My

A Fresh Approach to Improving Newcomers’ Financial Literacy and Services

+
The Issue Facing Newcomers
Immigrants and newcomers have little knowledge on financial literacy and how banking
works in their new country of residence. The journey can be extremely confusing for many
newcomers, and with the lack of knowledge, they are reluctant to joining many banks.
 TD Challenge 3

The Journey of a Newcomer

Newcomers undergo many differences financially after they arrive. This includes currency exchanges, receiving benefits and
credits, learning about tax system, filing tax returns for refunds, paying tax, getting benefit/credit payments, claiming deductions (in
moving expenses, pension income splitting, support payments, sometimes from RRSP, disability, education) and claiming
non-refundable tax credits, data of entry and income to report for both part of tax year you were not and were part of Canada.
Additionally, because financial credentials are non-transferable, it makes it difficult for them to settle in financially. This can be very
hard for newcomers to get used to.

Saving Money Create a Budget Transferring Money Settling in Canada Choosing an FI

Savings is the key to Understanding where you
financial stability, spend your money is
Immigrants are more crucial. Immigrants need
financially vulnerable, and to have a comprehensive
should be careful with grasp of monthly spending
accumulating debt. in both fixed expenses and
variable expenses
They need to be aware of
fees, find a reputable
provider, determine how
fast they want the funds
delivered, and the method
of payment, as well as the
security of it.
Once they have arrived, In order to loan, save and
they will need housing, budget, they will need a
and will often rely on good FI. Choosing an FI is
government financial a very intimidating
assistance. This is a loan process if you don’t speak
that will need to paid back their language, and if the
in 12 months system is very different.

MyTD: Recommendation
 TD Challenge 4

Each Newcomer is Different

Skilled Worker Families and Parents

Someone who comes to Canada Family members to enter
based on their ability to settle in Canada as permanent
Canada and take part in our residents, for a better quality
economy of life

Refugee Students
A person who has been An individual who is enrolled for
forced to leave their country credit at an accredited higher
in order to escape war, education institution in Canadá
persecution, or natural on a temporary visa. They may or
disaster. may not be an immigrant

A tailored and unique plan is extremely

Each Newcomer differs substantially
necessary for each individual to
depending on the type of immigrant.
maximise experience.

MyTD: Recommendation
 TD Challenge 5

Demographics

Skilled Worker Families and Parents

The amount of skilled workers percentage The amount of families percentage wise
wise part of the immigrant population in part of the immigrant population in Canada
Canada

19.8% 22%

Refugees 20.6% . Students

The amount of refugees percentage wise The amount of student percentage wise
part of the immigrant population in Canada part of the immigrant population in Canada

9% 5.2%

20.6% of Canada’s population is made up of immigrants. The rest of immigrants include the economic immigrants not including skilled workers, and others unspecified.

MyTD: Recommendation
TD Challenge 6

The Story of Affrigina They came from a close knit family and were
hopeful/confident that they could get jobs in their
respective fields (clothing). But they realised the
grass is not always green as they once thought.

Difficulty Finding a Job

Credentials Affrigina and her husband had
were not recognised in Canada. It was difficult
for them to gain Canadian experience.

Lack of Financial Guidance

Affrigina had a lack of financial
literacy/education and not many institutions
provided financial guidance.

Difficult Financial Transition

Their bank account had depleted faster than
ever and they had no one to turn to. They
found themselves drowning in debt.

MyTD: Recommendation
 TD Challenge 7

Some Statistics About The Issue

Lack of Financial Literacy

1
Canadian statistics show income levels of new immigrants have declined over the
last three decades and the proportion of newcomers who live in poverty has
grown steadily. For both Canadians and newcomers, a good foundation on the ins
and outs of personal finance is particularly important

30 months to buy a house

2
Mortgage lenders typically want to see 12 months of stable credit history, meaning it will
be at least 30 months until a newcomer will even be considered for a loan. This can be too
long to wait when starting a life in a new country.

