TD Bank Group has acquired Layer 6, an artificial intelligence (AI) company based in Toronto, Ontario, Canada.
Layer 6 has emerged as a global thought-leader and pioneer in the delivery of responsive, personalized and insight-driven experiences for the financial services industry. Layer 6 founders Tomi Poutanen and Jordan Jacobs are also co-founders of the Vector Institute, a world leader in AI research and education that TD also supports.
TD Bank Group president and CEO Bharat Masrani said: "Anticipating and meeting customer needs are at the heart of our promise, and we are excited to further accelerate our innovation agenda to deliver well into the future. As we deploy new solutions, we will extend our deep relationship with customers across all of our platforms and offer personalized, connected and legendary experiences for our customers in the digital age."
TD Bank Group head of innovation, technology and shared services Michael Rhodes said: "Layer 6 adds new capabilities to TD's growing base of innovation talent and know-how. Artificial Intelligence has the potential to power a new generation of data-driven applications from personalized and real-time advice to predictive analytics that will shape the future of banking for millions of individuals."
Layer 6 co-CEO & co-founder Jordan Jacobs said: "TD is committed to leading the market with new innovation and superior customer experiences. Layer 6 was founded to help organizations harness the power of artificial intelligence, and we are excited to join TD and help them build for the future."
Today's announcement builds on an impressive track record of accomplishment as TD harnesses the potential of artificial intelligence:
TD is collaborating with the Vector Institute for Artificial Intelligence, which is developing the next generation of AI technologies.
TD recently announced an agreement with leading conversational AI provider, Kasisto to integrate the company's KAI Banking platform into TD's top-ranked mobile app.
TD recently collaborated with Amazon to introduce new voice banking "skills" on Alexa.
TD was the first financial institution in Canada to offer a chatbot on Twitter to empower our customers to get instant help on select general inquiries.
Committed to the future development of data and analytics talent – a critical and foundational need for successful AI solutions – TD is funding new initiatives at both Western University in London, Ontario and the University of Toronto's Rotman School of Management.
The acquisition of Layer 6 is not expected to have a meaningful impact on TD's Common Equity Tier 1 Capital ratio.