With more than eight million digitally active banking users in Canada, including six million active mobile users, TD is the most downloaded app in the country according to Global Finance magazine. It also ranks among the top 10 for monthly active users among US banks. Canadian banks in general, but TD especially, have seen their brands elevated on the global banking stage.
Since the start of the pandemic, TD added more than 1.5 million digitally active users, and has seen continued growth with nearly five billion digital sessions across its North America.
The magazine named the Canadian bank the “Best Consumer Digital Bank in North America” in their 2021 World’s Best Digital Bank Awards* with the Bank’s mobile experience, online product offering and security contributing to top scores among its peers.
The Canadian financial system went into the COVID-19 crisis in a solid position and has proved to be resilient throughout. Canada’s strong regulatory and supervisory framework. meant that our system was well capitalized when the pandemic struck and has remained that way. Unprecedented policy support from governments and the Bank of Canada played a crucial role.
Despite a narrative that we are in deep financial trouble because of COVID19, the Canadian economy came through the crisis quite well. Household insolvencies are at multi-year lows. Most businesses aren’t showing signs of major financial stress, with corporate bankruptcies below their historical average. The longer-term impact of the pandemic continues to develop so the country is not out of the woods yet.
TD Bank stocks are hitting new highs as they rack in strong profits amidst a strong Canadian banking system and economic climate according to The Motley Fool. The investor news sites references TD is the fifth-largest North American bank. TD Bank stands out to investors for its strength south of the border, and for its success in driving efficiencies. TD Bank stock has a market cap of $170 billion and a 3.3% dividend yield. The stock has soared 32% so far in 2021. TD is not only trading at 52-week highs, but it’s also trading at all-time highs. Also, TD’s valuation is at all-time highs.
Of interest to TechBomb is the momentum in terms of goodwill and brand affinity TD is making. The bank’s CIO is using her voice to push more women into technology.
CIO Judy Dinn recently told the Wall Street Journal she wants to uplift ‘the voice of the engineering community in technology’. Ms. Dinn joined TD Bank last year as chief architect and CIO of U.S. credit cards. From 2017 to 2020, she was CIO of credit-cards technology and retail banking enterprise databases for JP Morgan Chase & Co. “I really view myself first and foremost as a technologist engineer,” Ms. Dinn said, adding that she is focused on “making sure that the voice of the engineering community in technology is heard and understood.”
After graduating from the University of Waterloo in Ontario, Ms. Dinn co-founded Think About Math, a program at the university that encourages high-school girls to consider careers in science, technology, engineering and math. She said she hopes to work on similar programs in her new role.
As pandemic restrictions continue to be gradually lifted, the economic recovery is projected to persist—which should help minimize financial stress from the phasing out of government support programs. This should bode well for the Canadian banking system and banks like TD across North America.
*Global Finance used an evaluation process to select the 2021 World’s Best Consumer Digital Banks Awards winners that included a panel of judges at Infosys, a global provider of digital consulting, technology, and outsourcing, which shortlisted finalists with the Global Finance editors responsible for selecting the winner. Award recipients were selected based on several criteria, including strategy for attracting and servicing digital customers, success in attracting customers to use digital offerings, evidence of tangible benefits gained from digital initiatives, and growth of digital customer base.