250 - 320 thousand immigrants per year

3
Canada has 250-320 immigrants per year, making up 20.6% of the Canadian population.
Most of these immigrants come from the Philippines, India and China. There are so many
new people coming to Canada who have to deal with these difficulties.

93% experienced difficulty with establishing credit history

4 In a study from Nova Scotia, 93% of economic worker immigrant clients said they
experienced some form of difficulty establishing credit history in their new country. 97%
also had challenges with applying for personal loans.

MyTD: Recommendation
 8

TD’s Current Process

TD New to Canada assistance program provides many tangible resources that may be helpful
for newcomers, however, it can also be improved.
MyTD: Recommendation
 TD Challenge 9

TD New To Canada Program

Chequing Credit Card Savings Money Transfer

Chequing Account with Credit card with no Savings Account with a One no-fee money
no monthly fee for 6 credit history required bonus rate for 6 transfer per month for 6
months months months

However, in order for someone to access this package, they need to do it in person. This can be very stressful as it is a big
responsibility choosing your FI in the post arrival period. It needs to be more accessible. Furthermore, with the lack of
knowledge, education and financial literacy, it would be extremely difficult for newcomers to understand their own financial
journey and how they can improve it. Moreover, international students are only eligible for TD’s secured credit card.

MyTD: Recommendation
The Solution For Newcomers
A Program that educates newcomers and immigrants on basic financial literacy, services,
establishing credit, education and has a personalised account for each individual.
 TD Challenge 11

What is My TD?

A Connected Program
My TD is a connected program that educates Newcomers on financial services, literacy
and how they can kick start their financial journey in Canada.

Unique accounts
Each account is unique to each and every Newcomer, where each individual can choose
which lessons to take, Each lesson is taught with interactive videos, small quizzes and
even some games as well as small passages to read.

Deals
The program will allow each Newcomer to have access to package deals provided by TD,
(promotional material). They can also be allowed to receive credit cards and debit cards
through the program.

Incentivised
This program would be available to newcomers before immigration and after they arrive,
by having this program, newcomers would be a lot more incentivised to use TD for
banking.

MyTD: Recommendation
 12

TD Challenge
Fundamental Curriculum
The Fundamental Curriculum are lessons that are highly
recommended for each and every newcomer . It consists of lessons
on prominent topics including what credit is, how to establish
credit as early as possible (because it’s non-transferrable when
immigrating), starting saving accounts, basic phone plans (helps use
the app and establish credit), and some other extra material such as
learning about investing and mortgage, etc. The fundamental
curriculum would also teach newcomers on financial literacy,
weather that is from financial jargon to learning what banking is
and how the entire banking system works.

MyTD: Recommendation
 TD Challenge
Curriculum for Each Newcomer
Skilled Workers
As a skilled worker, My TD will educate on topics focusing
on credit history gap (in depth), RRSPs and also savings
account (in depth). This will be added on top of the
fundamental curriculum.
Refugees
Refugees will be educated on topics focusing on how to
establish credit history early on (specific to refugees), how
to receive jobs and how to get higher education, housing,
mortgage, and savings accounts. . This will be added on top
of the fundamental curriculum.
MyTD: Recommendation
13
Families
Guardians will be educated on topics focusing on savings for
education and retirement funds, an in depth curriculum on
investment, mortgage and affordable housing. This will be
added on top of the fundamental curriculum.
Students
As a student, My TD will educate on topics focusing on how
to save money and save up, paying off loans, getting loans,
and also scholarship opportunities. This will be added on top
of the fundamental curriculum.
The Process ‘My TD’ uses
With My TD’s connected website and app, Newcomers can use this program wherever they
go and whenever they go. It will be available on any form of technology such as computers,
smartphones and tablets.
 TD Challenge 15

The Home Page UI (Scrolled Beginning)

MyTD: Recommendation
 TD Challenge 16

The Home Page UI (Scrolled Middle)

MyTD: Recommendation
 TD Challenge 17

The Home Page UI (Scrolled End)

MyTD: Recommendation
 18

“ There are no secrets to success. It is the

result of preparation, hard work, and
learning from failure.”
— Colin Powell

Each lesson will be similar to Udacity courses, following the same outline and break down of the lesson. For eg, on a short
course for building credit, there will be videos, quizzes and also small passages to help teach newcomers, in as many ways
as possible.

