TD Bank is aligning wealth management across physical and digital touchpoints as 2022 steams ahead.

TD Bank, a Cherry Hill, N.J.-based subsidiary of $1.73 trillion TD Group, released its first roboadvisor solution in 2021, but views its digital tools as a “complement” to the in-person experience, Ken Thompson, TD Bank head of U.S. wealth shared services, told Bank Automation News.

“Anything that we do in the digital space is meant to complement what we already do in person,” Thompson said. “It’s meant to access a part of the market that we currently are not seeing directly, because they’re not coming into our stores, and they are dealing in this digital ecosystem.”

TD is working on expanding its high net worth lending offerings for person-to-person interactions, he said, noting the bank is actively seeking new ways to integrate touchpoints in a “natural sequence.”

“The more data that you have from the client while also bringing in data sources from third parties as well, you can use that information to start to identify the need, nudge the client towards better practices, and make them feel like they’re getting that in-person advice in this digital space,” Thompson added.

Automation considerations

Thompson cautioned against the theory of “automate everything,” telling BAN that TD Bank considers all viewpoints in a transaction to determine value of and need for an automation.

“I think of three lenses here,” he said. “The lens of the client first, the lens of the adviser second, because if you’re automating things that makes it easier for the advisor, that can translate to the client by automating things for the client that can make it easier for them to do business with you. The third is automation for the benefit of the firm or the enterprise.”

TD Bank recently automated a process in the bank’s transaction and settlement area, which saved time but also dramatically reduced the number of “fat-finger” — or typing — errors, Thompson said. This helped the bank but did not impact advisor or client journeys.

“That third view, which is something that would benefit us from operating at a lower-risk environment, doesn’t necessarily translate to removing a friction point for the client, or removing a friction point for the advisor. But it’s still very important,” Thompson said.

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