What is TD looking at its black customer ‘pain point’?
TD launched a dedicated team led by Ramsay, who listened more deeply to customer, peer and community concerns. It plans to end-to-end to see how it can better support the black community. It is investigating the bank’s products, policies and procedures to identify “pain points” for the black community. He’s sharing some cautious optimism about what’s happening, but wants TD to help empower it to make financial decisions for their families and the future, he said. TD is now offering financial education and seminars to the community, so “we can really bring the entire TD Bank to our customers.”
One of the pain points he hears from customers is that “sometimes the experience isn’t the greatest when they interact with us at the branch level, and this is something we are taking very seriously”. TD now has a dedicated internal committee looking into this, but it has also worked with the black community to design some of the anti-black racism training that everyone at TD needs to take. It is also providing frontline consultants with more specialized and ongoing customer-focused training to “make sure we minimize those pain points from our clients”. TD is also looking at how it can attract more black mentors so the community can work with them.
Ramsay also wanted to improve the experience of his colleagues, so TD launched a Black employee network, which now has mentorship programs, career planning, and networking events, “so that anyone, including Black peers, can achieve their full potential.” and feel a sense of belonging. In TD Bank.”
They also enlisted 100 partners in building the ideas for the Black Customer Experience strategy to “truly deliver the entire bank to the community.”
Last fall, TD Bank Group announced that it was donating $10 million over five years to the Black Opportunity Fund. It is one of the largest donations to the $1.5 billion fund that its team of Black Canadians is setting up to help small business, charities and the community remove structural barriers to Black economic success.