TD Bank to embed AI in mobile app

TD Bank to embed AI in mobile app

TD Bank is to port artificial intelligence technology into its mobile app, providing users with more personalised, contextual information on their finances.

The Canadian bank is using technology from Layer 6, the 20-man AI startup its acquired for circa $100 million in 2018.

Rizwan Khalfan, chief digital and payments officer, TD, says the predictive technology, dubbed MyTD, will be used to anticipate customer needs and prompt them into making informed financial decisions by providing the right information at the right time.

"As more of our customers engage with us through our digital platforms, we are evolving to provide more personalised experiences across all our channels, and the MyTD experience will be a significant evolution of our digital customer journey to date," he says.

Still in the test phase, MyTD will seek to combine data about monthly spending patterns and account balances with machine learning to provide actionable insights, personalised for each customer, to help them make informed financial decisions.

One capability being tested is an AI-powered balance predictor tool that would prompt customers when they have upcoming bills and then proactively offer tailored advice and financial options designed to help them cover their expenses.

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