[[Case study]] TD Bank’s Digital Transformation – The Millennium Alliance

TD Bank is an American national bank that has created a positive brand image among customers for being reliable and accessible.

This reputation increased when TD Bank adapted to digital change by enhancing its mobility with advanced technology.

Before TD jumped on the digital wave, it executed its services like so many other banks in the financial market, primarily providing customers access to physical bank branches to carry out banking needs.

Digital Push

It wasn’t until TD Bank felt the need to adapt to digital changes when digitally native startup banks emerged in the industry, threatening its customers to move toward digitally centered banks.

TD then created a mobile banking app in 2010 that aimed to focus on personalizing the customer’s banking experience.

Once this app was created, TD Bank customers were able to receive first-hand attention to their banking needs on their mobile phones, which created a more satisfying banking experience.

The app’s original features were simple and easy to use, providing customers with access to banking needs through a secure username and password.

Available for Apple and Android customers, TD’s app offered basic tools such as viewing account balances, paying bills and transferring funds.

This app was an early jump for TD Bank to start adapting digital tools into its services.

Digital Features

Eventually, over time, the basic features that the app offered were just not enough for tech-savvy bank customers.

By 2013, TD Bank integrated a feature that allowed customers to deposit checks through the app. By now, it became clear to TD that the app must adapt to the needs of the digitally evolving world.

“We continue to make significant investments in developing and enhancing our online and mobile capabilities because we know our customers value these convenient ways to bank with us,” Nandita Bakhshi, head of retail distribution and products for TD, said in the statement in 2013.

After TD learned the urgency that is needed in order to adapt to its customers, the bank started listening again when complaints emerged about the lack of the TouchID on the app, after other banks such as Bank of America and PNC introduced this feature.

TouchID enables customers to use finger recognition in order to unlock the app to receive personal information.

Users find this feature easier and more secure.

TouchID was introduced to the tech world when Apple integrated this operation into its mobile phones.

Once users became accustomed to this feature, they wanted to see it throughout apps on the mobile phone.

This was the push that banks needed to incorporate this feature into their own apps, which was widely welcomed from banking users.

Due to the increasing digital transformations happening in the technology world, TD Bank listened to its customer base and released a new app in 2016, introducing 20 new features, including the sought after TouchID feature.

This app was completely redesigned with a new appearance, and easy to use navigation for customers. The main features of this app provide users with the ability to access settings, frequently asked questions, alert management, messages and terms of use.

Previously, users were only limited to a few of these features on the app but had full access to them on the Web Site.

The app finally became integrated to match TD Bank’s website, which met the bank’s reputation of being reliable and accessible for customers.

What’s next?

In the latest TD Bank news, TD VoicePrint is set to be developed, which takes a new spin on the TouchID, adding voice recognition to customer service calls.

TD Bank worked with the agencyTBWA/Chait/Day in order to create and test this new technology.

This new feature can already recognize 150 different speaking patterns, without actually recording the voice that could threaten information being stolen.

These speaking patterns will be used in order for customers to call customer service representatives to make the calls an easy process, prompting the representatives ahead of time.

Customers are already concerned with the threat of identities being stolen.

“One of the largest irritants our customers had was with authentication and having to answer all those questions we had to ask them in order to verify they were who they said they were,” said Robert Ghazal, TD’s head of U.S. contact centers, according to BIGIDAY.

It will be interesting to see how far TD Bank goes with new technology, specifically VoicePrint and how this affects competition between other banks.


Banks are adapting to digital transformation by integrating different values of technology such as mobile apps, as well as developing the features that are found on the app to be up to date. TD Bank has caught onto the digital push that most businesses are feeling and have acted on this in order to meet the needs of its customers.

CIOs from top financial industries are following suit, in order to leverage new technology to stay up to date and ahead of the competition as well as to constantly meet customer needs. Customers play a major role in banking, and banking businesses acknowledge technology should be developed in order to be accessible and manageable for the day to day customer.

With the development of apps, comes the concern for customer’s security. CIOs are dealing with the complex issues that exist when people compromise their information through mobile devices. The massive expansion of these tools leaves customers putting their trust in the bank, leading to banks having a much higher security.

Learning about how to develop apps within the banking industry as well as what tools are needed in order to integrate new technologies into your business is a vital source of information to know if you are interested in growing your business to be digitally adapted.

The Millennium Alliance is pleased to announce their biannual FSI transformation Assembl y taking place on June 14-15, 2018 at The Four Seasons Hotel in Miami, FL. This program has been designed for all of our partners, affiliates, and members to once again gather in our unique format to develop new relationships, collaborate with like-minded peers, and learn cutting edge intelligence to take back home and help tackle the biggest business issues of today.


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