TD Sees Big Role for AI in Fraud Detection, Lending Decisions

Laveta Brigham

Photographer: Darryl Dyck/Bloomberg Photographer: Darryl Dyck/Bloomberg The biggest contributions artificial intelligence can make to financial institutions are ones customers may never see, said Toronto-Dominion Bank’s Tomi Poutanen. While the bank released details of new AI-driven features in its mobile-banking application Thursday — such as digital nudges when a checking-account balance […]

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Photographer: Darryl Dyck/Bloomberg

The biggest contributions artificial intelligence can make to financial institutions are ones customers may never see, said Toronto-Dominion Bank’s Tomi Poutanen.

While the bank released details of new AI-driven features in its mobile-banking application Thursday — such as digital nudges when a checking-account balance is getting low, or a notice that a big bill is coming due — Poutanen, Toronto-Dominion’s chief AI officer, said his unit may be making its most important advancements behind the scenes.

One such use is combing through data to identify networks of bad actors who team up to cheat the bank’s insurance division, such as an auto-repair shop, towing company and scam artist working together on fictitious auto-insurance claims, Poutanen said. Another is using the granular data the bank has on its customers to create better models for deciding which customers are safe bets for loans, he said.

“If you get your credit decisions right and you manage fraud well, you can run a very efficient bank,” Poutanen, 48, said in an interview Wednesday. “That’s an area where AI is very applicable.”

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