The Toronto-Dominion Bank has unveiled a “first among Canada’s financial institutions.”
TD this week launched a mobile-first experience dubbed “Digital Direct Deposit” to help clients set up or switch payroll deposits more easily and quickly than ever before.
Clients can simply choose which account they want their direct deposit moved to. With most employers, the process can be completed in about a minute, according to a statement from TD, which is focused on “simplifying everyday banking by digitizing routine tasks.”
“At TD, we’re focused on making everyday banking simpler by removing friction from the tasks clients do most often,” explains Aaron Clark, who functions as Senior Vice President of Everyday Banking for TD’s personal banking arm in Canada.
Updating payroll direct deposit has “traditionally been a manual, time-consuming process that can create unnecessary barriers when opening a new account or switching banks,” he laments.
“With Digital Direct Deposit, we’re transforming that experience through a secure, integrated solution that simplifies a critical step in establishing your everyday banking relationship,” he says
TD is “combining the ease clients increasingly expect from digital tools with the confidence, advice and support of a full-service bank,” according to Clark.
As the first financial institution in Canada to offer a fully integrated in-app payroll direct deposit switching experience, TD says the all-digital process eliminates forms and reduces the need for contacting employers directly while also reducing the risk of manual data-entry errors.
“The future of banking is about designing experiences around customer intent,” posits Sunil Dixit, who serves as Head of Digital for Canadian Personal Banking at TD. “We know clients want to do more with us, and that they want to have access to their money quickly.”
“With a deep understanding of evolving client needs, we’ve brought a once multi-step journey into a single, secure experience within the TD app,” Dixit remarked. “This launch is an example of how we’re reimagining everyday banking from the client’s perspective, aligning with a digital-first, human always approach.”
The technology behind the Digital Direct Deposit was developed in collaboration with Atomic, a fintech innovator based in the US.
Jordan Wright, cofounder and chief executive officer of Atomic, says that while direct deposit switching may appear a simple process, “delivering an integrated and seamless experience across thousands of employers and payroll systems requires significant engineering.”
“That’s exactly the challenge Atomic has solved at scale for nine of the top ten U.S. banks,” he says. “We’re proud to work with TD to bring that same proven infrastructure to Canada, powering the first fully integrated direct deposit switching experience among the country’s financial institutions.”
“As the first bank in Canada to offer this capability, TD is continuing to lead with innovations that help solve real client problems,” stated Dixit.
With more than $2 trillion in assets and over 1,000 patents, TD is Canada’s second largest bank behind RBC. Both banks recently garnered recognition from The Global Transaction Banking Innovation Awards.
Atomic is trusted by over 250 financial institutions and fintech firms.
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