Bank of America Uses Virtual Reality for Training Over 200,000 Staffers – Crypto News – Crypto News
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Bank of America Uses Virtual Reality for Training Over 200,000 Staffers Bank of America Uses Virtual Reality for Training Over 200,000 Staffers

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Bank of America Uses Virtual Reality for Training Over 200,000 Staffers – Crypto News

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Bank of America is using digital tools to prepare employees for real-world situations.

The bank is using the latest in artificial intelligence (AI), virtual reality (VR) and the metaverse to create an immersive learning experience for its employees, Bloomberg reported Thursday (July 13).

John Jordan, head of the Academy at Bank of America, said in the report: “These simulations act like practice reps. It makes a new employee experienced, even if they’re brand new.”

The technologies are used to help train staffers about such things as calming an angry customer or remaining calm themselves during a robbery, according to the report. They are also used to provide virtual tours and explanations of bank branches, the company’s history and employee benefits.

With this teaching method, Bank of America aim to provide a hands-on and interactive training approach to staff, so that they have the capacity to better understand the complexities of their jobs and the bank itself, the report said.

More than 200,000 staffers around the world — both new recruits and existing employees — have used at least one of the technologies for training, per the report.

Mike Wynn, innovation and design executive for Bank of America’s Academy, said the immersive experience delivered by the technology helps simulate conversations with customers during training: “It’s hard to teach traditionally. VR creates anxiety, it gets your heart rate up. It makes you nervous.”

Brian Moynihan, CEO of Bank of America, noted the potential of the technology while also expressing caution, saying in the report that AI could have “extreme benefits” but “we have to understand how the decisions are made” as AI becomes more advanced.

Training is one of the many uses to which AI, VR and the metaverse have been applied.

For example, in January, workplace VR startup Gemba raised $18 million in a Series A funding round to continue expanding its selection of training simulations, tools, events and learning experiences.

In October 2022, it was reported that the International Criminal Police Organization (Interpol) has built a global virtual training facility in a private metaverse that includes a training course on travel document verification and passenger screening.

See More In: Academy, AI, artificial intelligence, Bank of America, banking sector, Brian Moynihan, digital transformation, financial institutions, hands-on training, interactive training, John Jordan, Metaverse, Mike Wynn, News, training program, virtual reality, VR, What’s Hot

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