INVESTOR PITCH DECK

 TD Challenge 19

Laptop Project Mockup

Easy to Use Fast

Educational Free

With My TD, TD can provide immigrants with a new and innovative program accessible on devices

MyTD: Recommendation
The Impact My TD will have
My TD will undoubtedly have a huge, positive impact on all types of newcomers. It is also
beneficial for TD itself as it attracts more customers.
 21
TD Challenge
E
Five Major Benefits Gives immigrants the
opportunity to experience TD’s
banking services, leading them
My TD can be extremely beneficial to each and every to become potential future
newcomer regardless of their background. These are
D client (incentivised)
some of the major benefits it can provide
The information learned by the immigrant during the
program can help them in the long run for their new life in
C Canada.

Easier for newcomers to be financially stable in Canada. It

B gives them a seamless transition from their past country
and gives them a better quality of life.

Helps newcomers deal with loans, budgets, and

savings, so that you can get the most out of your money
A
by being faster and more efficient.
Provides a unique and personalized experience for
people new to Canada, relieving much of the stress
and confusion for those are not financially literate, or
don’t understand our system.

MyTD: Recommendation
 TD Challenge 22

Summary

Newcomers Journey
Financial and economical
Newcomers undergo a rigorous journey after
arriving, They often face many financial difficulties
that can be easily alleviated
01 situations/conditions are different
from Canada, putting a huge weight
on newcomer’s shoulders.

My TD
A Program that educates newcomers and immigrants My TD has 5 Major curriculums,
on basic financial literacy, services, establishing
credit, education and has a personalised account for
02 individuals can also chose to
personalise their own curriculum.
each individual.

My TD platforms
My TD will be available in the app store and will have The UI/UX is free, clean and also
its own connected website with TD. This will allow
immigrants to use it anywhere they go.
03 fast. It is easy to use for any
newcomer.

MyTD: Recommendation
 TD Challenge 23

Meet our Dedicated Team

Mahir Hamid Anjali Kathir Anupra Chadran

Deck Builder, UI/UX Ideas coordinator and Head of Information
Designer and Researcher Researcher Management

For more questions, feel free to contact us by email or linkedin.

Linkedin:https://www.linkedin.com/in/mahir-h-54601b134/ Emails: mahirrhamid@gmail.com

anupra.chandran@student.tdsb.on.ca
https://www.linkedin.com/in/anupra-chandran-800b9814b/ katan@utschools.ca
https://www.linkedin.com/in/anjali-kathir-609b9614b/
MyTD: Recommendation
 TD Challenge 24

On a more personal note

Personal Note

Thank you so much for reading/listening to our recommendations and ideas. It really means a lot!
We had an amazing time building this deck and we hope you had an amazing time viewing it. we
learned a lot from building this deck. We ended up scouring the internet and searching through a
lot of resources to provide solutions that might help you.

Our main learning points and takeaways from building this deck were:

● If you have burning questions, don't be afraid to ask someone with experience. By asking many
immigrants about their financial journey, we were able to receive a lot more input for the
recommendation.

● People have similar problems! We realised most people had similar issues not only with their lack
of financial literacy but also their entire new comer journey as a whole.

● Quality over quantity. Before starting this deck, we had about 5-6 recommendations, however
we chose to complete one of them because we realised that have one solid solution is a lot better
than having 5-6 crappy recommendations.

We hope this deck was useful for you and we hope it helped solve any issues you were hoping to
solve. Thank you so much for the incredible opportunity, we can't wait to see what TD brings forth
to the table.
MyTD: Recommendation