Bank of America (BoA) has become the first global financial services company to adopt virtual reality (VR) training for its nearly 4,300 financial centres across the globe, it announced on Thursday.
The novel training course will facilitate training for numerous routine and complex tasks for over 50,000 workers, and allow employees to practice simulated client interactions in virtual environments.
The success story comes as the firm, one of the largest financial banking institutions in the world, invests in emerging technologies to develop professional skills for its workforce.
John Jordan, Head of The Academy at Bank of America, said in a statement,
“VR is highly effective at helping teammates build and retain new skills and it is one of many ways we are using technology to support internal mobility and provide best-in-class learning opportunities”
According to the Charlotte, North Carolina-based firm, the company will deploy VR headsets across its entire financial network to train employees with learning modules by the end of the year.
The courses will include over 20 VR simulations to train workers in skills such as client relationship building, navigating difficult discussions, and empathy, among others.
VR technologies deployed in the firm will track staff progress with real-time analytics to identify skill shortages and gaps, as well as offer follow-up guidance and coaching to boost employee performance.
According to BoA figures, the pilot programme featured 400 employees, with 97 percent of workers reporting they had felt more comfortable performing tasks following the trainers.
Hari Gopalkrishnan, BoA Head of Retail, Preferred, Small Business and Wealth Management Technology, added,
We are focused on creating and implementing technologies that offer advanced solutions. With VR, we’re rolling out a proven learning tool that will empower teammates with the skills they need to better serve clients and help make financial lives better”
The Academy, BoA’s award-winning onboarding, training, and development centre, delivered the solution as part of the enterprise’s collection of training and development tools.
The Power of VR Training Solutions
The news comes as the bank boosts investment in AI-backed conversation simulators for facilitating role-playing exercises as well as simulators to train teams in real-world environments.
BoA’s announcemnt comes amid a massive push for VR-powered training solutions in global markets along with multiple verticals, including military, law enforcement, education, mining, and many others.
XR Today hosted a recent roundtable discussion with representatives from Seabery, Moth+Flame, Taqtile, and Virti, who offered insights on how XR training tools were vital to train future workforces.