TD Bank must be pragmatic when vetting fintechs while considering its budget as well as what issue it is solving for.  

“We don’t have the same dollars as Chase, Bank of America, Wells,” Todd Purcell, head of digital strategy, planning and partnerships at TD, said today at Banking Transformation Summit 2024 in Charlotte, N.C. “We can’t go and do a $25 million investment as a proof of concept and be OK if it fails.”

Instead, the bank must be intentional about vetting fintech partners, he said. 

To ensure TD is selecting fintechs that meet its needs, the bank regularly meets with potential partners to discuss how technologies fit into TD’s overall roadmap, Purcell said.  

It’s less about quantity of partners and more about creating differentiated experiences, he said.  

For example, in 2025, “if we onboard two to three fintech partners, for a bank of our size, then that’s a win,” he said. 

TD’s fintech partners include: 

• Real-time payment solution DailyPay; and 

• Cloud-based enterprise resource planning platform NetSuite. 

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