality headsets, TD colleagues simulated everyday customer interactions in branch settings and learned how to solve them in a meaningful, personalized and empathetic manner.
In Canada, the pilot took place between November 2023 and May 2024 in 10 branches in Ontario and 10 branches in Alberta. TD branch colleagues had the opportunity to complete three training modules, where they practiced:
- Finding empathetic solutions for customers. In a simulation, colleagues encounter a customer who appears stressed about a cheque hold and practice responding with empathy.
- Better understanding customers to provide personalized advice. In two simulations, colleagues practice supporting customers by asking open-ended questions to better understand them and their financial goals.
- Recognizing unconscious bias. Colleagues learn to identify unconscious bias and microaggressions to better understand their impact on interactions with peers and customers.
"We are thrilled that some of our colleagues in Ontario and Alberta had the opportunity to participate in the immersive learning pilot over the last six months," said Michael Thompson, Vice President, Customer Advice and Colleague Capabilities, Canadian Personal Banking at TD. "By simulating customer interactions in VR, both new and long-time colleagues were able to enhance their skillsets in an authentic environment, retain what they learned at a higher rate and build their confidence and knowledge about the Bank. This aligns with our Customer-First mindset of working towards consistently delivering exceptional customer experiences."
In a survey of colleagues who participated in the immersive learning pilot in Canada, TD found:
- Almost 80% said VR was more effective than traditional training.
- 93% said their ability to retain the information they learned throughout the pilot was either "high" or "very high."
- Almost 90% said they would be confident to apply what they learned to real world situations at the Bank.
Following its success in Canada, the immersive learning pilot is now expanding to the U.S., where VR will be deployed in 10 TD Bank stores in the Greater Philadelphia and New Jersey areas between June and August 2024.
Onboarding and connecting early talent
In collaboration with Remio, a VR platform for remote team building and collaboration, TD expanded its virtual reality program for early talent in Canada and the U.S. The program aims to create a more immersive and collaborative experience for early talent by using VR to connect them to their colleagues and enhance and personalize their programming.
"Innovation and new technologies are changing the way we think about hiring and training our talent, and virtual reality is one of the spaces we see a lot of opportunity," said Jennifer Sanders, Associate Vice President, Human Resources, Talent Acquisition. "We want to attract the best talent there is, offering them rich and meaningful experiences that can help them develop valuable skills for today and in the future. We're thrilled to be expanding our Early Talent Virtual Reality Experience, piloting this exciting program to help connect new graduates in eight states across our U.S. footprint through immersive and meaningful experiences."
The Early Talent VR experience was first launched in Canada as a pilot that ran between January and April 2023. The results of the pilot were successful with 99% of its surveyed participants stating that it met or exceeded their expectations. Most of the surveyed participants (92%) said VR improved their co-op/intern experience, while all of them said they would recommend TD to their peers.
The Early Talent VR program is now fully integrated into intern and co-op programming offered in Canada in 2024. Between February and April 2024, an additional 80 co-op and intern students participated in the program. Since the beginning of the pilot, a total of 284 co-op students and interns have completed the program using VR.
The Early Talent VR program also expanded to the U.S. in 2024 as a pilot. Between February and April, 26 analysts with less than one year of service at the Bank participated in the program. Alongside the participants in Canada, they received virtual reality headsets, created personalized avatars and participated in a variety of immersive programming, including:
- Networking spaces: Participants had the opportunity to enter a variety of virtual networking spaces to help build a peer network across Canada and the U.S. In a virtual café, small groups of colleagues connected for virtual coffee chats and activities such as pinball and table tennis. In a virtual beach house, larger groups of colleagues connected for activities such as basketball, mini-putt golf.
- Teambuilding activities: After being divided into groups, TD colleagues participated in team-building activities such as a puzzle race, where they enter a virtual obstacle course and work with their peers to solve a variety of puzzles, and an escape room.
- Speed innovation challenge: Participants attended a discussion led by Meta on the potential that VR has in a business setting. Following the session, they were divided into groups and devised strategies for how TD could continue to leverage VR to support colleague engagement in the future.
Today's announcement is part of TD Tech and Innovation Day, an annual event showcasing the Bank's unique technology and innovation story. This year's theme is Human-Centered Innovation which highlights the people behind our innovation and the customers, colleagues and communities we innovate for.
About TD Invent
TD Invent drives innovation at the Bank. Through our three areas of focus— Colleague Ideation, Human-Centered Design and Innovation Acceleration —we work across our innovation ecosystem to help meet the evolving needs of our customers, colleagues and communities, accelerating future growth opportunities. To learn more about how we're helping to shape the future of banking at TD, visit tdinvent.td.com.
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 sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; 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; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 17 million active online and mobile customers. TD had $1.91 trillion in assets on January 31, 2024. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
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