TD announces more personalized banking app with new AI chatbot

TD Bank Group is introducing even more personalized experiences to its mobile banking app, today launching its new artificial intelligence-powered chatbot TD Clari.

Clari is part of a new app update and TD’s strategy to create more personalized experiences for its customers through data and insights.

According to a press release, the chatbot uses AI combined with TD account and transaction data to provide spending insights, information on TD credit cards, help with everyday transactions and also answers commonly asked customer service questions.

“Customer expectations are constantly evolving, and we believe AI is key to creating exceptional, personalized experiences and adding real value to our customers across our digital properties,” said Rizwan Khalfan, TD’s chief digital and payments officer.

“TD’s investment in conversational AI is part of our strategy to empower customers with deeper insights into their financial decisions as they make everyday purchases or prepare for big life moments.”

Clari runs off of New York-based AI developer Kasisto’s conversational AI platform KAI Consumer Banking. Other financial institutions including Wells Fargo, Singapore’s DBS Bank and Britain’s Standard Charter also use Kasisto’s conversational AI to power their banking experiences.

TD’s chatbot has long been in the works, it was on display at Elevate Tech Fest in Toronto this past September and ITBusiness.ca was given a preview of how the chatbot worked at TD Tech Day event.

Bringing micro-personalization to banking

Khalfan told ITBusiness.ca previously that TD has been working on creating more personalization for its customers for a while now and its an important part of the financial institution’s strategy moving forward.

TD first announced that it was working with Kasisto to integrate its conversational AI into the mobile app in October of 2017 but TD had been working on personalization long before that.

Back in 2015 TD started working with a Toronto startup out of Ryerson University’s DMZ incubator, by the name of Flybits. The startup which has now grown to have offices in Toronto, San Francisco, and London, England, has been working with TD to create micro-personalization through TD’s mobile app.

Through Flybit’s technology TD has created what it calls it’s “digital concierge” which (if they choose to share their location on the app), collects data about its customers and creates personalized offers based on location and interests.

For example, if a customer often uses the GO Train in Toronto for their commute TD’s mobile app will offer GO Train schedule alerts. Or if the customer is a frequent traveler, TD’s app can provide foreign exchange rates and nearby exchange locations.

“Clari is exciting because it combines the power of conversational AI with TD’s customer-centric values and designs,” said Zor Gorelov, CEO and co-founder of Kasisto in the release. “Over time, Clari will continue to evolve and do even more, ultimately helping to better predict needs and prompt customers with deeper insights into their finances.”

Clari is currently available with the latest update to TD’s mobile app, popping up at the bottom of the app or through the drop-down menu – but only for iOS, according to the release, the Android chatbot update is still in the works and is coming soon.

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Jim Love, Chief Content Officer, IT World Canada

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Meagan Simpson
Meagan Simpson
Meagan Simpson is a staff writer for IT World Canada. A graduate of Carleton University’s journalism program, she loves sports, travelling, reading and photography, and when not covering tech news she can be found cuddled up on the couch with her cat and a good book.

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