TD using AI to speed up mortgage applications and code development
A trio of ongoing pilot projects is helping Toronto-Dominion Bank use artificial intelligence to augment the work of its customer service agents, engineers and mortgage and insurance underwriters.
Canada’s second-largest lender is using generative AI to help customer service agents answer client questions more quickly and help engineers speed up their code development. It is also using machine learning to pre-approve mortgages and home equity lines of credit (HELOCs) and approve term-life insurance within seconds for straightforward applications.
“We’re looking at all the ways we can really help our colleagues,” Luke Gee, head of AI and analytics at TD, said. “We’re excited about these human augmentation opportunities where we can make the roles more interesting and quicken up our response, which gives us better customer outcomes as well.”
The projects are the brainchild of Layer 6, the AI startup acquired by TD in 2018 that is now its in-house AI research lab. The division has grown since the acquisition to more than 200 employees from a small team of 15. TD said its patent portfolio now has 2,500 filings, an increase of 110 per cent since 2020, and one-fifth of them are related to AI.
Financial institutions have significantly stepped up their AI innovation and research in recent years. The 50 global banks followed by Evident Insights Ltd., which tracks and benchmarks AI adoption in financial services, have published more than 300 AI research papers in 2023, a sixfold increase from 2018. AI patents filed by those banks also increased by 21 per cent from the 12-month period ending June 2022.
Royal Bank of Canada, TD and Bank of Montreal all ranked in the top 10 banks for AI innovation, according to an Evident report in
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