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Case Study
TD Bank
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Case Study
TD Bank
A Bank that Doesn’t Act Like a Bank
Companies that operate in heavily regulated industries, Bank,” it wasn’t just a marketing campaign—it was part
such as banking, often have trouble with innovation. With of its culture and what sets the company apart from the
so many rules and processes governing many aspects of competition.
the business, it can be hard for organizations to create
an environment in which innovation thrives, or to come Canada-based TD Bank Group (owner of the online
up with truly inspirational ideas. TD Bank (formerly brokerage TD Ameritrade, as well as other commercial
Commerce Bank), however, has become one of the most and personal banking products) acquired Commerce
successful, high-growth banks in history based on its Bank in 2007. Now simply called “TD Bank,” they’ve
ability to create change and raise the bar on innovation. retained the tagline and preserved many of the strategies
and tactics that made Commerce famous. It’s rare that
Commerce Bank was different from the outset. Former an acquiring company will go to such great lengths to
President and CEO Vernon Hill II founded the first take on the acquired company’s culture and operational
Commerce Bank in 1973 with nine employees. As he strategy, but it seems TD Bank Group knew the true
knew then, and executives continue to echo today, the value in what it was acquiring—a singular approach to
bank was not in the banking business—it was in the innovation that revolutionized an industry.
retail business. The twist was that as a bank, they’re
not selling shirts or jewelry. At the end of the day, As TD Bank looks ahead, they will continue perfecting
they’re selling services, and Hill saw the opportunity to their omni-channel capabilities so customers can start
revolutionize the way banks provide services to their banking experiences in one channel, like mobile, and
customers. Says Hill: “The problem with most banks is seamlessly finish them in store.They’re exploring mobile
that they abuse their customers every day. We want to payment systems that have customers use biometric
wow ours.”i authentication data, providing increased security. The
bank is also part of a bitcoin consortium, working with
Commerce sought inspiration from outside the industry, other banks and cryptocurrency partners to realize
challenging banking practices that were so entrenched, business opportunities. TD can pursue these digital and
they may as well have been law. For example, banks big data projects thanks to their investment in the TD
are closed on Sundays. But to better focus on customer Lab, an idea incubator launching in 2016.
needs, Commerce famously opened its doors seven
days a week, with early and late hours. As other banks Read on to delve deeper into these inspiring innovations,
cut costs and close branches, Commerce (and now TD) and learn how they might apply to your organization.
continues to open more retail locations across North The remainder of this case study will focus on many
America in order to interact with customers face-to-face. innovations that Commerce Bank put in place, as well as
When it adopted the tagline “America’s Most Convenient new programs and initiatives that TD Bank has launched
since the acquisition.
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Case Study
TD Bank
The Four Innovation Capabilities
futurethink’s Innovation Case Studies are designed to provide insights on today’s leading innovators. Information about
each of the companies we feature covers the four key innovation capabilities: Strategy, Ideas, Process, and Climate.
Set a foundation that defines innovation objectives and mobilizes your efforts.
The notion of “serendipitous innovation” is dangerously outdated. The secret to success lies
in crafting an action-oriented strategy. It means setting a vision for your company to follow and
viewing innovation as an expected result, not a lucky one. Innovation should be handled like any
business initiative: with an eye on growth, results, and profit.
Think differently to develop original ideas that drive business value.
In today’s economy, the ability to continually fuel innovation is what separates winning
organizations from the rest. Idea generation should be managed, purposeful, and clearly linked to
business objectives. Leading innovators succeed by balancing out-of-the-box thinking with sound
management principles.
Create a streamlined and flexible approach to shepherd innovative ideas to market.
The reality in every organization is that money is limited. To make sure you’re spending effectively,
you must have a streamlined process for innovation. A good process will help to consistently
identify your best projects and enable you to move them forward more efficiently.
Build a thriving work environment that drives innovation across your organization.
We live in a world where the new replaces the old very quickly. Only organizations that keep pace
with the shifting marketplace will be able to stay ahead. So how do the best companies adapt?
They cultivate a climate in which employees are encouraged to innovate in a continuous and
consistent manner. The companies that stay ahead have made innovation part of their DNA.
futurethink analysts develop case studies by drawing from a mix of extensive research, by conducting organizational
and customer interviews (where possible), and by experiencing first-hand interactions with the organization. We want
to thank those individuals who contributed to this case study and provided the information found herein, which made
the TD Bank story so fascinating.
We hope the information contained on the pages that follow offers insights and inspiration for innovation in your
organization.
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Case Study
TD Bank
Unifying the mindset of the entire operation. As
Commerce Bank set out to revolutionize banking, the
key concerns were the customer, convenience, and fun.
