Banking on technology NJBIZ

It was an attention-grabber when TD Bank Group, with U.S. headquarters in Cherry Hill, acquired Toronto-based artificial intelligence company Layer 6 Inc. Yet the move also represents just the latest example of how the banking industry is shedding its stodgy image in a full-blown embrace of technology. Layer 6 uses AI to help analyze data and predict the needs of individual customers, and it's no mystery why TD came calling last month. From answering their questions in a fast yet understandable manner, to sifting through reams of data in order to spot fraud, banks are increasingly using artificial intelligence, a cutting-edge technology once the stuff of science fiction. "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," TD Bank Group CEO Bharat Masrani said.