TD Bank launches Gen AI pilots to enhance customer and employee experiences

Digital Reinvention
20/05/2024 News

TD Bank Group (TD) has announced two generative AI pilots designed to improve customer service in its contact centers and accelerate software development for its engineers. These initiatives are part of TD's broader AI strategy, leveraging advanced AI capabilities to support both customers and employees.

Digital Reinvention
15/05/2024 Article

Financial Innovation Spotlight: May 2024 edition

Improving contact center efficiency

One pilot introduces a generative AI virtual assistant aimed at helping contact center staff quickly resolve customer inquiries. Traditionally, staff seek advice from supervisors, leading to longer hold times. The new AI assistant, developed with TD's AI research center Layer 6, provides rapid, summarized responses and links to relevant policies, reducing resolution times and enhancing customer service efficiency.

A 2023 Stanford and MIT study highlighted the effectiveness of large language models (LLMs) in contact centers, showing a 14% increase in resolved issues per hour, with novice workers benefiting the most. TD is currently testing this AI assistant with its contact center staff.

Streamlining software development with GitHub Copilot

The second pilot involves GitHub Copilot, a generative AI programming assistant by Microsoft, to aid TD's engineers. GitHub Copilot analyzes code and offers real-time suggestions, allowing engineers to focus on more complex tasks. It also assists with coding questions, explanations, and security recommendations.

In a recent pilot, TD engineers reported positive outcomes:

50% saved up to 20 hours over a two-week period.
93% felt equally or more productive with Copilot.
75% found it easy to integrate Copilot into their daily work.

TD's commitment to innovation

Both pilots were developed through TD Invent, TD's enterprise innovation approach. TD Invent explores emerging technologies like generative AI to address real challenges and assess their scalability. Imran Khan, Head of TD Invent, emphasized the bank's focus on leveraging technology to enhance customer and employee experiences.

"With generative AI, we have a real opportunity to create experiences that are more personalized, insightful, and productive," said Khan.
These AI pilots reflect TD's commitment to using innovative technology to improve customer service and internal operations, setting the stage for the future of banking.

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