- TD Bank launches generative AI virtual assistant for contact centers to streamline customer inquiries, reducing hold times.
- Introduction of GitHub Copilot aids TD engineers in coding tasks, boosting productivity and focusing on high-value projects.
- Both initiatives underscore TD’s commitment to leveraging AI for enhanced customer experiences and operational efficiency.
Main AI News:
In a strategic move to enhance operational efficiency and customer satisfaction, TD Bank Group (TD) unveils two groundbreaking initiatives aimed at revolutionizing its contact centers and streamlining the coding workflow for its engineering teams.
“AI technology is reshaping the landscape of business operations, presenting unprecedented opportunities to enhance customer experiences,” says Luke Gee, Head of AI and Analytics at TD. “Our foray into generative AI signifies a natural progression in our AI strategy. Leveraging the expertise cultivated at Layer 6, our AI research and development hub, we are poised to harness the full potential of this technology to better serve our customers, empower our colleagues, and drive community prosperity.”
Elevating customer service standards in TD contact centers
Addressing the challenge of prolonged hold times in contact centers, TD introduces a pioneering generative AI virtual assistant. Designed to swiftly retrieve answers to routine banking inquiries, this virtual assistant promises to significantly reduce resolution times, ensuring a seamless customer service experience.
Developed in collaboration with Layer 6, the AI virtual assistant undergoes rigorous training alongside contact center personnel, familiarizing itself with TD’s operational intricacies. Armed with an extensive repository of TD policies and procedures, the virtual assistant delivers concise, conversational responses to inquiries, supplemented with relevant resource links. This innovative solution empowers contact center agents to expedite query resolutions, thereby optimizing service efficiency.
The efficacy of large language models (LLMs) in contact center environments has been substantiated by a recent study conducted by Stanford and MIT. Findings reveal a notable 14% increase in issue resolution rates per hour within a Fortune 500 software firm’s contact center, with novice agents demonstrating a remarkable 35% improvement in productivity.
TD is currently conducting trials of the generative AI virtual assistant with frontline contact center staff, further reinforcing its commitment to innovation-driven service excellence.
Empowering TD engineers with AI-driven coding assistance
In a bid to streamline software development processes, TD introduces GitHub Copilot, an AI-powered programming assistant developed by Microsoft. Tailored to cater to the needs of software engineers, this innovative tool expedites code development by offering real-time suggestions and insights.
GitHub Copilot leverages natural language prompts to assist engineers in diverse tasks, ranging from code completion to debugging and security optimization. By automating routine coding tasks, Copilot liberates engineers to focus on high-impact projects, fostering a culture of innovation and excellence within TD’s engineering community.
Licenia Rojas, Senior Vice President, Chief Engineer and Architect at TD, emphasizes the strategic significance of embracing generative AI in engineering operations. “Our adoption of solutions like GitHub Copilot reflects our commitment to driving technological innovation while prioritizing data security and customer interests,” says Rojas. “By empowering our engineers with cutting-edge tools, we are poised to unlock new realms of creativity and efficiency, driving sustained value for our organization.”
Following a successful pilot phase conducted from September to December 2023, TD engineers reported significant productivity gains and seamless integration of GitHub Copilot into their workflow. Survey findings indicate that 50% of engineers could potentially save up to 20 hours per sprint, underscoring the transformative impact of AI-driven coding assistance.
Both the contact center and engineering initiatives are incubated under TD Invent, the bank’s dedicated innovation arm. Embracing a holistic approach to innovation, TD Invent fosters cross-functional collaboration and exploration of emerging technologies to address real-world challenges. Today, TD boasts a robust innovation pipeline, spanning diverse business verticals and driving sustainable growth.
Imran Khan, Head of TD Invent, underscores the bank’s commitment to harnessing emerging technologies for tangible business outcomes. “Through TD Invent, we are catalyzing a culture of innovation that permeates every facet of our organization,” says Khan. “By harnessing the potential of generative AI, we are poised to unlock unparalleled opportunities for personalization, insight, and productivity, redefining the future of banking.”
Today’s announcement coincides with TD Tech and Innovation Day, an annual showcase of the bank’s technological prowess and commitment to human-centric innovation. Under the theme of Human-Centered Innovation, TD reaffirms its dedication to leveraging technology for the betterment of customers, colleagues, and communities alike.
Conclusion:
TD Bank’s adoption of generative AI solutions marks a significant advancement in streamlining customer service operations and accelerating software development processes. By embracing AI-driven innovations, TD demonstrates its commitment to delivering superior customer experiences and driving sustained organizational growth.