Getting all employees to focus on these three elements—
simple enough to remember, but as banking’s history
proved, hard to execute—reinforced a consistent brand
experience for anyone who interacted with Commerce.
Management often references the notion that they aim to
bring humanity back to banking.
“We want to interact with our customers—every way
we can” is a very un-bank-like sentiment, but Commerce
believed it, and it’s strongly felt at today’s TD Bank. Years
ago, when the rest of the financial services industry
urged walk-in customers to stay home and bank via the
Web, Commerce Bank was opening more branches
than anyone else (and investing in more real estate than
anyone else). To live up to its “America’s Most Convenient
Bank” slogan, the company worked hard to achieve
Let’s start by understanding how Commerce Bank’s a multi-channel focus and experience. For example,
innovations set a foundation for a truly innovative banking Commerce looked at its call center not as a cost center
culture, which permeates many parts of TD Bank today. but as an opportunity to provide a more human element
to its banking experience. In 2013, TD Bank built on this
A Retail-Centric Approach idea and created a new LEED certified call center for 500
Years before the TD Bank acquisition, Commerce employees in Auburn, Maine.iii
Bank founder, Vernon Hill set out to revolutionize the
way banks and customers thought about financial Creating a Culture for Innovation:
services. With a business background and experience in
franchising, he looked at banking in a very different way
Freedom in the Framework
than many of his contemporaries. The biggest departure Innovation at the original Commerce Bank began at the
was simply his perspective. His ideas about acting like a grassroots level, with the employees. Management was
retailer, not a bank, gave the original Commerce Bank an and still is constantly encouraged to keep an open door
edge that naturally lifted them above the competition.ii and mind, listen to employees, and use employee ideas
to create an environment that’s both customer- and
“We’re a store, not a bank.” This was to become the employee-friendly.
company’s mantra. The idea was to model a financial
institution after retail heroes, not banking ones. “Stores”— One well-known Commerce Bank initiative was the “Kill
not “branches”—follow a retail model that offers a a Stupid Rule” program. It was designed to leverage
consistent experience whether you’re in Portland, Maine, employees’ frontline observations to streamline processes
or Miami, Florida. Like other leading retail environments, and improve the customer experience. If an employee
Commerce Bank (and now TD Bank)locations are found that an existing rule inhibited his or her ability to
welcoming, inviting, and open early and late to meet “WOW!” the customer, the employee was encouraged to
customer needs. come up with an alternative solution. Anyone who did so
received $50, and the stupid rule was eliminated.iv
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Case Study
TD Bank
Creating a retail culture that rewards innovation is central
to Get S.M.A.R.T. (defined below), which formed the
foundation of Commerce Bank’s, and now TD Bank’s,
customer-service principles. These mantras helped TD
Bank break down the traditional barriers that prevent
many companies from using their own internal workforce
to find a better way to serve the customer. In short, the
customer is king, and these tips help employees bring
that to life.
The “10 Minute” Rule. If you’re a customer rushing
• Say “yes” (employees need manager approval to say to make it to the store before it closes, one of the most
“no” to a customer—therefore it takes one person to frustrating things that can happen is arriving just as the
say “yes,” but it takes two to say “no”). staff is closing the door—and having it closed in your
face. As a key differentiator, Commerce—and now TD
• Make every customer feel special.
Bank—instead embraces the fast-paced lifestyle of its
• Always keep your promises. customers by bending the rules a bit to support them.
• Recovery is divine, to err is human. Stores are open 10 minutes before posted hours and stay
open 10 minutes after posted hours.vii
• Think like your customer v
Branch Openings Are Celebrations. Even now, when
As a means of bringing the retail culture theory to the larger TD Bank opens a new store, they don’t do
practice, compensation at Commerce (and hence TD it quietly. Many opening celebrations are more like
Bank) has long been based on meeting strategic goals. carnivals or block parties, with a tent, music, prize
Metrics such as brand enhancement and customer drawings, large congratulatory cards, and flowers sent
satisfaction serve as the basis for employee bonuses, from other branches, and as many as 3,000 people from
instead of the more traditional banking measures of the local area joining in the fun.
success, such as services sold or speeding customers viii
Many new locations are former
through transactions.vi Providing consistent, excellent fast food joints, which are usually
service at the branch level is a significant component ideally situated in an area of heavy
of performance reviews for employees and is part of the traffic and possess abundant
company’s core metrics for success. parking—a simple yet innovative
idea for deciding where to open to
New Ideas Borrowed from Retail new branches.ix
The cornerstones of Commerce Bank’s original success Warm and Welcoming. Store buildings themselves are
are the result of thinking like a store, not a bank. In fact, not the forbidding, opaque structures typical of many
several of the cornerstones that set Commerce Bank banks. Instead, they’re transparent, glass-enclosed
apart from its competitors have nothing to do with the buildings that invite customers to enter.
