TORONTO and REDMOND, WA, April 23,
2019 /CNW/ - TD Bank Group (TD) and Microsoft today
announced a strategic relationship in which TD will use Microsoft
Azure as the cloud foundation to provide its technology and design
teams with tools designed for secure, agile and flexible access to
data and AI resources. This will further enable the Bank to
adapt and quickly respond to changing customer needs.
"At TD we are shaping the future of banking in the digital age
by creating personalized, connected and legendary experiences
across all of our channels," says Bharat Masrani, Group President
and Chief Executive Officer, TD. "Our strategic relationship with
Microsoft will help accelerate and fuel new and innovative banking
experiences for our customers, clients and
colleagues."
Engaging Microsoft to help support the Bank's digital
transformation journey, TD deployed Office 365 to deliver improved
mobile solutions and engagement for more than 85,000 employees.
With today's announcement, the collaboration continues. Microsoft
Azure is positioned to help accelerate new capabilities when it
comes to the design and delivery of future customer banking
experiences.
"Every financial services company today has an incredible
opportunity to apply advances in cloud and AI to redefine every
aspect of their business – from the customer experience to risk
management and trading," said Satya
Nadella, CEO of Microsoft. "Our strategic relationship will
enable TD to deliver on its vision to build the bank of the future
with the power of Azure, our trusted cloud, to quickly adapt and
respond to changing customer needs, and builds on our existing
relationship that is focused on empowering TD employees to be more
productive and collaborative with Office 365."
TD Securities, the wholesale division of TD Bank Group, is
leveraging the Microsoft cloud to help transform their derivatives
pricing and risk management experience. By moving the solution to
Microsoft Azure, the business now has faster access to
high-performance analytics, which allows the Bank to respond
rapidly to client pricing requests.
By continuing to leverage Microsoft's cloud capabilities,
security investments and technical engineering strength, TD will
further accelerate its transformation journey to build the bank of
the future, adding to its ongoing investments in leading digital,
AI and analytics talent.
Building an Innovation Ecosystem
Today's announcement builds on an impressive track record of
innovation over the past five years as TD shapes the future of
banking for its customers. In addition to working with world
leading technology companies such as Microsoft, TD has also:
- Collaborated with startups including:
-
- Flybits, to collaborate on providing enhanced,
micro-personalized mobile experiences to TD customers;
- The Hydrogen Corporation (Hydrogen), to offer clients who
invest with TD a complete, end-to-end digital investing
experience;
- Kasisto, to integrate the conversational AI provider's KAI
Banking platform into TD's top-ranked mobile app1;
- Created a data and analytics centre of excellence focused on
cross-bank, data-driven innovation;
- Acquired leading Canadian artificial intelligence start-up
Layer 6 in early 2018 to harness the power of AI and shape the
future of banking for TD customers;
- Further invested in digital talent with our Technology
Solutions team filling over 2,000 positions with a combination of
internal and external applicants in 2018;
- Invested in TD Lab, TD's enterprise resource for innovation,
located at the Communitech hub in Kitchener-Waterloo, to explore new banking
concepts with emerging technology, re-imagined customer
experiences, and different business models.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
branches and serves more than 25 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in TD Ameritrade; and Wholesale Banking, including TD
Securities. TD also ranks among the world's leading online
financial services firms, with more than 12 million active online
and mobile customers. TD had CDN$1.3
trillion in assets on January 31,
2019. The Toronto-Dominion Bank trades under the symbol "TD"
on the Toronto and New York Stock
Exchanges.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital
transformation for the era of an intelligent cloud and an
intelligent edge. Its mission is to empower every person and every
organization on the planet to achieve more.
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1 #1
performer in terms of monthly active users, number of downloads,
average number of sessions per user, and review scores for 12
straight months in 2018, according to Silicon Valley-based app
analytics and market data firm, App Annie.
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SOURCE TD Bank Group