TD Bank is redesigning its mobile banking app to create an easier and more connected user experience as mobile banking demand grows, Head of Canadian Personal Banking at TD Bank Michael Rhodes said at today’s Investor Day 2023 event.

“Coming soon, customers using the mobile app will begin to experience a more consistent, simple, intuitive design with personalized features and capabilities,” according to a video Rhodes played during his presentation.

The redesigned mobile app will bring together banking and investing into one app, provide personalized insights to help manages expenses, offer an active notification center, create a snapshot of recent transactions and highlight rewards offerings through the bank’s loyalty partners, according to the presentation.

Mobile adoption

In Canada, the bank’s mobile traffic has increased at a compound annual growth rate of 70% since 2017, Rhodes said during his presentation, noting, that the bank’s self-service channels account for more than 90% of transactions.

The bank’s investment in the mobile app is in line with its broader tech investment; for example, TD Bank’s tech spend increased 20% year over year in Q2 to $499 million as it prioritized upgraded platforms and enhanced digital capabilities, Group Chief Executive Bharat Masrani said during the Q2 earnings call in May.

“We’re going to build this digital advantage, investor applications and digital presence, and we will capture an enormous opportunity ahead,” Rhodes said, noting that mobile is just one area of investment and “There’s a lot on the roadmap.”