TD Bank Optimizes Efficiencies and Drives Customer-Centric Banking Solutions with Dynatrace

TD Bank is undergoing a large-scale transformation to shape the future of banking. As part of this effort, the bank is putting people at the center of everything it does, as it works to design new services that its customers and employees want, need, and can use intuitively. This strategy is key to the future of its business as customers continue to turn to digital channels alongside traditional branch banking in the wake of the pandemic. To enable this transformation, TD Bank has invested in a more agile and dynamic digital ecosystem, moving its critical applications from legacy on-premises data centers to a mixture of private and public clouds.

However, as TD Bank modernized its technology stack, it became more complex to manage, leading to operational inefficiencies. TD Bank had amassed a multitude of monitoring tools for each cloud environment, with limited interoperability. This made it difficult to collaborate effectively with business partners to meet their requirements and led to delays in identifying and resolving the cause of transaction failures. In turn, this disrupted customer and employee experiences by prolonging issues.

TD Bank needed a more effective way of managing customer and employee experiences by enabling its teams to respond faster to transaction failures. To enable this, TD Bank wanted to simplify its complex monitoring toolchain. Rather than examining multiple tools and piecing together different sources of data, TD Bank needed a single view across its technology stack, and instant insights into the root cause of issues. After evaluating the market, TD Bank selected Dynatrace’s unified observability and security platform.

“Previously, we lacked visibility into how our customers were interacting with our solutions,” said Chris Conklin, Technology Executive – Enterprise Monitoring, TD Bank. “We often received calls into our contact center when issues arose, rather than being able to identify them proactively. If you think about the time it takes to make a call, have somebody listen, then escalate a response, 30 minutes to an hour have gone by. We could have easily avoided that if we had the right solutions in place. There's many options out there and believe me, we've tried them. But if you look at the track record of Dynatrace, there's constant innovation that really drives progress. Dynatrace gives us the ability to look into all of our critical functions and services, and dig into what's driving the experience for our customers.”

• More reliable banking services: By providing a unified view of observability data across its hybrid, multicloud environment, Dynatrace has significantly improved TD Bank’s ability to respond to issues before users are impacted. Dynatrace’s AI-powered answers enable TD Bank to instantly identify the precise root cause of any issues as they begin to emerge. As a result, TD Bank is identifying 25% more incidents proactively and responding to them 20% faster. This has helped it to lower its transaction failure rate dramatically, from 0.16% to just 0.06%, and reduce the number of customer irritants by more than 60%.
• Cost optimization: Since Dynatrace provides end-to-end visibility across its entire technology stack, TD Bank is on track to eliminate up to seven redundant, legacy monitoring solutions that are no longer required. By consolidating its observability data into a unified platform, TD Bank’s teams have fewer routine maintenance and configuration tasks to manage and have reduced monitoring infrastructure and licensing costs by up to 45%. In addition to the cost savings, this reduction in support effort has freed up the bank’s teams to focus on tasks that drive innovation for the business and its customers.
• Efficiency improvements with AI: With a complex web of technologies across cloud and on-premises environments, it became humanly impossible for TD Bank’s teams to stitch together the insights needed to proactively identify issues. Dynatrace’s AI capabilities enable the bank to process large volumes of data instantly, delivering the precise answers that teams need to triage and resolve issues quickly. Over time, the bank is looking to layer in more automation, to use these insights to enable zero touch response in resolving issues for its customers. TD Bank estimates that Dynatrace contributes to 75% of the total efficiency savings achieved via its AIOps strategy across its digital infrastructure.
• Improved customer satisfaction: By reducing the transaction failure rate and speeding up resolution when issues occur, Dynatrace is helping TD Bank deliver on its promise to focus on the human side of banking. If customers or employees do need to contact TD Bank’s call centers for help resolving an issue, Dynatrace ensures that its teams have the precise answers they need to quickly understand and resolve problems more efficiently and effectively.

“Dynatrace has helped us to focus on our tool consolidation mandate,” said Conklin. “We started with roughly 10 observability tools, and we're working our way down to one platform. This really puts the focus on innovation and how we can meet customers where they are while reducing our operating expenses. Along with dramatically reducing the number of incidents we experience, Dynatrace enables us to improve customer trust if issues do arise. It's a phenomenal success story that ultimately drives the trust that we have with our customers.”