TD Auto Finance explores AI for underwriting

© Can Stock Photo / DamienGeso

TD Auto Finance is now exploring use-cases for artificial intelligence in its underwriting process that would leverage a Toronto-based startup acquired by parent company TD Bank last year.

(L-R): Ian Smith, president and CEO of BMW Financial, and Andrew Stuart, president and CEO of TD Auto Finance

“When it comes to technology, the biggest thing is AI,” said TD Auto Finance President and Chief Executive Andrew Stuart during a panel discussion at FICO World 2019. “It’s the topic of conversation within banking, and we’ve been putting a lot of energy into AI and how we are leveraging AI from a consumer point of view as well as credit underwriting. It’s the new frontier.” 

TD Bank acquired fintech Layer 6 last year in an effort to boost the bank’s usage of AI and technology adoption. It appears as though Layer 6 will be at the center of TD Auto’s AI initiatives.

Layer 6 was founded in 2011 and now forms the AI research lab of TD Bank Group, according to the startup’s website. Layer 6 also has a partnership with TD Securities to provide market data for training algorithm trading systems.

Get more on Layer 6’s role at TD Bank in this tweet from today’s Bank Innovation Build conference in Atlanta.

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