Intro

TD Easy Trade is an entry level trading platform offered by TD Bank, available to users on mobile and online platforms. It offers its clients that ability to trade a select number of stocks and TD Exchange Traded Funds through TD brokerage. While TD Easy Trade is quite limited in terms of the amount of available investment instruments, it offers a fantastic opportunity for new and novice investors to get their foot in the door. It's clear that TD Easy Trade was and is to some extent still positioned as such. The key features that are repeatedly echoed and advertised are that the platform offers 50 free trade transactions, $0 account maintenance fees and 24/7 support with licensed professionals. These are all directly targeting beginner investors who may see investing as a foreign language, as it may seem extremely complex, convoluted and sometimes even dangerous. It was important for TD to maintain a low barrier for entry to allow these clients to enter the investing space but also to facilitate their experience with a built-in learning platform and easily available support. TD Bank recognized that a significant amount of people had outright lost their jobs while others had their hours severely reduced. Offering free transactions and no-account fees again maintains a low barrier for entry for these individuals who have been directly impacted as a result of the economic downturn and even shutdown. While we believe this was an excellent strategy, there are some adjustments to be made to reflect the post COVID-19 economy. With the economy opening back up, people will begin working full time hours and disposable income will rise. While a low barrier of entry is nice and should remain, the new focus of the marketing campaign should be to create a message centered around building wealth. TD can continue to leverage the increasing popularity of investing with the young adult segment and offer a great investment vehicle to help build wealth, perhaps for a first home or first car, all the while offering low fees and a comprehensive learning platform. With TDs industry leading support system, including live chat and learning platforms, TD Easy Trade can continue to grow its share and control within the market and assert itself as the best-in-class trading account.

Strategies and recommendations

Based on the previous analysis and assumptions, TD Easy trade account can continue to strengthen the practice of service strategy. For example: when an investor opens a brand new TD account, they can get $300 as a bonus, and they can also waive the monthly fee for the first 12 months3. After 12 months, customers can still receive a monthly fee waiver as long as they have a balance of $4,000 or more at the end of each day of the month. To attract those new potential customer groups and to stabilize the continuity of cash flow. In addition, after the new epidemic waves, the government will speed up the opening of immigration policies. In the face of such a situation, TD should also take into account the increase in foreign capital in Canada, so the TD Canadian new immigrant wealth management portfolio can be associated with an Easy trade account, which can be a savings account Offers like 0.25% extra interest rate for 6 months and more. In addition, to stimulate potential customers to meet the conditions to enjoy the discount, first open a TD daily savings account, and then set up a pre-authorized transfer service or an easy savings plan for the new savings account to activate automatic savings, which can form a positive interaction with the Easy trade account. At the same time, TDbank should increase the technology strategy in the operation of Easy trade account as a whole. Transforming a financial company into a technology company requires adjusting the organizational mechanisms and culture that govern the change.

Banks have democratized the way information is collected and stored. These include transaction records, customer interaction services, and data-driven enabling faster insights into trends and action. The first part is to put all the data into a data lake that can be used together. But simply putting together all of an organization's information -- especially a bank's -- is not an easy task. That said, bank employees should be able to use tools simply by tweaking parameters, rather than coding solutions from scratch. This is not too high for the technical threshold of financial institutions and employees. This has given a huge boost to the development of the Easy trade account tool, which enables banks to offer tailor-made services based on customer data. For example, if TD Bank knows that a customer is making a major decision, such as buying a house, getting married, or having a child, the bank can use that data to provide more tailored products and services. The next step is to identify the applicable scenarios where the new data is accessible and what problems can be solved. At this stage, the goal of decision-making is quick wins, that is, to see the results quickly, and it can also quickly prove that the efficiency of building big data infrastructure is much higher than that of the past, and it can reduce costs. Infrastructure innovations have also enabled customer-centric digital services, such as the inclusion of apps in the Easy trade account where customers can view their monthly spending. In addition, some new information can also be obtained from the aggregated data of millions of customers, and these suggestions may also be applied to individuals to help improve personal consumption and investment habits.

Competitive Advantages

When using TD easy trade people invest their hard-earned money into stocks on behalf of the bank. Some banks make it easier for customers, while others make it harder for customers. People usually go for preference and what they can understand easily. Trading has become frequently talked about during the pandemic because people didnt have anywhere to spend the money that they are earning. Therefore, they would invest their money through stocks because the lockdowns would prevent people from doing what they would regularly be doing. If you cant spend your money, you would rather invest it to make more money. Through the pandemic, banks have made it easier for people to invest in trading from the comfort of their own homes. There are many advantages when using TD easy trade such as customers need little to no experience to start trading today. TD easy trade allows their customers to join the trading spectrum in a matter of seconds while other institutions would take days to verify you and allow you to trade. Another advantage that TD easy trade has is that they have no account fees which means that TD customers dont have to pay account fees when trading. Sadly other institutions charge their customers with account fees making it harder for consumers to trade freely. Also, TD easy trade has a mobile app interface generally targeted toward millennials and this is an amazing app concept in competition to battle WealthSimple. Technology is now on the rise and since the pandemic people have been more interested in their devices and what their device has to offer. Life as we know it will be more online than ever before. When it comes to post covid we as people are going to understand that everything can be accessible to you online instead of in person. TD easy trade has innovated itself to become an easy financial product to use from anywhere. Also, TD easy trade is there to help its customers by always being there to advise the one who needs professional help. TD easy trade has a contact center opened 24/7 where you can contact TD professional investment reps to help their customers with any concerns they might have or any advice they might need. No one can start as an expert. That's why TD easy trade is there to help new customers and help guide them in the right direction in trading. Other institutions dont have the care that TD easy trade has for their customers thats what gives TD an advantage over their competitors. In conclusion, there are many competitive advantages TD easy trade has when it comes to its financial product. When it comes to pre, during, and post covid I believe that TD easy trade did a great job adapting to changes in the economy to help them stay competitive and attract new customers. TDs easy trade is fast and easy to use ensuring that its customers become satisfied so TD can stay ahead of the competition.

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