TD Bank Group (TD) today announced the next evolution of the digital customer experience to serve the needs of an increasingly digital customer base.
TD is offering mobile app users a more personalized experience based on the customer's past behaviour and transaction patterns, with the goal of adding direct value tailored to their financial needs.
"In our digitally connected world, we're thinking differently about how we can support our customers and we are creating hyper-personalized digital experiences to help them manage their finances, says Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group. "As part of our new app experience, we are delivering personalized insights to customers that are tailored to their banking needs."
Select TD mobile app users will now start to receive digital nudges powered by AI that offer proactive insights that are personalized and contextual to the customer, including:
- Low Balance Prediction – using the predictive capabilities of AI, we are alerting customers who are likely to encounter a low balance in the next two weeks with a digital nudge so that they can prioritize spending. These customers will also be directed to an insights card with advice and have the opportunity to view and understand recent spending; and
- Upcoming Transactions – 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. Customers are then provided with personalized options of moving money from account to account and viewing their schedule of upcoming payments to better plan for their financial obligations.
Future-focused experiences for new digital customers
According to the TD New Digital Customer study that looked at Canadians' heightened expectations of companies to evolve their digital tools and experiences, a large majority (81%) said they have adjusted to a new normal because of COVID-19 restrictions and they expect businesses to do the same.
TD is continuing to evolve its digital experience to build end-to-end engagement that supports multiple aspects of a customer's financial journey. Proactive digital nudges can help customers identify steps they can take as they look to manage their finances.
TD has identified a number of ways to proactively reach digital customers with personalized and contextual insights and will focus on delivering even more in 2021:
Retirement Ready: Using AI-powered digital nudges to offer customers insights into how they can save and invest –– in order to prepare for their retirement, the app experience can connect them to useful content, resources and support to help them reach their financial goals.
Direct Investing Engagement: When customers sign up for a new direct investing account, AI can be used to predict the customer's need for support and offer a tailored onboarding experience with AI-powered nudges through the mobile app that lead to insight cards that offer step-by-step guidance and educational materials to help build customer confidence with trading.
International Transfers: As the pandemic has frequently separated family and friends across the globe, it's more important than ever to help our customers send money to their loved ones safely and securely. Customers can receive an AI-powered nudge about the new TD Global Transfer Marketplace where they can learn more about new transfer options available to them and how they can save on the costs associated with international transfers.
"There is so much potential to help customers and deliver more personalized and connected experiences," adds Khalfan. "We will continue to adapt, evolve and innovate in ways that empower our customers who are growing more and more confident accessing solutions through our digital channels, while also creating more seamless transitions to advice over the phone or in person."