David Lominack

Commercial Market President of South Carolina

TD Bank

How has technology, specifically artificial intelligence, changed the banking industry? 

The industry is shifting from experimenting with AI to implementing AI solutions that support day-to-day operations. AI is empowering customers with deeper insights into their financial decisions, from everyday purchases to planning for the future. Gen AI is impacting the industry as well, specifically internal operations, by enhancing work, streamlining tasks and inspiring creativity. At TD Bank, we take a “human in the loop” approach to AI and use it to augment colleague intelligence so we can deliver better and faster insights to customers.

What do you see as the future for brick-and-mortar banking facilities? 

While our industry has seen an overall decline in brick-and-mortar transactions as more customers utilize online and mobile banking, our TD stores, as we call them, continue to be an important delivery channel. This is especially true as it relates to financial guidance and addressing customer questions. In the future, I believe that an omnichannel approach will continue to exist as physical locations remain an important connection point between customers and bankers.

What will the personal customer experience look like 10 years from now in the banking industry? 

Banking will become more tailored to each customer’s needs, and stores will become more focused on providing financial resources than basic banking transactions. We are already moving in this direction, but I see the in-store customer experience resembling more of an Apple store experience. This includes moving away from strictly defined roles such as teller lines and enabling employees to help with more diverse customer needs. Mobile banking will also continue to evolve with customers being able to conduct even more business digitally with even less friction.

How do you stay relevant against the threat of non-traditional banks? Relationships remain at the core of what we do every day. We stay relevant through a customer-first approach that incorporates the latest technologies and most diverse offerings whenever possible. This is important to TD Bank as we continue to recognize the importance of traditional banking including the relationships, level of trust, and stability it provides.

What is something someone might be surprised to know about you? 

Despite both of us growing up in Greenville, I met my wife of 25 years in a youth hostel in Switzerland while we were both working and studying in Europe during college.