Through TD Invent, TD is leveraging spatial
computing technology like VR to create human centered experiences
for customers, colleagues and communities
TORONTO, May 16, 2024
/CNW/ - TD Bank Group (TD) today announced it is launching new
immersive virtual reality (VR) tools to enable its colleagues to
connect with their peers and simulate everyday customer
interactions.
"To truly support our colleagues in their ongoing learning at
TD, it's important that we think differently than how things have
always been done and ask ourselves if there's a better way," said
Baanu Ratneswaran, Vice President, Enterprise Innovation, TD
Invent. "Through TD Invent, the Bank's approach to innovation,
we're continuously exploring the potential of emerging technologies
like VR with all lines of business to see if we can help transform
these ideas into a new reality."
Simulating customer interactions for branch
colleagues
In collaboration with Strivr, an enterprise VR platform for
elevating workforce performance, TD launched an immersive learning
VR pilot to enhance customer service training in branches. Using
virtual reality headsets, TD colleagues simulated everyday customer
interactions in branch settings and learned how to solve them in a
meaningful, personalized and empathetic manner.
In Canada, the pilot took place
between November 2023 and
May 2024 in 10 branches in
Ontario and 10 branches in
Alberta. TD branch colleagues had
the opportunity to complete three training modules, where they
practiced:
- Finding empathetic solutions for customers. In a
simulation, colleagues encounter a customer who appears stressed
about a cheque hold and practice responding with empathy.
- Better understanding customers to provide personalized
advice. In two simulations, colleagues practice supporting
customers by asking open-ended questions to better understand them
and their financial goals.
- Recognizing unconscious bias. Colleagues learn to
identify unconscious bias and microaggressions to better understand
their impact on interactions with peers and customers.
"We are thrilled that some of our colleagues in Ontario and Alberta had the opportunity to participate in
the immersive learning pilot over the last six months," said
Michael Thompson, Vice President,
Customer Advice and Colleague Capabilities, Canadian Personal
Banking at TD. "By simulating customer interactions in VR,
both new and long-time colleagues were able to enhance their
skillsets in an authentic environment, retain what they learned at
a higher rate and build their confidence and knowledge about the
Bank. This aligns with our Customer-First mindset of working
towards consistently delivering exceptional customer
experiences."
In a survey of colleagues who participated in the immersive
learning pilot in Canada, TD
found:
- Almost 80% said VR was more effective than traditional
training.
- 93% said their ability to retain the information they learned
throughout the pilot was either "high" or "very high."
- Almost 90% said they would be confident to apply what they
learned to real world situations at the Bank.
Following its success in Canada, the immersive learning pilot is now
expanding to the U.S., where VR will be deployed in 10 TD Bank
stores in the Greater Philadelphia
and New Jersey areas between June
and August 2024.
Onboarding and connecting early talent
In collaboration with Remio, a VR platform for remote team
building and collaboration, TD expanded its virtual reality program
for early talent in Canada and the
U.S. The program aims to create a more immersive and collaborative
experience for early talent by using VR to connect them to their
colleagues and enhance and personalize their programming.
"Innovation and new technologies are changing the way we think
about hiring and training our talent, and virtual reality is one of
the spaces we see a lot of opportunity," said Jennifer Sanders, Associate Vice President,
Human Resources, Talent Acquisition. "We want to attract the best
talent there is, offering them rich and meaningful experiences that
can help them develop valuable skills for today and in the future.
We're thrilled to be expanding our Early Talent Virtual Reality
Experience, piloting this exciting program to help connect new
graduates in eight states across our U.S. footprint through
immersive and meaningful experiences."
The Early Talent VR experience was first launched in
Canada as a pilot that ran between
January and April 2023. The results
of the pilot were successful with 99% of its surveyed participants
stating that it met or exceeded their expectations. Most of the
surveyed participants (92%) said VR improved their co-op/intern
experience, while all of them said they would recommend TD to their
peers.
The Early Talent VR program is now fully integrated into intern
and co-op programming offered in Canada in 2024. Between February and
April 2024, an additional 80 co-op
and intern students participated in the program. Since the
beginning of the pilot, a total of 284 co-op students and interns
have completed the program using VR.
The Early Talent VR program also expanded to the U.S. in 2024 as
a pilot. Between February and April, 26 analysts with less than one
year of service at the Bank participated in the program. Alongside
the participants in Canada, they
received virtual reality headsets, created personalized avatars and
participated in a variety of immersive programming, including:
- Networking spaces: Participants had the opportunity to
enter a variety of virtual networking spaces to help build a peer
network across Canada and the U.S.
In a virtual café, small groups of colleagues connected for virtual
coffee chats and activities such as pinball and table tennis. In a
virtual beach house, larger groups of colleagues connected for
activities such as basketball, mini-putt golf.
- Teambuilding activities: After being divided into
groups, TD colleagues participated in team-building activities such
as a puzzle race, where they enter a virtual obstacle course and
work with their peers to solve a variety of puzzles, and an escape
room.
- Speed innovation challenge: Participants attended a
discussion led by Meta on the potential that VR has in a business
setting. Following the session, they were divided into groups and
devised strategies for how TD could continue to leverage VR to
support colleague engagement in the future.
Today's announcement is part of TD Tech and Innovation Day, an
annual event showcasing the Bank's unique technology and innovation
story. This year's theme is Human-Centered Innovation which
highlights the people behind our innovation and the customers,
colleagues and communities we innovate for.
About TD Invent
TD Invent drives innovation at the Bank. Through our three areas
of focus— Colleague Ideation, Human-Centered Design and Innovation
Acceleration —we work across our innovation ecosystem to help meet
the evolving needs of our customers, colleagues and communities,
accelerating future growth opportunities. To learn more about how
we're helping to shape the future of banking at TD, visit
tdinvent.td.com.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
assets and serves over 27.5 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; U.S. Retail,
including TD Bank, America's Most Convenient Bank®, TD Auto Finance
U.S., TD Wealth (U.S.), and an investment in The Charles Schwab
Corporation; Wealth Management and Insurance, including TD Wealth
(Canada), TD Direct Investing, and
TD Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 17 million active online and mobile
customers. TD had $1.91 trillion in
assets on January 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group