banking industry itself, but come out of simple, customer-
friendly techniques borrowed from the retail industry. Affinity Program. Their Affinity Program invites charities
Some of these key, culture-creating ideas follow. to solicit customers on its behalf in exchange for
donations back to those charities. If a charity helps the
Open Early/Open Late/Seven-Days-a-Week. Bank bank open 50 accounts, for example, it offers an annual
branches (or, termed as “stores” according to its retail donation based on the performance for those accounts.
strategy) are typically open from 7:30 a.m. to 8:00 p.m. The program is utilized by local and national non-profits,
during the week, with modified hours on weekends. If a including organizations such as Christ the King Regional
branch is in a busy location, drive-through service might High School, Windrush Farm, and the Crohn’s & Colitis
be open as late as midnight. Foundation of America.
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Case Study
TD Bank
Big Returns on Little Experiences Pens, Lollipops, and Dog Biscuits. While most banks
have cut back on branded tchotchkes and keep
Some of the ideas are big, some small, but collectively their pens chained to the desks, TD Bank still gives
they create an overwhelming impression that TD Bank out an estimated 300,000 pens a month. It has also
actually cares about its customers. Even the smallest of distributed nine million lollipops in-store and at drive-
courtesies reinforce this notion in simple yet effective through banking windows. The bank even caters to its
ways, highlighting the company’s laser-like focus on clients’ dogs: they’ve given out two million dog biscuits
customer service and its commitment to supporting and provide water bowls right in the lobby to keep pets
people “beyond the transaction.” hydrated while their owners do their banking.xii
Here are just a few of the simple and very un-bank-like The Penny Arcade. Getting your coins counted is typically
courtesies extended to customers when they visit a store a painful ordeal at most banks. At TD Bank, it’s an added
or log in to their online banking account. convenience—and it’s also fun. This was an idea that
started at Commerce Bank, that won customers over. Just
Greetings! Taking another page from the retail playbook,
dump all of your coins into the “Penny Arcade” counting
TD Bank stations greeters at many of its branches. When
machines, and it quickly prints out a receipt that can be
customers walk in, they are welcomed with a “hello”
handed to any teller in exchange for bills. The service is
(and sometimes even with a flower or some other gift).
offered at no charge to bank customers. It’s proven to be
Greeters help keep the lines moving and are also available
so popular that the bank added a game element to the
to answer questions or direct customers to the additional
Arcade in which customers can guess the value of their
services that they need. All greeters personally escort
coins before processing. If their guess is within $1.99 of
customers to where they need to be inside the bank.
the actual amount, they win a prize.xiii
Help for the Visually Impaired. In 2009, TD Bank
announced the development of a Web-based tool
designed to make online banking more accessible to
visually impaired clients. The TD Bank Web Accessibility
Toolbar is a free download that offers live adjustments
to site content, allowing users to easily change font size
or magnify small portions of the screen. Developed in
conjunction with IBM, the toolbar also gives users the
option of having screen text read aloud. It’s not the
only service TD Bank has extended to visually impaired
customers: nearly all of the bank’s ATMs are equipped “Raining Outside? No Worries.” As is standard practice
for the visually impaired.x in high-end retailers and five-star hotels, employees
at TD Bank escort customers to their cars/taxis under
Helping Customers Through the Financial Crisis. In large, branded umbrellas when it’s raining.
response to the economic downturn, TD Bank in July of
2009 launched TD Helps, a website that offers assistance “If They Make the Call, Take the Call!” As yet another
to bank customers experiencing financial hardship. The key differentiator, Commerce Bank endeavored to
outreach stemmed from an internal program the bank had treat its call centers like virtual stores, providing the
created to train employees about the financial troubles same level of services as its in-person counterparts.
that its customers were likely facing. It empowered staff The bank’s telephone center insists that calls must be
to help customers by deferring mortgage payments, picked up on the second ring by a human, not by a
for instance, and consolidating debt. TD Ameritrade machine, a tradition maintained by TD Bank.xiv
President Tim Hockey said the internal program helped
“customers stay in their homes, get their debt under
control, and their lives back on track.”xi
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Case Study
TD Bank
“TD Bank WOW! Zone.” The WOW! Zone is an online, Talent Strategy: Building a WOW!
