TD Bank onboards AI expertise with acquisition of Layer 6
TD Bank has announced the acquisition of Layer 6 Inc., a Toronto, Ontario-based artificial intelligence company.
Layer 6 founders Tomi Poutanen and Jordan Jacobs are also co-founders of the Vector Institute, an AI research and education venture that TD also supports.
"Layer 6 adds new capabilities to TD's growing base of innovation talent and know-how," Michael Rhodes, group head of innovation, technology and shared services at TD Bank Group, said in the release. "Artificial Intelligence has the potential to power a new generation of data-driven applications from personalized and real-time advice to predictive analytics that will shape the future of banking for millions of individuals."
The announcement builds on TD's goal of harnessing artificial intelligence in banking. Other collaborations include:
- Work with the Vector Institute for Artificial Intelligence to develop the next generation of AI technologies.
- An agreement with conversational AI provider Kasisto to integrate the KAI Banking platform into the TD mobile app.
- Partnership with Amazon to introduce new voice banking skills for Alexa.
Additionally, the release said that TD was the first financial institution in Canada to offer a chatbot on Twitter to assist customers with a range of general inquiries.