TD Bank 2001 Annual Report Download - page 10

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ABOUT TD BANK FINANCIAL GROUP
TD Canada Trust is Canada’s leading personal and
commercial bank as well as the industry leader in
customer service and electronic banking.
See Segmented financial results page 22
On August 3, 1999 when we announced our acquisition of
Canada Trust, we made a promise to build a better bank for
our investors, customers and employees.
We’re pleased to say that when we completed the retail
branch conversion of TD Bank and Canada Trust in August
2001, we put the major integration hurdles behind us – and
behind our customers.
We now have one suite of products, one brand and one
system across Canada in branches and through ABMs on
the web and over the telephone. Our customers have better
branch hours, access to more branches and ABMs, as well
as a broader product line than ever before.
Our merger with Canada Trust was the largest financial
services merger in Canada and we completed it while
increasing operating cash basis net income, revenue and
market share. This remarkable achievement comes as a
direct result of the hard work and dedication of our
employees across the country, also the loyalty and patience
of our customers.
Making customers comfortable
As successful as it was, the integration was only the
beginning of our promise to build a better bank. The next
step is to create a more comfortable experience for our
customers.
We’ve been using our unique Customer Satisfaction Index
(CSI) to understand what our customers need, identify issues
early and respond to them quickly.
Every year we survey more than 278,000 TD Canada
Trust customers within 24 hours of their banking experience.
We systematically capture the data, measure it, give feedback
to our people, and track and compensate employees on
the results.
The result this year is a CSI that was only slightly below
target (82.1%, short of our goal of 82.3%). We again ranked
#1 in the Canadian Facts 2001 Market Facts CSI Study
using the Excellent and Very Good categories. The results of
our customer focus have also been confirmed by an increase
in our non-term deposit market share, which has grown
106 basis points since the August 1999 merger announce-
ment, ranking us first among the major financial institutions
in Canada.
We’ll continue to use CSI as a key measure to help us keep
our customers comfortable during branch mergers in 2002.
We’ve already merged 92 branches, sold 13 to satisfy
Competition Bureau requirements, and are planning to merge
another 148 branches by the end of fiscal 2002.
We’ll continue to work hard over the next year to ensure
our customers are affected as little as possible by the branch
mergers. Most merging branches are within two kilometres
of each other. We’ll notify customers well in advance, answer
their questions, and if there are problems, fix them quickly
and cheerfully.
TD Canada Trust
INTEGRATION BY NUMBERS
In August 2001 we completed our conversion of TD Bank and
Canada Trust, creating a single, consistent brand across the country.
This took incredible hard work and dedication by everyone at
TD Bank Financial Group. Here are some numbers to give you an
idea of the magnitude of the undertaking:
•435 Canada Trust branches converted to
TD Canada Trust systems
•896 TD branches rebranded to TD Canada Trust
•2,524 ABMs converted or rebranded
•2,300,000 people now bank online with TD
•3,662,000 personalized communications packages
sent to customers
•5,600,000 access cards mailed to customers
•some 9,500,000 personal banking relationships with TD