K–12 financial education program designed for kids,
teens, parents, and teachers. Commerce Bank designed Climate Within a Bank
the program to teach kids financial responsibility and Vernon Hill, who founded Commerce Bank over three
appeal to the next decades ago, worked hard to build an innovative culture
generation of customers, into the company. While happy customers were the
and TD Bank picked bank’s top priority, happy employees were also critical.
up where Commerce
left off in maintaining Over the years, an internal system of incentives and
a fun and educational cultural training has been implemented to reinforce a
online destination for deep commitment to “WOW!ing” customers, including
customers. rewards, recognition, and compensation, as well as
intense training and education. The bank’s awards
TD Thanks You. In July 2015, TD celebated customers in 2015 include, MediaCorp’s Top 100 Employers in
in their TD Thanks You campaign. The marketing Canada for the eighth year in a row, and for the tenth
story celebrated the life moments that are important to year in a row, one of the Best Workplaces in Canada by
customers and the milestones shared with their bank. the Great Place to Work Institute.xviii
TD Bank employees thanked customers in person and
on the phone, while branches decorated themselves in Training is a top priority for all employees. TD Bank
a “throwback” themes. In a dozen stores, a selection of mobilizes its “WOW!” culture through extensive (but
customers were surprised with display boards that had fun) training. To help new tellers and customer service
pictures of seminal life moments and included captions representatives understand and embody the culture,
written by family members. A few of these “throwback” they each start with nine days of training. New hires
moments were captured in a heart-warming YouTube spend the first day in a cultural orientation program
video with over 7 million views.xv TD Bank is leveraging called “Traditions,” which runs every Monday.xix For
the power of personalized relationship and capturing the eight consecutive years,xx TD Bank continues to be
friendly atmosphere that keeps customers coming back. recognized by Training magazine as one of the Top 125
training programs across all industrial sectors.
These small but powerful steps underscore the
company’s firm commitment to its customers. TD Bank “Hire for attitude. Train for skills.” While most banks
knows that financial transactions are only a part of the hire people for their ability to perform operational
customer experience. They want to ensure that customers tasks (like bank tellers), Commerce Bank made it a
know TD cares about them and their banking needs—not point to hire based on attitude and the ability to work
just about transactions. As proof in 2015, TD was ranked with people. This subtle shift in how the company
highest in customer satisfaction among the big five retail approached HR has been seen as a core tenet to the
banks for the tenth consecutive year, by J. D. Power.xvi bank’s success. After all, banks are about helping
people, not just handling transactions.
TD stays on the pulse of customer experience through
ever-improving proprietary methods of measurement. TD University. Formerly Commerce University, TD
While they don’t reveal all their secrets, we know they University is the in-house training WOW! Program
measure end to end, in real time, from interactions at generator. In addition to orienting new employees,
their stores to insights gathered at every level of the the University provides courses to existing employees,
organization. TD employees are rewarded and measured from part-time tellers to senior executives. One of their
on how they serve the customers, including how they essential courses is EARN: Engage, Assess, Respond,
provide these insights. Mobile app image stabilizer Nurture - which teaches employees the roadmap for
technology was even designed for customers who have every customer interaction.xxi
shaky hands, and struggled to take a clear picture.xvii
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Case Study
TD Bank
While there are over 50 TD University locations, the One simple initiative TD Bank implemented to help
company also offers blended learning in the form of foster a more environmentally sustainable workplace
webinars, online programs, and real-life training on the was to remove waste baskets from offices and place
job. Their practical and tactical training programs stand them at the end of the hall. The resulting “walk of
out because they are tied to on-the-job experiences, shame” to throw away items not only reduced personal
employees generate solutions for real business waste, but also led to employees devising ways to cut
challenges, and they leverage the experience of down on overall company waste.xxiv
seasoned executives.xxii
In 2011, TD Bank opened the first net-zero energy bank
“WOW!” and Environmental Sustainability. In in the world in Ft. Lauderdale, Florida. A net-zero energy
2010, TD Bank impressed customers, investors, and building (NZEB) is one that “produces and exports in
environmentally conscious people everywhere by a year at least as much renewable power as the total
becoming carbon-neutral—the largest U.S.-based energy it uses.”xxv A year after opening, the company was
bank to do so. It was able to do this by reducing awarded the International Council of Shopping Centers
energy consumption, utilizing green building practices, Gold U.S. Design and Development Award for the
purchasing carbon credits, and investing heavily in project.
