In this exclusive CanadianSME Small Business Magazine interview, Rizwan Khalfan, EVP and Vice Chair, Strategic Growth, Innovation and Partnerships at TD Bank Group (TD), shares how TD is redefining digital banking through innovation, AI, and its digital-first, human-always approach. He discusses how the bank is delivering seamless, personalized experiences that empower millions of Canadians and small businesses.
Drawing on his extensive leadership in digital transformation and innovation, Rizwan highlights TD’s vision for the future of banking and its commitment to creating secure, intuitive, and customer-centric financial solutions that keep Canadians ahead in an evolving digital world.
What does “digital–first, human–always” mean in practice at TD, and how is it shaping your vision for Canadian clients?
We are honoured that one in three Canadians choose TD as their bank, placing their trust in us to serve more than 14 million Canadians. That trust has helped us build Canada’s leading core banking franchise, combining an unmatched physical footprint with a strong and growing digital presence.
For us, it’s never about choosing between digital and human – it’s about making them work seamlessly together. Digital makes everyday banking effortless, whether clients are checking balances, moving money, or finding information quickly. When needs become more complex, trusted advice becomes essential. Our goal is to connect those experiences so clients can move easily between channels without losing context or momentum.
Whether it’s helping clients quickly find transactions through Transaction Search (with more than 560,000 clients completing over 2.6 million searches this year), providing greater visibility into their financial health through our credit score tools (used more than 25 million times), or enabling them to start and finish applications on their own schedule with Save and Resume, we’re focused on removing friction and delivering meaningful value through experiences that make banking easier, faster and more convenient.
Trust is built when every interaction – digital or human – feels connected, personalized, and focused on the client. That’s what our digital-first, human-always approach means in practice: using technology to deepen relationships, support better financial outcomes, and ensure clients feel understood, supported, and confident every step of the way.
TD was recently ranked #1 in customer satisfaction with mobile banking apps. What do you see as the key drivers behind that client response?
This is a proud moment for TD. Being ranked #1 in Customer Satisfaction with Mobile Banking Apps by JD Power reflects the trust Canadians place in TD and the experience they’re having with our digital channels every day.
Our focus on making banking simpler, faster and more intuitive is resonating with clients because their digital experience feels personal, seamless and grounded in trust. Increasingly, clients compare us not just to other banks, but to the best digital experiences available anywhere, raising the bar for all of us.
This recognition is a reflection of our broader strategy: designing connected, personalized, human-centred experiences that make managing money easier. Whether it’s bringing banking, investing and rewards together in one place, or helping clients gain deeper financial insights through enhanced tools and capabilities, we’re focused on removing friction and delivering value when it matters most.
With 8.8 million mobile clients in Canada and the highest score across all four study factors, this achievement underscores our digital-first, human-always approach –using technology to make everyday banking effortless while helping clients feel confident, supported and backed by TD.
While we’re proud of this recognition, it’s also motivation to keep raising the standard and reimagining what banking can be for our clients, colleagues and communities.
With mobile becoming the primary banking channel, how is TD designing experiences that truly support individuals and small business owners on the go?
TD has the highest number of mobile active users in Canada among the big 5 banks, a record it’s held for the past 12 years. We operate at scale and learn from the billions of interactions we have from our clients each year.
Mobile has become the centre of how many Canadians manage their financial lives, and that’s especially true for entrepreneurs and small business owners who are making decisions in real time.
Our focus is on creating experiences that adapt to that reality, making it easy to find what you need quickly, understand your financial position at a glance, and take action with confidence. That starts with intuitive design, but it goes further into delivering timely, relevant insights that help clients stay on top of cash flow and spending.
We’re also investing in more proactive experiences: things like contextual alerts and personalized insights that surface the right information at the right moment. For a business owner on the go, that could mean quickly understanding a transaction, spotting a trend in spending, or getting a nudge about an upcoming payment.
At its core, we’re designing experiences around clients’ personal journeys and life moments, helping them feel seen, understood and supported wherever they choose to engage with us.
How do your digital channels, branches, and phone teams work together to support Canadians through more complex financial decisions?
We’re focused on giving clients the flexibility to connect with us however they choose, while ensuring every interaction feels effortless. Digital channels are often where clients start, whether that’s checking balances, researching options or beginning an application.
As financial needs become more complex, that’s where our branch and phone teams play a critical role, providing personalized advice and support. We’re focused on creating a connected experience, so whether a client starts online, by phone or in a branch, the experience feels continuous, supported and personalized.
Behind the scenes, we’re equipping colleagues with better tools and insights so they can spend less time on administrative tasks and more time helping clients navigate important financial decisions with confidence.
Ultimately, success isn’t about the channel a client chooses – it’s about ensuring they receive the right support, at the right time, in the way that works best for them. By bringing together the convenience of digital and the expertise of our colleagues, we can deliver advice and guidance that’s both accessible and personal.
Looking ahead, where do you see the biggest opportunities for TD to use data and AI to deliver simpler, more connected experiences for Canadians?
Technology has always been evolving – that’s not new. What’s fundamentally changed is the pace of client expectations.
Clients expect us to meet them where they are – consistently, often before they even ask. So, it’s less about what’s the latest and greatest and more about building an environment that enables us to not only keep pace but exceed expectations now and into the future.
Innovation in digital banking is increasingly about moving from reactive experiences to proactive ones.
We see a big opportunity in using data and AI to deliver more contextual, personalized insights that help clients make better decisions–whether that’s managing day-to-day spending or planning for longer-term goals. The role of the app is evolving from a place you go to complete tasks, to a partner that helps guide you forward with confidence.
At the same time, the future is very much hybrid. Technology will continue to make banking more intuitive and accessible, but human expertise remains essential–especially for more complex or high-stakes financial moments.
Ultimately, success for us means making banking feel more seamless, more connected, and genuinely helpful–so clients can spend less time figuring things out and more time feeling confident in their financial future.
Disclaimer:
The views and opinions expressed in this interview are those of the interviewee and do not necessarily reflect the official policy or position of CanadianSME Small Business Magazine. Our platform is dedicated to fostering dialogue and sharing insights that inspire and empower small and medium-sized businesses across Canada.
