TD Bank

Reinventing small business checking by helping customers get paid

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Jo Jagadish

Head of Commercial Products and Innovation

  • 421% Increase in stand-alone invoicing adoption
  • 2x Increase in bank product adoption
  • 65% Increase in balances held at TD Bank

TD Bank went back to the drawing board with their small business checking — and reintroduced an even more versatile account designed to address real customer needs. 

TD Bank
  • $402 Billion
  • Cherry Hill, New Jersey
  • Jo Jagadish, Head of Commercial Products and Innovation

TD Bank, “America's Most Convenient Bank,” is one of the ten largest banks in the US, providing more than 9.5 million customers with a full range of retail, small business and commercial banking products and services at more than 1,220 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank held CDN$1.7 trillion in assets on October 31, 2021. TD Bank’s US division is headquartered in Cherry Hill, New Jersey, and trades under the symbol "TD" on the Toronto and New York Stock Exchanges. 

The Partnership
  • May 2020
  • Digital Banking Partner: TD Bank Digital Banking 
  • Autobooks Enterprise Client
TD Bank partnered with Autobooks in May 2020 to launch TD Online Accounting, an embedded solution designed to work in conjunction with their small business accounts and small business online banking. More recently, TD Bank revamped their small business checking account to better leverage their digital cash flow management capabilities powered by Autobooks — such as built-in online invoicing, card and ACH payment acceptance, cash flow monitoring, real-time account balance information, and an active feed of customer payment history. These tools and others critical to small business management can now be accessed as part of their TD Business Simple Checking. 
Jo Jagadish

Jo Jagadish is Head of Commercial Products and Innovation for TD Bank. Her responsibilities touch on a wide range of product and services at the bank, including deposits, cash management, global trade finance, revenue management, product sales support, servicing, and implementations. 


“America’s Most Convenient Bank.” For most financial institutions, delivering on such a bold promise might seem unrealistic — or even impossible. For TD Bank, this promise is more than just a catchy motto. It has become a reminder to never settle, and to continue to provide the high value their customers have come to expect. 

Of course, customer expectations often change over time, as do the tools required to continue to meet those expectations. This is a given. What was less predictable was the way consumers have changed in the last few years, as a response to the pandemic. One segment in particular — small business — was deeply impacted. 

This pain was not lost on TD Bank’s Jo Jagadish, Head of Corporate Products Services “As a result of the pandemic, and the fact that we had to close a number of our store locations, we asked ourselves an important question: how do you allow small business owners to take their banking into a remote digital environment, so they can continue to conduct their day-to-day operations with minimal interruption?” 

“How do you allow small business owners to take their banking into a remote digital environment, so they can continue to conduct their day-to-day operations with minimal interruption?” 


To address this pressing need, TD Bank partnered with Autobooks to revamp a popular product: their small business checking account. Together, the two teams integrated digital payment acceptance and invoicing tools as standard features into their TD Business Simple Checking, making it easier for small and micro businesses to get paid faster. 

Although these powerful payment acceptance tools, powered by Autobooks, were already available inside the bank’s existing TD Online Accounting solution, Jagadish realized that their customers would benefit immediately by integrating these newfound digital capabilities into their checking account. 

"Probably the greatest pain point for small businesses is actually getting paid for the services they provide," said Jagadish. “It was a good time to launch the product because we enabled businesses to get up and running and accept payments — especially businesses that were incredibly cashflow sensitive and impacted by the pandemic.” 

"Probably the greatest pain point for small businesses is actually getting paid for the services they provide." 


Since introducing the account in late 2021, TD Bank has seen a significant uptick in enrollments. The bank experienced a 421% increase in enrollments over the last six months — coinciding with the full launch of the solution in October.  

In addition, the bank discovered that when a small business owner uses Autobooks, they sign up for more than 2X the amount of products than a customer that doesn’t have Autobooks. More specifically, on average, a customer has 3.89 products with TD. The new-to-bank customers with Autobooks have on average 8.22 products — doubling the portfolio average. 

“We continue to see really strong retention rates of customers that are using the product,” noted Jagadish, “and if you take a step back and just kind of think about the reason for that is when small business customers look at investing in a bank partnership, or even a non-bank fintech partnership, what they're looking for is kind of that ease-of-use and the ability to interact with their own customers in a more seamless way.”  

TD Bank’s partnership with Autobooks reinforces the crucial role that technology plays in helping the bank fulfill its mission to continue to be America’s most convenient bank. By integrating Autobook’s payment acceptance tools, TD Bank’s small business team can now offer a powerful solution embedded into the customer experience, right inside their online banking. 



Watch the full interview