renewable energy sources (wind, solar, and low-impact
hydro). Lessons learned from the process have continued. As
of 2015, over 20 stores and 4 corporate buildings have
acheived LEED certification, with 70 projects registered
for certification.xxvi The TD Bank headquarters office
tower in Omaha, Nebraska achieved the Platinum LEED
certification – the highest available.xxvii The company
earned the 2015 Green Power Leadership Award from
the U.S. Environmental Protection Agency.xxviii
But TD Bank did not want its buildings alone to be
sustainable. It wanted its employees to become aware
and engaged in environmental issues. Recognizing the
challenge of encouraging and measuring engagement
across different levels of employee audiences,
from senior executives to part-time employees and
super-green conscious employees to not-so-green
conscious employees, TD Bank developed “The 4H’s of
Environmental Engagement.” In 2013, the bank launched a campaign to turn ATM
machines into “Green Machines,” powering the units
This methodology is a “virtuous circle” with four with wind power and moving towards paper-free
stages of engagement: awareness (Head), emotional experiences with envelope-less deposits. The company
connection (Heart), involvement (Hands), and proudly estimates savings of up to 52,000 pounds of paper each
sharing what you’ve done (Horn). This setup allows the year. This commitment to the environment continues
TD Environment team to meet employee audiences efforts begun several years ago. The charge is led by
in their respective comfort zones in order to appeal to employees themselves who want to make their company
what matters to them, and identify appropriate goals, as green as their logo.
strategies, and tactics for each audience.xxiii
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Case Study
TD Bank
There is a “Green Leader” in each of the stores who
serves as a point person for environmental initiatives and
campaigns. All employees interact on TD Green Nation
by pledging and accomplishing “green task” in the work,
home, and community.xxix
Fred Graziano, head of retail banking, said TD Bank is
“committed to protecting the environment and reducing
its own greenhouse gas emissions by developing
innovative buildings and focusing on sustainability efforts
for our employees and customers in a WOW! way.”xxx
Has the Commitment to Customer
Mystery Shopping Program. When customer service is
your key differentiator, it must be constantly monitored Service Yielded Measurable
and rewarded. A team of approximately 100 “mystery Results?
shoppers” performed more than 14,000 unannounced
evaluations of TD Bank’s customer service in a single The proof of the success of its commitment is in the
year.xxxi Because salary increases are based on evaluation numbers. TD Bank continues to balance growth with
of the shopping (that is, “banking”) experience, the staying true to core values. The bank is repeatedly
information from the evaluations is posted on an internal ranked near the top of nearly every survey in the
database for all branch managers to see. retail banking industry in terms of customer service
and satisfaction. Eight years after the acquisition of
The WOW! Patrol. The WOW! Patrol is a traveling team Commerce Bank, TD Bank seems to have lived up to—
that brings energy and excitement to the bank at the and added to—the legendary customer service.
local level. They ride around in the “WOW! Van” wearing
green TD hats, bearing balloons and gifts to welcome Here’s a look at TD Bank stats from their 2015 Annual
new employees, surprise colleagues who have earned Report.xxxiv
recognition, or just stir up some “WOW!”xxxii
• $28.9 billion in revenue xxxv
Showing the Fan Mail. TD Bank receives hundreds of • More than 2,400 retail locations
letters from adoring customers, and is proud to share them
• Approximately 24 million clients worldwide
with employees and customers. The company features
these kudos in a “fan mail” section on its internal website • 10.2 million online and mobile customers
and a “Wall of WOW!” at the corporate headquarters. • More than 81,000 full-time employees xxxvi
Teller-Free and Tech-Savvy: TD launched a concept • $245 billion in client assets xxxvii
store in 2014, the first of its kind for the company.
Instead of tellers, ATM’s are programmed to handle the
complicated transactions previously done by tellers. For
advising on mortgages, and the like, customers can speak
to financial service associates on site. These associates
also can teach mobile banking to customers.xxxiii
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Case Study
TD Bank
What’s Next for TD Bank? In 2016, TD is partnering with startup Flybits to create
personalized mobile experiences using customers’
With smart business practices contextual information: location, social profiles,
backing their legendary customer environmental data, weather, and demographics. The
service, the future looks bright for use cases are still very nascent, but TD wants to deliver
“America’s Most Convenient Bank.” “humanized digital experience that looks at what the
customer is trying to do that’s important to them” and
Though the global financial crisis
helps them achieve their objectives.xliv
presented substantial challenges, TD
Bank emerged mostly unscathed from TD has begun, and will continue perfecting, their
the worst of the economic downturn. omni-channel capabilities so that customers can
In fact, TD is proud to assert that it is a start experiences in one channel, like mobile, and
“growth company with a difference—it seamlessly finish them in store. This will give customers
grows without taking undue risk.”xxxviii the flexability to use their preferred channel as is
It attributes this “difference” as the reason TD Bank was convenient for them. xlv
one of only a few banks worldwide that managed to avoid
