The bank’s strategy is to launch a new service in one jurisdiction first before rolling it out in its other market. Having introduced its proactive insights tools in Canada, TD plans to add them to its mobile banking app in the US but hasn’t specified when this will take place.
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“We’re taking the customer data that we hold and our digital group’s internal digital design and experience capability plus Layer 6’s machine learning skills and pulling this together to create an industry-leading experience for customers.” “Balance prediction is quite a complex machine learning problem,” he notes. Khan says that the balance prediction tool uses a mixture of data analytics and machine learning technology. So, we’re starting to engage with customers using data and insights right within our primary banking app.” “Customers may tell us that they weren’t aware of the problem and are going to take action based on the options we suggested to them, or they may say they have already taken care of the issue. “We always ask customers for feedback when they receive a digital nudge, so we’re almost having a conversation with them,” says Khan. When TD gives customers a proactive alert about low balances, it also provides a feedback form. The early results from the balance prediction tool are very good – we’re seeing a very strong engagement with it.” “We’re evolving our customers’ digital experience to meet the needs of an increasingly digital customer base,” says Khan. They can then use this proactive insight to take action. “The customer gets a nudge encouraging them to look at their balances and upcoming payments based on our balance predictor algorithm. “The low balance prediction tool gives customers insights as to whether we think they are at risk of defaulting on a payment or running low enough that this could cause some adverse effect,” says Khan. Customers are provided with personalised options for moving money from account to account and viewing their schedule of upcoming payments to better plan for their financial obligations. Upcoming transactions list – provides a list of upcoming bills within the next two weeks based on recurring transactions from the last two years to help customers who have been identified by AI as having challenges with cash flow.These customers are also directed to an insights card providing advice and are given the opportunity to view and understand recent spending Low balance prediction tool – using the predictive capabilities of AI, TD alerts customers who are likely to encounter a low balance in the next two weeks so they can prioritise their spending.The first digital nudges to be introduced, which help customers identify steps they can take to manage their finances, are: It’s very important for us in the future to continue to innovate harnessing the power of data and AI to provide insights to customers that help them make financial decisions with confidence.” “This is more critical than ever before with digital channels, especially with mobile, one of our most important digital channels. “We’ve always had a strategy of driving engagement through differentiated experiences. “We’re evolving our customers’ digital experience to meet the needs of an increasingly digital customer base,” says Khan.
We need to be able to present information to the customer in the right way so they can easily understand it, and to leverage AI and data to power more personalised services and insights.” “So, we’re making big investments in data and AI to ensure we really understand our customers, whether they are at a teller line or calling the contact centre or using our digital app. “For us to operate as a modern bank, we need to align our data structure in such a way that, regardless of the channel the customer uses, we can bring our total understanding of the customer to bear at that moment,” Michael Rhodes, TD’s group head, innovation, technology and shared services, said in a presentation at TD’s December 2020 Tech Day. Khan explains that by using Layer 6’s expertise, TD has created an AI ecosystem to help the bank create personalised and connected digital experiences for its customers. TD acquired Toronto-based Layer 6 in 2018 for an estimated C$100m to act as a source of AI technology to all areas of the bank and across its various customer channels. Using technology from Layer 6, its internal AI centre of excellence, TD began the process of implementing predictive AI and machine learning technology in its Canadian mobile banking app in 2019 to enhance the customer experience.
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