TD to add more AI capabilities to its app

The bank is testing new personalized, predictive tools to help clients be more confident in their financial decisions.

TD is testing a new AI service within its mobile app, focused on predictive and personalized financial advice.

“MyTD,” as the service is being called, will use machine learning to provide customers with proactive and contextual information by analyzing data such as spending patterns and account balances. The goal, the bank says, is to provide insights that are personalized and actionable, in order to help clients feel more confident and help them make financial decisions.

The exact capabilities are currently being tested and largely being kept under wraps. One capability currently being tested by the bank, however, is a balance predictor tool which not only prompts customers when they have bill payments upcoming, but offers advice and options to ensure they are able to cover their expenses, instead of those customers having to figure it out on their own.

“As more of our customers engage with us through our digital platforms, we are evolving to provide more personalized experiences across all our channels, and the MyTD experience will be a significant evolution of our digital customer journey to date,” says Rizwan Khalfan, chief digital and payments officer at TD.

MyTD should not be confused with “TD MySpend,” a service the bank has long offered that allows users to automatically track and organize their spending and set financial goals. Earlier this year, TD launched Clari, an AI-powered chatbot also housed within the bank’s mobile app that was also focused on providing insights about a client’s spending habits, albeit through a conversational interface. Whereas those services make it easier for clients to get information to help them understand their spending habits, a big focus for MyTD is in providing those insights in a more proactive way.

“Combining the power of AI with our mobile app will help us anticipate customers’ needs so we can provide the right information at the right time in a seamless way, with the goal of helping customers feel more confident about their financial decisions,” Khalfan says.