write-downs due to sub-prime mortgages. As TD faces In 2014, TD partnered with Communitech to develop
a new threat, financial technology companies, they’re a “smart and nimble” TD Lab, which takes a startup
preparing by investing heavily in digitial capabilities in approach to developing improved customer experiences
2016. Closing branches with very low traffic has openeded through technology. At the lab, they take ideas and
up revenue for improving the speed and capability of its incubate them into a proof of concept. With this program,
mobile and digital platforms. TD is also in talks to partner TD employees were asked to think differently about
with numerous FinTech firms, gaining their expertise in customer needs, and generated 10,000 ideas. In 2016,
exchange for TD’s large customer base.xxxix TD will open a technology innovation center designed to
take the best concepts and turn them into products for
TD is running a pilot with Nymi Band, a wrist-worn heart- customers. These centers help foster innovation at the
rate monitor used as a NFC mobile payment device. It company, and accelerate the technology solutions that will
uses heart rate, or electrocardiogram, measurements to make banking for TD’s customers more comfortable.xlvi
verify your identity - and is securer than Apple Pay due
to the unique biorythmn used for authentifcation. Trials For TD Bank, success means living up to its
will continue in 2016 with TD customers, to determine commitment to innovate, whether in retail experience or
its value.xl TD is also part of R3’s bitcoin consortium, finding new ways to motivate employees. In the United
working with other banks and those in cryptocurrency States, TD hopes to grow by leveraging its strong retail
to align on the cross-functional opportunities between relationships to drive more business to TD Bank Group’s
their businesses.xli These may include issuing corporate online brokerage, TD Ameritrade.xlvii Many other banks
bonds on the blockchain and issuing coupons by “smart have failed in similar attempts to cross-sell (Citigroup,
contracts,” in addition to establishing a shared ledger the now-defunct Washington Mutual, and Wachovia),
infrastructure.xlii but TD intends to add their trademark WOW! to the
strategy to make it work.
In 2012, TD Bank’s mobile banking app was actively used
by more than one million customers, and in 2015 was the Bringing innovative customer service to the straight-
most widely used banking app in Canada. TD Bank sees laced environment of retail banking was a concept that
mobile and online banking channels as new areas to lead was long overdue. The next evolution of ideas from TD
in. In 2014, the bank began their partnership with app- Bank certainly has the potential to shake up the way
developer, Moven, on an application to help customers the world looks at entrenched service models, inspiring
track their spending habits, and offer “soft advice” for companies of all stripes to strive for new ways to delight
tightening their discretionary spending.xliii customers.
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TD Bank
What Can You Learn from TD Bank?
Set a foundation that defines innovation objectives and mobilizes your efforts.
TD Bank’s guiding principles are entirely focused on the customer, and on turning the retail banking
paradigm upside down. Its strategy empowers employees to WOW! customers in everything they do.
• What are the clear guiding principles that define innovation for your organization?
• What paradigms can you look to change in your industry? Are there other industries you can
draw from for inspiration?
Think differently to develop original ideas that drive business value.
TD Bank is an idea machine. It actively implements ideas at the branch (store) level, ensuring that
everything it executes meets the needs of its audience.
• How is your organization proactively generating ideas?
• What are your customers’ unmet, unarticulated needs? How can you delight them and
generate value for your business?
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TD Bank
Create a streamlined and flexible approach to shepherd innovative ideas to market.
TD Bank’s “Kill a Stupid Rule” program is just one example of how the bank has formalized change
within the organization.
• How do you ensure that your innovative ideas are successfully implemented?
• Are you innovating both inside and outside your organization?
Build a thriving work environment that drives innovation across your organization.
TD Bank has a “Can-Do” culture, evidenced by the fact that it takes just one person to say “yes,”
but two people to say “no.” Employees are encouraged to innovate, with management putting these
types of “rules” in place to help break down barriers that typically stall innovation.
• How do you make it easier for employees to innovate?
• How do you share your successes throughout the organization to keep people motivated?
Innovation Simplified | innovate@futurethink.com | P 646-257-5737 | © Future Think LLC. All rights reserved 11Case Study
TD Bank
Books
Green, Howard. Banking on America: How TD Bank Rose to the Top and Took on the U.S.A. 15 Jan 2013. Harper
Collins.
Web Resources
“Could 60% of Toronto-Dominion Bank’s Profits Be at Risk?” 20 Oct 2015. http://www.fool.ca/2015/10/20/could-60-
of-toronto-dominion-banks-profits-be-at-risk/
TD Bank:
TD Bank’s Commitment to Be As Green As Its Logo. 29 Dec 2015. http://www.td.com/corporate-responsibility/td-
forests/homepage/index.jsp
TD Bank Story Ideas:
“TD Bank Recognized with EPA Green Power Leadership Award.” 19 Oct 2015. http://www.marketwatch.com/story/
td-bank-recognized-with-epa-green-power-leadership-award-2015-10-19
YouTube: < http://www.youtube.com/user/TDBankUS>
YouTube: Sometimes you just want to say thank you #TDThanksYou
YouTube:An Average Day At the Bank Turns Into the Ultimate Throwback.”
