TD Bank Group (TD) has announced the initiation of two generative AI pilots aimed at enhancing customer experiences in its contact centers and expediting the coding workflow for its engineering teams.
Luke Gee, Head of AI and Analytics at TD, highlighted the transformative potential of generative AI. “Generative AI is transformative; its potential to revolutionize how we deliver for our colleagues and customers is incredible,” Gee stated. This initiative is part of TD’s broader AI strategy, developed through its AI research and development center, Layer 6.
Enhanced customer support in contact centers
TD’s contact centers will be testing a generative AI virtual assistant designed to help employees swiftly answer customer inquiries. Traditionally, contact center staff seek help from supervisory support teams, which can lead to longer hold times. The new virtual assistant aims to reduce these delays by providing quick, summarized responses and links to relevant TD policies and procedures.
The implementation of large language models (LLMs) in contact centers has shown promising results. A 2023 study by Stanford and MIT found a 14% increase in the resolution of customer issues per hour at a Fortune 500 software firm. Novice workers, in particular, saw a 35% increase in productivity.
Accelerated engineering processes
TD has also launched a pilot for GitHub Copilot, a generative AI programming assistant developed by Microsoft. This tool is designed to assist engineers by analyzing their code in real time and offering suggestions for completion and testing. This support allows engineers to focus on more complex tasks and improve overall productivity.
Licenia Rojas, Senior Vice President, Chief Engineer, and Architect at TD, emphasized the importance of this initiative. “We expect that generative AI is going to play an important role in how we evolve our engineering function and culture at TD,” Rojas said. The pilot has shown positive feedback, with 50% of engineers reporting that GitHub Copilot could save them up to 20 hours over a two-week sprint, and 93% indicating increased productivity.
TD invent and future innovations
Both pilots were developed under TD Invent, the bank’s innovation program aimed at exploring and implementing emerging technologies. Imran Khan, Head of TD Invent, commented on the program’s broader goals. “Through TD Invent, every line of business at TD is working together to understand how we can operationalize emerging technologies to get them to our customers and colleagues quicker and help shape the future of banking.”
Today’s announcement was made during TD Tech and Innovation Day, an annual event showcasing the bank’s technological advancements. This year’s theme, “Human-Centered Innovation,” underscores the focus on the people behind these innovations and those they are designed to benefit.
About TD Bank Group
TD Bank Group is one of North America’s largest banks, serving over 27.5 million customers globally. It operates in four main business segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking. As of January 31, 2024, TD had $1.91 trillion in assets. The bank’s shares are traded on the Toronto and New York Stock Exchanges under the symbol “TD.”
