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TD creates new platform to drive equity lens on innovation
Developed by TD Lab, new Equity, Diversity & Inclusion (ED&I) Resource Hub further cements inclusive innovation in product and service development at TD
TORONTO, Jan. 26, 2022 /CNW/ - Today TD Bank Group (TD) announced a new platform to support the inclusion of the unique perspectives and experiences of different community groups into the development, design, and build of TD products and services. Created by TD Lab, an innovation group at TD that collaborates with businesses across the Bank, the Equity, Diversity & Inclusion (ED&I) Resource Hub is a new platform with a repeatable process to support consideration of customers' diverse needs and perspectives in innovations, products and services developed by TD.
"At TD, we are focused on supporting diversity and inclusion across the Bank and serving the diverse needs of our customers," said Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group. "In the digital age, it is critical that we design for inclusion and apply an equity lens to create innovations that support sustainable and positive experiences for people who rely on digital properties to help manage their finances."
The ED&I Resource Hub includes a five-step process that guides teams throughout the development process to not limit potential target audiences because of their own personal and professional experiences. This includes the consideration of aspects of diversity, such as race, gender identity, sexual orientation, and ability in the creation of personas, which are commonly used in design and development. This process helps create more diverse, inclusive, and equitable personas for product and service design and development – from early ideation to later stage production.
"The intersection of innovation and inclusion within the design process will aim to result in experiences that better reflect the needs of diverse groups," said Samantha Estoesta, Manager, Equity in Innovation and Programs, whose role at TD is to apply the concepts of equity and inclusion at the start of every development phase of TD Lab's customer experience research and projects. "At TD, our goal is to support all the communities which we serve and offer our customers banking experiences that are relevant to their needs. The ED&I Resource Hub will help us to consider what those needs are in the early design phase."
The ED&I Resource Hub has been piloted with success in projects across TD. One project focused on development of an online student resource leveraged the ED&I Resource Hub to create seven inclusive customer personas to better reflect the diversity of both undergraduate students and the nearly 500,000 international students studying at Canadian institutions (e.g., racialized, persons with disabilities, 2SLGBTQ+). This deeper understanding of potential site users is reflected in visual site design and functionality to support user needs.
As an active member of the Coalition of Innovation Leaders Against Racism (CILAR), TD is running a second phase of the pilot offering CILAR member organizations, including large technology, financial services, and consulting firms, the opportunity to use the platform on their own projects and provide feedback. Ultimately, TD intends to make the platform widely accessible to additional groups externally, recognizing the shared value created for everyone when businesses are more equitable and inclusive in their thinking, planning, and outputs.
"CILAR's strength is in its community and membership. By thoughtfully and intentionally bringing our members and resources together, we can effect greater change and elevate inclusion across the innovation economy," said Serena Nguyen, Executive Director, CILAR. "We're proud to have our members take part in piloting the ED&I Resource Hub. By increasing access to important ED&I resources, we can help accelerate the path for businesses to become more equitable and inclusive in all that they do."
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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