Twitter:
Facebook:
Innovation Simplified | innovate@futurethink.com | P 646-257-5737 | © Future Think LLC. All rights reserved 12Case Study
TD Bank
ENDNOTES
i
Salter, Chuck. “Customer Service: Commerce Bank.” Fast Company (19 December 2007).
ii
Salter, Chuck. “Customer Service: Commerce Bank.” Fast Company (19 December 2007).
iii
“TD Bank Call Center.” http://aiamaine.org/cote2013/juried-project-index/td-bank-call-center/
iv
Salter, Chuck. “Customer Service: Commerce Bank.” Fast Company (19 December 2007).
v
Andelman, Bob. “Get S.M.A.R.T.” Meetings.net (1 September 2007).
Robinson, Karina. “Banking Matters: Bringing Innovation, and Customers, Back to Banking.” International Herald
vi
Tribune (4 December 2006).
vii
Salter, Chuck. “Customer Service: Commerce Bank.” Fast Company (19 December 2007).
viii
Salter, Chuck. “Customer Service: Commerce Bank.” Fast Company (19 December 2007).
Robertson, Grant. (June 2010). “TD Cooks Up Burger Joint Plan for New U.S. Outlets.” http://www.theglobeandmail.
ix
com/globe-investor/td-cooks-up-burger-joint-plan-for-new-us-outlets/article1606836/
x
“TD Bank and IBM Offer New Web Tool That Increases Accessibility of Online Banking for the Visually Impaired.”
MyBankTracker.com (15 December 2009).
“TD Canada Trust Launches Interactive Website for Customers Experiencing Financial Hardship.” Social Media
xi
Release. (22 July 2009). https://www.td.com/about-tdbfg/media-room/press-kits/website-launch.jsp
Robinson, Karina. “Banking Matters: Bringing Innovation, and Customers, Back to Banking.” International Herald
xii
Tribune (4 December 2006).
TD Bank News Release. “TD Bank Asks Young Savers to Share Their Penny Saving Thoughts” (6 July, 2010).
xiii
mediaroom.tdbank.com/index.php?s=30379&item=94172
Robinson, Karina. “Banking Matters: Bringing Innovation, and Customers, Back to Banking.” International Herald
xiv
Tribune (4 December 2006).
“An Average Day At the Bank Turns Into the Ultimate Throwback.” 22 July 2015. https://www.youtube.com/
xv
watch?v=T8b_v6ofe_k
xvi
Awards List - Online Media Room. (29 Dec 2015). http://www.td.com/about-tdbfg/media-room/awards/awards.jsp
“Interview: TD Bank CEO Bharat Masrani on the Future of Banking.” 9 April 2015. (9 Dec 2015). http://www.
xvii
canadianbusiness.com/leadership/interview-td-bank-ceo-bharat-masrani-on-the-future-of-banking/
xviii
Awards List - Online Media Room. (29 Dec 2015). http://www.td.com/about-tdbfg/media-room/awards/awards.jsp
“Training & Development Innovations for Financial Services - Speakers.” Training & Development Innovations for
xix
Financial Services - Speakers. (17 Dec. 2014). http://www.fintraininginnovations.com/speakers.html
“Training & Development Innovations for Financial Services - Agenda.”Training & Development Innovations for Financial
xx
Services - Agenda. (Web. 17 Dec. 2014). http://www.fintraininginnovations.com/agenda.html
xxi
TD University Fact Sheet. March 2015. (29 Dec 2015). https://mediaroom.tdbank.com/TD+University+fact+sheet
Innovation Simplified | innovate@futurethink.com | P 646-257-5737 | © Future Think LLC. All rights reserved 13Case Study
TD Bank
“Disrupt Staff Routines to Spur Innovation Study.” (December 2010). http://www.newswire.ca/news-releases/disrupt-
xxii
staff-routines-to-spur-innovation-study-507177641.html
Net Impact. “TD Bank: Where Green is Going Viral.” https://netimpact.org/docs/publications-docs/td-bank-where-
xxiii
going-green-is-going-viral.pdf
Net Impact. “TD Bank: Where Green is Going Viral.” https://netimpact.org/docs/publications-docs/td-bank-where-
xxiv
going-green-is-going-viral.pdf
xxv
https://mediaroom.tdbank.com/2013-03-25-TD-Bank-Announces-Energy-Saving-Monitoring-Data-For-Net-Zero-Store
“TD Ameritrade’s Headquarters Building Earns LEED Platinum Certification.”TD Ameritrade - (Web. 17 Dec. 2014).
xxvi
http://www.amtd.com/newsroom/press-releases/press-release-details/2014/TD-Ameritrades-Headquarters-Building-Earns-
LEED-Platinum-Certification/default.aspx
“Engaging Stakeholders.” Engaging Our Environmental Stakeholders. (17 Dec. 2014). http://www.td.com/corporate-
xxvii
responsibility/environment/engaging-stakeholders.jsp
TD Bank News Release. “TD Bank Constructing the First Net-Zero Energy Bank Location in the U.S.”
xxviii
mediaroom.tdbank.com/index.php?s=30379&item=94204
xxix
Salter, Chuck. “Customer Service: Commerce Bank.” Fast Company (19 December 2007).
