The Toronto-Dominion Bank continues its pursuit of advanced artificial intelligence technologies.
TD this week announced that it has officially become a member of the Massachusetts Institute of Technology’s Media Lab.
“Our collaboration with MIT Media Lab marks an exciting chapter in TD’s innovation journey,” commented Luke Gee, who serves as Chief Analytics & AI Officer for TD Bank Group.
Specifically, TD is joining the Lab’s Scalable AI program for the Intelligent Evolution of Networks as a founding collaborator interested in the future of banking.
The program represents a “coalition of builders, researchers, and industry leaders shaping a new era of human–AI collaboration” via “strategic cohorts of cross-industry collaborators to build AI fluency, share data transparently, and transform moonshot ideas into trustworthy products and platforms.”
The collaboration between TD and MIT Media Lab will see researchers from both entities explore how AI might transform the financial industry in the coming decade, with a noted focus on human-AI interactions.
“This reflects our ongoing commitment to and investment in AI and generative technologies,” Gee said, “and we’re proud to engage actively with MIT’s best and brightest minds in the field to test emerging models, action bold ideas, and help define how responsible, human-centric AI could help transform the future of banking.”
The Media Lab’s AI program, known as “sAIpien,” brings together collaborators across sectors to advance research in AI with an emphasis on responsible data governance and human-AI collaboration, according to Hossein Rahnama, head of the sAIpien program at the MIT Media Lab.
“We’re thrilled to welcome TD as a member of the Media Lab community and the sAIpien program,” he said.
“Financial services is a critical sector where responsible AI can make a meaningful difference,” Rahnama continued, adding that “TD’s perspective and leadership will contribute significantly to our mission to create transformative technologies, experiences, and systems that enable people to reimagine and redesign their lives.”
Earlier this month, TD launched a Wealth Virtual Assistant, a generative artificial intelligence Knowledge Management System built by the Canadian bank’s Layer 6 team.
“The launch of the Wealth Virtual Assistant marks a major step forward in modernizing how we support our colleagues and clients at TD Wealth,” stated Sara Thomson, who serves as Senior Vice President of the Wealth National Office for TD Wealth.
“As expectations for exceptional client service continue to rise, we’re equipping our colleagues with best-in-class tools to help them deliver even greater value to our clients,” Thomson said.
The Wealth Virtual Assistant is one of several virtual assistants scheduled to be deployed across the Bank by the end of the year, according to a statement from the bank.
In June, TD launched AI Prism, a proprietary artificial intelligence foundation model built entirely in-house that is designed to reshape how the bank predicts customer needs and delivers personalized experiences.
Layer 6, which functions as TD’s AI centre of excellence, was acquired by the bank in 2018 and currently operates out of Toronto’s MaRS Innovation District.
This year, a second Layer 6 office opens at One Vanderbilt in Manhattan.
TD is the sixth largest bank in North America with $2 trillion in assets and serves over 28 million customers.
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