TD Bank Group has announced the launch of new virtual reality (VR) tools aimed at enhancing employee training and connectivity across North America. The initiative, part of TD Invent, seeks to leverage spatial computing technology to create immersive, human-centered experiences for its employees.
“To truly support our colleagues in their ongoing learning at TD, it’s important that we think differently than how things have always been done and ask ourselves if there’s a better way,” said Baanu Ratneswaran, Vice President of Enterprise Innovation at TD Invent. “Through TD Invent, the Bank’s approach to innovation, we’re continuously exploring the potential of emerging technologies like VR with all lines of business to see if we can help transform these ideas into a new reality.”
Enhancing customer service training
In collaboration with Strivr, an enterprise VR platform, TD has launched a pilot program to improve customer service training in its branches. The program, which took place from November 2023 to May 2024 in 20 branches across Ontario and Alberta, allowed employees to use VR headsets to simulate everyday customer interactions. The training focused on three main areas:
- Empathetic Solutions: Employees practiced responding with empathy to customers facing issues such as cheque holds.
- Personalized Advice: Scenarios encouraged employees to ask open-ended questions to better understand customer needs and goals.
- Unconscious Bias: Training included identifying unconscious biases and microaggressions to improve interactions with both peers and customers.
“We are thrilled that some of our colleagues in Ontario and Alberta had the opportunity to participate in the immersive learning pilot over the last six months,” said Michael Thompson, Vice President of Customer Advice and Colleague Capabilities, Canadian Personal Banking at TD. “By simulating customer interactions in VR, both new and long-time colleagues were able to enhance their skillsets in an authentic environment, retain what they learned at a higher rate and build their confidence and knowledge about the Bank.”
A survey of participants in the pilot revealed that almost 80% found VR more effective than traditional training methods, 93% reported high retention of the material, and nearly 90% felt confident applying their new skills in real-world situations. Following its success in Canada, the program is set to expand to 10 TD Bank locations in the Greater Philadelphia and New Jersey areas between June and August 2024.
Connecting and onboarding early talent
TD has also partnered with Remio, a VR platform for remote team building, to expand its VR program for early talent in both Canada and the U.S. This initiative aims to provide new hires with a more immersive and collaborative experience, enhancing their onboarding process.
“Innovation and new technologies are changing the way we think about hiring and training our talent, and virtual reality is one of the spaces we see a lot of opportunity,” said Jennifer Sanders, Associate Vice President of Human Resources, Talent Acquisition at TD. “We want to attract the best talent there is, offering them rich and meaningful experiences that can help them develop valuable skills for today and in the future.”
The Early Talent VR experience, first piloted in Canada from January to April 2023, received positive feedback, with 99% of participants stating it met or exceeded their expectations. The program has since been integrated into TD’s intern and co-op programming, with 284 students having completed it to date. The U.S. pilot, running from February to April 2024, involved 26 analysts and included virtual networking spaces, team-building activities, and a “Speed Innovation Challenge” led by Meta.
TD Tech and Innovation Day
The announcement of these VR initiatives coincides with TD Tech and Innovation Day, an annual event highlighting the bank’s technological advancements. This year’s theme, “Human-Centered Innovation,” emphasizes the people driving these innovations and the impact on customers, colleagues, and communities.