The startup company uses AI in its platform to analyze various forms of data to learn and anticipate an individual customer’s needs. Andrew Vaughan/THE CANADIAN PRESS Toronto-Dominion Bank is acquiring artificial intelligence startup Layer 6 AI for an undisclosed amount as financial services companies increasingly look to tap the technology’s potential.
Canada’s largest bank by assets has been looking to build up its capabilities in AI for some time, said Michael Rhodes, group head of innovation, technology and shared services. “The mass amounts of data with increases in computing power really give rise to the ability for machine learning, or artificial intelligence, to really play a much more prominent role,” he said.
Story continues below advertisement Toronto-based Layer 6, which launched in late 2016, uses AI in its platform to analyze various forms of data to learn and anticipate an individual customer’s needs. Layer 6 will retain its brand name and separate office in Toronto’s Yorkville area, but TD will become its sole client and customer, said Rhodes.
TD’s acquisition comes after it announced in October 2017 an agreement with U.S.-based Kasisto to integrate its KAI Banking chatbot platform into the bank’s mobile app. This also comes as corporate interest in AI and its potential continues to mount. Read more from theglobeandmail.com…
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