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TD Bank opens Israel cybersecurity office; injects AI into mobile app

04 October 2017  |  7052 views  |  0 Security

Toronto-Dominion Bank is looking to tap into Israel's world-renowned cybersecurity talent pool through the opening of a Tel Aviv office. Meanwhile, the Canadian bank is also giving its app an AI boost through a partnership with Kasito.

Israel has established itself as a hotbed of cyber-defence, with Tel Aviv, Haifa and Jerusalem all home to vibrant startup scenes.

In a first for a Canadian bank, TD is going where the talent is and setting up a cybersecurity office that will support its technical programmes, research and development and learning curriculum.

Separately, TD has teamed up with Kasito to integrate the AI specialist's KAI Banking platform into its mobile app, enabling customers to use an interactive chat interface to check account information, review transaction histories and monitor spending levels.

In addition, customers will also be able to get instant answers about specific spending-related questions including how much they spent on a recent weekend getaway, what their largest transaction was last week, or what they spent on categories like groceries or coffee last month.

Rizwan Khalfan, chief digital and payments officer, TD, says: "Data-driven AI platforms like KAI can help ensure we are continuing to create intelligent, highly personalized and empowering experiences for all our customers."

And, on a busy day for the bank, TD is pumping $3.25 million into a programme that helps fintech startups apply for patents. Under the programme, all patents belong to the startups, which retain all rights to their underlying tech. For its backing, TD gets a non-exclusive licence.

Tim Hogarth, VP, innovation framework and strategies, TD, says: "The patent programme is the latest step towards helping young innovators thrive. We look forward to working with them to protect their exciting intellectual property and give them a leg-up as they move from creation to commercialization."

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