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Data platform modernization delivering richer insights and powering dynamic digital experiences for TD customers
TD accelerates move to Microsoft Azure suite of data services and enters new commitment with Databricks to unlock data at scale
TORONTO, Jan. 26, 2022 /CNW/ - TD today announced the strategic acceleration of the Bank's move to establish an enterprise level data estate on Microsoft Azure. This initiative, that now includes a multi-year agreement with Databricks, will further enhance analytical capabilities to help power new customer experiences and enable employees to collaborate with more agility across the Bank.
The new agreement between TD and Databricks will help TD unlock data at scale and achieve broader benefits with the move to Azure by leveraging Delta Lake for access to high-quality, governed, and secure data across the enterprise.
"At TD, our data and analytics capabilities are central to innovating for our customers in new and meaningful ways," said Jeff Martin, SVP Corporate Platforms, TD Bank Group. "By consolidating our data onto the Microsoft Azure cloud platform and leveraging Databricks, we are further enhancing and evolving the customer experience and supporting new product development."
Azure Data Services is a cornerstone of the Bank's cloud strategy, providing TD data scientists, technologists, and its data analyst community with the tools needed for more efficient and secure access to data, as well as advanced analytics capabilities including Azure Synapse and Azure AI, including Azure Machine Learning.
"Banking is one of the most data-intense industries in the world. Using Azure as its primary cloud platform across all lines of business including their data estate, TD will be able to derive critical and real-time business decisions and unlock new transformative customer insights to build the bank of the future," said Kevin Peesker, President of Microsoft Canada.
This expansion builds on a longstanding strategic relationship between TD and Microsoft that started with the adoption of Azure as the Bank's cloud foundation to accelerate and fuel new and innovative banking experiences.
The use of Databricks on Azure will facilitate the democratization of data and will create opportunities for TD colleagues to work with industry-leading tools and meaningfully contribute to the Bank's customer-centric innovation strategy.
"At Databricks, we believe ensuring data integrity and enhancing collaboration across a bank are key competitive differentiators," said Junta Nakai, RVP, Global Financial Services. "TD is a global leader in implementing a next-generation data architecture and we're thrilled to be a part of their innovation journey."
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on October 31, 2021. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
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