About a year ago TD Bank acquired the AI startup Layer6 and they hoped to use their technology to quickly transform how they operate; the bank has found the implementation to be a bigger challenge than initially thought; “What we didn’t know a year ago when we brought them on was how different very large companies like us are [versus] these new nimble startups,” Gregory Braca, TD Bank CEO, said in an interview with American Banker; this is becoming a theme in banking, figuring out how to utilize new technologies within the outdated systems of the bank; TD Bank does believe their acquisition will pay off over time. Source.
