Canadian financial institution named one of the best digital banks in North America
If you’re considering which Canadian financial institution to open an account with, TD Bank was just named one of the best digital banks in North America.
For the fourth consecutive year, Global Finance has named the financial institution “Best Consumer Digital Bank in North America” in its World’s Best Digital Bank Awards 2024.
These results were driven by six North American regional category wins, which recognized TD Bank for best innovation, transformation, lending, open banking APIs, bill payment and presentation, and information security and fraud management.
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Montresa McMillan, senior vice president of digital strategy, innovation and payments at TD Bank Group, told the financial magazine that building personalized digital experiences helps empower them with insights tailored to their needs.
“We want to be able to serve every customer segment—through every life moment—and we can achieve that through personalization,” he said.
Global Finance says the TD Bank app is an example of how the financial institution puts this into action.
“We’re utilizing predictive AI to send digital nudges warning customers of predicted low balances, based on spending history and upcoming payments,” explained McMillan.
“These nudges are sent two weeks in advance of anticipated shortfalls and direct our customers to options that can help them make decisions to improve their financial well-being.”
The other financial institution that won the top award for best consumer digital bank is Bank of America in the US.
When broken down by country, TD Bank wasn’t the only Canadian financial institution that made the cut.
BMO took home the award for best mobile banking app, and CIBC was recognized for best mobile banking adaptive site, social media marketing and services, online product offerings, and user experience design.
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The winners were chosen from entries evaluated by a panel of judges at Infosys, a consulting, technology, and outsourcing company.
The editors of Global Finance were responsible for the final selection of all winners.
Winning financial institutions were selected based on the following criteria: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.
Sub-category winners were selected based on the relative strength and success of those web products and services.