TD Bank to shut 82 retail branches in US as customers switch to digital banking

TD is launching a Student Budget Calculator, designed and developed in TD’s innovation hub, TD Lab, in collaboration with students.

The budgeting tool address key post-secondary challenges. These include understanding the cost of school and associated expenses, and how to effectively save, budget and prepare for them.

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This is the first app from TD Lab’s focus on collaborating with university and college students.

The Lab’s “for students, by students” is supported by a website enabling students to interact with prototypes and provide feedback.

“With the support of an innovative team of developers, designers, business analysts and students, TD Lab develops data-driven banking solutions. They focus on key challenges and opportunities to create better user experiences,” says Chris Halabecki, Leader of TD Lab.

“In response to a growing need to look at the unique financial challenges of post-secondary students, we shifted our strategy to focus on solutions for students. From ideation to prototyping to development, students are part of the process. They are testing concepts, sharing insights, and through our co-op programme, helping build and design the types of digital solutions.”

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TD Lab’s Student Budget Calculator helps students understand the costs of their post-secondary education and living expenses. It breaks down the estimated costs and contributions, and providing averages as a guide based on user input.

TD Student Budget Calculator examples include:

  1. School: Annual tuition for their program of study
  2. Housing: Costs of living at home, in residence or renting off campus, including expenses like hydro, insurance and internet.
  3. Expenses: Common expenses like groceries, going out, phone plan and textbooks, along with an option to add custom categories.
  4. Contributions: Money available for the school year may come from scholarships, bursaries, loans, savings accounts, a job or other.
  5. Results: Students can see the difference between their costs and contributions, and visit the TD Student Hub for additional information and tips.

Established in 2014, TD Lab is located in the Communitech hub in Kitchener-Waterloo, Ontario.