Chad Koziel, Associate Vice President of Layer Six Gen AI Delivery at TD Bank, recently discussed the integration of artificial intelligence (AI) within the banking sector during a podcast interview. Koziel addressed the common misconception that banking and AI are not closely related, emphasizing that banks have utilized AI for decades, particularly in risk assessment and customer engagement. He asserted that the scale of banking operations provides a unique advantage for the effective implementation of generative AI technologies.
Koziel explained that TD Bank has been rapidly adopting AI to enhance service delivery, stating, “TD is pushing hard and fast to ensure that those two terms are synonymous.” He described his role as bringing AI to market and ensuring its beneficial use among both colleagues and customers. “If those things aren’t happening, then I’m not doing my job,” he added, underscoring the importance of successful AI integration.
Reflecting on his journey to TD Bank, Koziel noted that his previous work in data analytics and digital customer experience paved the way for his current role in AI. He highlighted a transformative period in AI development since late 2022, particularly following the launch of GPT-3, which he described as a “seismic shift.” This development enabled AI technologies to interact with users more naturally, prompting banks to rethink their service delivery models.
The use cases for AI within TD are primarily focused on enhancing customer interactions and streamlining internal processes. “The first push is going to be everybody should have that, everybody should be accelerated by that,” Koziel remarked, referring to AI tools that assist both bank employees and customers. By leveraging generative AI, the bank aims to simplify complex, paper-heavy processes that often lead to delays, thereby providing customers with faster service.
While discussing the challenges of integrating AI into a heavily regulated environment, Koziel acknowledged that the regulatory oversight imposes unique constraints. However, he sees this as an opportunity to build trust with customers, stating, “TD is built on trust our customers trust us where we are regularly regulated.” This trust allows the bank to explore innovative AI applications that smaller companies may not be able to implement due to resource limitations.
Amid the excitement surrounding AI, there is also apprehension about its implications for employment and daily life. Koziel emphasized the need for open discussions about the technology’s potential and limitations, suggesting that understanding these factors can alleviate fears. “What mystifies you? What are you anxious about?” he posed, encouraging a dialogue about the technology’s impact.
Koziel pointed out that the future of employment may be shaped by the ability of AI tools to enhance productivity. Innovations such as Microsoft Copilot could revolutionize how employees interact with technology, potentially democratizing access to sophisticated support tools that were previously available only to a select few. He anticipates a transformative shift in how individuals engage with their work and daily tasks through AI integration.
As the conversation concluded, Koziel reiterated the bank’s commitment to responsible AI usage. He assured that TD Bank would prioritize the ethical deployment of generative AI, focusing on benefits for both employees and customers. “We’re going to use AI. We are going to push it right to the limit, but we’re going to be responsible about it,” he stated, highlighting the importance of maintaining trust in this evolving landscape.
The conversation with Koziel underscores the critical role that AI is set to play in the banking sector, as institutions like TD Bank strive to innovate while navigating the complexities of regulation and customer expectations. As AI technologies continue to evolve, their impact on the financial services industry could reshape the future of how banks operate and serve their clients.
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