CIOReview | | 9 NOVEMBER 2021layered on top of each other. Working together, humans and technology can make faster, fully informed decisions. 2. Often, we hear about "human error," a concept, which in theory, should be eliminated by replacing fallible humans with seemingly infallible computers. But, technology is not exempt from mistakes and biases. AI is trained based on the data you feed to it. If the data you are using is biased, so, too, will be the decisions made by the AI. Having a customer-focused colleague who understands the full set of variables beyond the computer's comprehension involved in the process ensures our customers receive fair underwriting decisions and the best possible advice. 3. And most importantly, there is no replacing human connection.Buying a home is often the biggest purchase someone will make in their life. The process can be equally exciting and overwhelming. That process shouldn't simply be a computer transaction, but a shared human experience. Underwriting is at times the conscience within that experience. When we are loving the ocean view from the deck of our dream home, we may not be thinking about how crippling the high payment will be or how a smaller home could allow us to pay off the loan in 15 years versus 30. AI is fast and consistent, but it cannot provide the advice you want and need when making a major purchase like this one. When making your own major life decisions, do you ask for advice from an internet search or a trusted family member or friend? Having a dedicated person to answer questions and serve as a guide throughout the home buying process makes this milestone much less stressful for the buyer. That personal touch helps them feel supported, and a quicker, data-driven underwriting decision mitigates risk. Together, the two create a happy customer and a solid loan decision ­ both of which are good for business. As underwriting leaders plan for the future, we must change our thinking from "How can we use AI to replace humans?" to "How can humans and AI work as a team to make quick yet fully in formed decisions and best support the customers we serve?" At TD, underwriting remains and will remain an equal partnership between the two. We will continue to embrace the technology available to us while still remaining people-powered. After all, we pride ourselves in being Unexpectedly Human. TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". Computers can crunch the numbers much quicker than your average underwriter, but they cannot provide the contextual analysis that is crucial to the underwriting processPatrick Halonen
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