TD Named North America’s Best Consumer Digital Bank

Toronto-Dominion Bank (TD) was named “Best Consumer Digital Bank in North America” by Global Finance in its 2021 World’s Best Digital Banks Awards.

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TD’s mobile experience, online product offerings, and security have earned it a top spot. The accolade follows TD’s recent “Best Consumer Digital Bank in Canada” win from Global Finance, which also named it “Most Innovative Digital Bank” for the third year in a row. (See Analysts’ Top Stocks on TipRanks)

Canada’s Most Downloaded App

With more than eight million active digital banking users in Canada, including six million on mobile devices, TD was the most downloaded app in Canada, and is among the top 10 U.S. banks in terms of monthly number of users.

Since the start of the pandemic, TD has gained more than 1.5 million active users of its digital services, and, with nearly five billion digital connections in North America, customer engagement has not weakened.

Management Commentary

“At TD, we are committed to elevating digital experiences for our customers and continuously enhance our digital tools and properties to meet their evolving needs,” said Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group. “We are honored to be recognized as a North American leader in digital banking.”

“It is more important than ever that financial institutions establish new ways to provide customers with digital offerings that serve their needs,” said Peter McManus, vice-president, Global Finance Magazine. “TD has continued to put forward innovative and industry-leading digital services that provide their customers with seamless financial experiences.”

Wall Street’s Take

On November 23, Scotiabank analyst Meny Grauman kept a Hold rating on TD while raising its price target to C$104 (from C$94). This implies 10% upside potential.

Overall, TD scores a Moderate Buy rating among Wall Street analysts based on six Buys and four Holds. The average Toronto-Dominion Bank price target of C$101.68 implies 7.5% upside potential to current levels.

TipRanks’ Smart Score

TD scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns have strong chances to beat the overall market.