TD Bank has been investing in innovation through patent filings, AI and generative AI efforts in recent months. 

As the bank invests in technology internally, its innovation with third-party companies continues through its annual TD Ready Challenge, Paige Carlson-Heim, head of U.S. social impact, told Bank Automation News.

The challenge grants 10 organizations $1 million each to build out their ideas and solutions, Carlson-Heim said.  

“It’s always our hope through the TD Ready Challenge that an organization is going to come to us with a unique idea and use the dollars to really launch and build out their ideas as sort of a testing ground,” she said. 

The bank is looking for organizations innovating to reduce barriers for small-business growth, she said. Grant winners will “propose integrative, innovative approaches to supporting underserved small businesses and entrepreneurs,” she said. 

Applications for the 2024 challenge will close Sept. 5, she said. A round of electronic scoring will narrow the field to 15 finalists. In January, the finalists will come together for a “Shark Tank-like” presentation in front of TD executives, who will select the 10 winners. 

“It’s in our interest to develop partnerships with organizations that support the sector, make these small businesses stronger and grow so that they can flourish,” Carlson-Heim said. 

Small-business banking technology

Bank of America, JPMorgan Chase and U.S. Bank are joining TD Bank in prioritizing their business banking capabilities. 

While TD hosts its innovation challenge, the other banks are launching: 

• Data-driven insights tools; 

• Payments technology for small businesses; and 

• AI-driven solutions. 

Registration is open for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here.