TD Bank to Open AI Center in New York City

TD Bank Group will open a new office in New York City for its artificial intelligence (AI) research and development center, Layer 6, later this year.

With this new office, Layer 6, which currently operates from its head office in Toronto, will grow to more closely support the bank’s U.S. operations and access an expanded pool of talent, TD Bank Group said in a Tuesday (April 22) press release.

“Our U.S. expansion of Layer 6 underscores our commitment to deepening our presence in New York City and investing in the future of innovation,” TD Bank President and CEO Leo Salom said in the release. “The new Layer 6 office establishes a strong foundation for advancing our GenAI capabilities and bringing critical expertise and delivering in-house.”

When it opens, the new office will house 20 data scientists, applied machine learning scientists, GenAI implementation specialists and others, according to the release.

The bank’s deployment of AI technology focuses on both personalization for customers and streamlined process execution within the business, the release said.

These efforts are driven by Layer 6, which TD Bank Group acquired in 2018, per the release.

Luke Gee, chief analytics and AI officer at TD, said in the release that the expansion of Layer 6 is the next major step in the company’s efforts in banking innovation.

“With recent advances in areas like generative AI, we continue to leverage the potential of this game-changing technology through the work of colleagues across the bank, with Layer 6 continually driving thought leadership and breaking new ground,” Gee said.

Nearly all banking boards have approved generative AI initiatives, according to the PYMNTS Intelligence and NCR Voyix collaboration, “Is AI the Master Key to Banking’s Next Era?”

The report found that 72% of finance leaders actively use AI in their operations, with its applications ranging from fraud detection (64%) to customer onboarding automation (42%).

When TD Bank Group acquired Layer 6 in 2018, the bank described the Toronto-based AI company as “a global thought-leader and pioneer in the delivery of responsive, personalized and insight-driven experiences for the financial services industry.”