Toronto-Dominion Bank Group (TD) (TSX:TD) (NYSE:TD) revealed on Tuesday that it acquired Layer 6 Inc, an artificial intelligence (AI) company based in Toronto, Ontario.
Layer 6 founders Tomi Poutanen and Jordan Jacobs are also co-founders of the Vector Institute, an AI research and education that TD supports as well. TD is collaborating with the Vector Institute, which is developing the next generation of AI technologies and recently, TD declared an agreement with conversational AI provider, Kasisto to integrate the company’s KAI Banking platform into TD’s mobile app.
Further, TD recently collaborated with Amazon to introduce new voice banking “skills” on Alexa and was the first financial institution in Canada to offer a chatbot on Twitter to empower customers to get instant help on select general inquiries. It is committed to the future development of data and analytics talent and is funding new initiatives at both Western University in London, Ontario and the University of Toronto’s Rotman School of Management.
Finally, Layer 6’s acquisition is not expected to have a meaningful impact on TD’s Common Equity Tier 1 Capital ratio.
The bank and its subsidiaries are collectively known as TD Bank Group. TD operates in three key businesses globally: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing and TD Insurance; US Retail, including TD Bank, America’s Most Convenient Bank, TD Auto Finance US, TD Wealth (US) 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 approximately 11.5 million active online and mobile customers. It had CAD1.3trn in assets on 31 October 2017.
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