(NC) Some Canadian banks are exploring how emerging technologies like artificial intelligence (AI) and machine learning can streamline their customers’ experiences.

For example, TD is using both technologies to provide pre-approvals on mortgages, home equity lines of credit and some term life insurance applications in seconds.

“The field of AI and machine learning is evolving, and we continue to leverage the technology to help deliver faster digital banking experiences to our customers,” says Luke Gee, senior vice president, chief analytics and artificial intelligence officer at TD. “These solutions can help drive value for our customers by making their experiences faster and easier to navigate.”

Since last year, the bank’s AI model has granted thousands of mortgage pre-approvals. The insurance machine learning model for term life insurance, meanwhile, is being used to review and approve nearly half of the applications received.

The AI and machine learning models provide faster decisions by working alongside underwriters to assess applications and grant approvals. The applications that are not approved by the models are reviewed by underwriters, who now have more capacity to focus on more complex files.

With the assistance of AI and machine learning, customers are now experiencing shorter wait times when it really matters.