Canada-based AI solution Layer 6 has been acquired by TD Bank Group.
Layer 6 helps financial institutions to deploy machine learning and AI technology to help provide customers with real-time personalised experiences. Launched in 2016, the company uses all available data including transaction history, customer profile, product descriptions, and third-party data, in order to create accurate predictions.
The solution can be used by financial institutions to make customer product recommendations, next best action, personalised pricing, and complaints prediction.
TD Bank Group president and CEO Bharat Masrani said, “Anticipating and meeting customer needs are at the heart of our promise, and we are excited to further accelerate our innovation agenda to deliver well into the future.
“As we deploy new solutions, we will extend our deep relationship with customers across all of our platforms and offer personalized, connected and legendary experiences for our customers in the digital age.”
TD Bank Group has had a lot of activity in the AI sector in recent months, with the company having collaborated with Amazon to create new voice banking skills for Alexa. The bank has also formed a partnership with conversational AI provider Kasisto to bring the platform to TD’s mobile app.
Earlier in the week, fellow Canada-based company Mylo Financial Technologies closed a $1.6m seed funding round. The spare change investment platform is hoping to use the capital for scaling its operations and development.
Late last year, AI-powered analytics solution Anodot raised a $15m Series B funding round led by Redline Capital Management. The company hopes the funding will support it to launch its offices in London and APAC, as well as growing its US team.
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