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Despite being a highly regulated industry, equity trading has consistently been at the forefront of technological innovations in the financial services sector. However, when it comes to agents and AI applications, many banks have taken a more cautious approach to adoption.
TD Securities, the equity and securities trading arm of TD Bank, rolled out its TD AI Virtual Assistant on July 8, aimed toward its front office institutional sales, trading and research professionals to help them manage their workflow.
TD Securities CIO Dan Bosman told VentureBeat that the virtual assistant’s primary goal is to help front-office equity sales and traders gain client insights and research.
“The first version of this began as a pilot, which we then subsequently scaled,” Bosman said. “It’s really about accessing that equity research data that our analysts put out and bringing it to the hands of the sales team in a way that’s sales-friendly.”
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Bosman noted that being around a trading floor means being exposed to a lot of the lingo, and the context in which users ask some questions feels very unique. So the AI assistant has to sound natural, intuitive and access the insights generated by traders.
Building TD AI
Bosman said the idea for the AI assistant came from a member of the equity sales team. Fortunately, the bank has a platform called TD Invent, where employees can bring ideas and the innovation leadership team can evaluate projects responsibly.
“Someone in our equity research sales desk came in and pretty much said, I’ve got this idea and brought it to TD Invent,” Bosman said. “What I’ve loved most about this is when you build something super magical, you don’t need to go out and sell or put a face on it. Folks come in and say to us, ‘we want this, we need this or we’ve got ideas,’ and it’s truly the best when we’re able to bring our investment in data, cloud and infrastructure together.”
TD Security built the TD AI …