Simon, Bernard. “TD Bank Tries to Make Its Mark in the US.” FT.com (3 March, 2011). www.ft.com/cms/s/0/2f9ed878-
xxx
45be-11e0-acd8-00144feab49a.html#axzz1IrXdmLfu
“TD Bank Is Opening a Canton Crossing Branch with No Tellers - Baltimore Business Journal.” Widgets RSS. (17 Dec.
xxxi
2014). http://www.bizjournals.com/baltimore/news/2014/09/26/td-bank-will-try-a-new-idea-with-its-first.html?page=all
xxxii
TD Bank Company Annual Report 2013. http://www.td.com/investor-relations/ir-homepage/annual-reports/2013/
xxxiii
TD Bank Company Annual Report 2013. http://www.td.com/investor-relations/ir-homepage/annual-reports/2013/
“TD Ameritrade Reports Record 2014 Earnings; Sixth Consecutive Year of Double-Digit Asset Gathering.” TD
xxxiv
Ameritrade (17 Dec. 2014). http://www.amtd.com/newsroom/press-releases/press-release-details/2014/TD-Ameritrade-
Reports-Record-2014-Earnings-Sixth-Consecutive-Year-of-Double-Digit-Asset-Gathering/default.aspx
TD Bank Group Q4 Investor Presentation. (30 Dec 2015). http://www.td.com/document/PDF/investor/2015/2015-Q4_
xxxv
Quarterly_Results_Presentation_F_EN.pdf
2015 Q4 Quick Facts. (30 Dec 2015). http://www.td.com/document/PDF/investor/2015/2015-Q4_QuickFacts_F_
xxxvi
EN.pdf
2015 Q-4 Earnings News Release. (30 Dec 2015). http://www.td.com/document/PDF/investor/2015/2015-Q4_
xxxvii
Earnings_News_Release_F_EN.pdf
“TD to Help Customers Pinch Pennies with New App.” The Globe and Mail. (17 Dec. 2014). http://www.
xxxviii
theglobeandmail.com/report-on-business/td-bank-helps-its-customers-pinch-pennies-with-new-app/article21839363/
“TD Bank Group Completes Transaction with Aimia and CIBC.” (December 2013). http://www.newswire.ca/news-
xxxix
releases/td-bank-group-completes-transaction-with-aimia-and-cibc-513500251.html
Innovation Simplified | innovate@futurethink.com | P 646-257-5737 | © Future Think LLC. All rights reserved 14Case Study
TD Bank
“Nymi Band Uses Your Hearbeat to Seucre Mobile Payments.” 11 Aug 2015. (10 Dec 2015). http://www.cio.com/
xl
article/2969293/wearable-technology/nymi-band-uses-your-heartbeat-to-secure-mobile-payments.html
xli
“RBC, TD Joins Top Banks in Using Bitcoin Technology.” 29 September 2015. (10 Dec 2015).
Kelly, Jemima. Thirteen More Top Banks Join R3 Blockchain Consortium. 29 Sept 2015. (30 Dec 2015). http://www.
xlii
reuters.com/article/banks-blockchain-idUSL5N11Z2QE20150929
xliii
“Company Fact Sheet.” (9 Dec 2015). http://www.tdbank.com/exc/pdf/company_fact_sheet.pdf
“TD Bank Partners with Toronto Startup To Bring More Personalization to its Banking App.” 18 September 2015. (10
xliv
Dec 2015). http://www.cio.com/article/2969293/wearable-technology/nymi-band-uses-your-heartbeat-to-secure-mobile-
payments.html
“TD Bank’s Winning Approach to Customer Service.” 18 Aug 2015. (10 Dec 2015). http://www.marketingmag.ca/
xlv
consumer/td-banks-winning-approach-to-customer-service-qa-154642
“TD Bank Technology Centre to Employ 120 in Waterloo.” 1 Oct 2015. (10 Dec 2015). http://www.therecord.com/
xlvi
news-story/5939945-td-bank-technology-centre-to-employ-120-in-waterloo/
“Steve Forbes Interview: Fred Tomczyk, TD Ameritrade.” Forbes.com (4 April 2011).
xlvii
blogs.forbes.com/steveforbes/2011/04/04/fred-tomczyk-transcrip/
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