TD Bank (TSX:TD) announced this month that it has reached a major milestone in its “company-wide AI strategy” with the launch of its first agent AI model to streamline the application process for mortgage loans and home equity lines of credit (HELOCs).
Since the explosion of OpenAI’s ChatGPT in 2022, sparking the current AI frenzy, AI labs around the world have focused on developing chatbots, but the latest frontier is “agent AI.” It can perform a range of tasks with minimal human intervention, similar to real-world personal assistants.
This is the type of AI that TD Bank uses to review applications for mortgages and HELOCs. The AI agent “creates application summary notes by sorting customer documents, extracting key information, calculating customer income, and validating numbers against selected insurance requirements,” while also “performing consent checks and searching for discrepancies before creating a concise summary for underwriters.”
According to TD Bank, the switch to AI is expected to reduce the application review process from an average of 15 hours to less than three minutes.
According to TD, the integration will be overseen by the Trustworthy AI team, which will “evaluate AI models for privacy, security, fairness, accountability, and accountability to ensure they pass a rigorous set of checks and balances before coming into contact with humans.”
TD Bank said in a press release that the integration is an important first step.
“This launch is a foundational step in the bank’s enterprise-wide AI strategy, which aims to combine advanced machine intelligence with human expertise to deliver a faster, simpler and more personalized banking experience,” TD Bank said. “With the introduction of Agentic AI, [Real Estate Secured Lending] This reflects how TD is expanding next-generation AI technology across its organization to increase efficiency, improve decision-making, and move closer to its goal of generating $1 billion in annual value from AI over the next few years. ”
TD SVP at RESL Mohit Veoli added, “Agentic AI allows us to deliver what our clients have told us is most important: speed and simplicity.” “By providing confident decision-making early in the homebuying process, one of life’s most milestone moments, we are responding to customers where they need it most, making the experience simpler and faster. This is just the beginning of how we are using AI to evolve the mortgage experience and deliver on our promise to become more human.”
TD Bank said it is “also exploring opportunities to implement Agentic AI in other businesses across the bank.”
The AI used was developed by TD through Layer 6, a Toronto-based AI lab founded by Tomi Poutanen, Jordan Jacobs, and Maks Volkovs and acquired by TD Bank in 2018.
Earlier this month, TD Bank and Layer 6 also introduced TDI Virtual Assistant, a client-facing generative AI-powered chatbot for the bank’s insurance division. TD Bank said that thanks to the TDI Virtual Assistant, TD is “the first home and auto insurance company and the first among Canada’s five largest financial institutions to deploy a generative AI virtual assistant to interact with unverified customers.”
