The COVID-19 pandemic greatly sped up TD Bank’s adoption of artificial intelligence, pushing the financial institution to utilize artificial intelligence in all lines of its business in 2020, according to Tomi Poutanen, the bank’s chief AI officer.
“When the pandemic hit, we put our hands up and said, ‘How can we help?’ What the business needed was technology to identify which customers needed additional products, like mortgage deferrals, for example. That’s what we first jumped into,” Poutanen told The Logic on Wednesday. He is the co-founder of Layer 6, a startup that TD acquired in January 2018, reportedly for over $100 million, when it had just 16 employees. It has since grown exponentially, and now employs close to 60 people.