Bank of America (NYSE: BAC) is reportedly the first financial services company to introduce virtual reality (VR) training in almost 4,300 financial centers nationwide.
As mentioned in a release, this training tech will allow around 50,000 workers to practice “a range of routine to complex tasks and simulate client interactions through a virtual environment.” The VR program is “the latest in the company’s long-standing investment in the success of its people and dedication to providing a full range of professional development tools,” the update noted.
“At Bank of America, our commitment to being a great place to work for our teammates fuels our focus on innovation,” stated John Jordan, Head of The Academy at Bank of America.
“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.”
Every financial center in the Bank of America network will “use VR headsets for training,” the announcement confirmed while adding that through a series of learning modules “slated to roll out by the end of next year, financial center teammates will have the opportunity to use 20 different VR simulations and practice a wide range of skills including: strengthening and deepening relationships with clients, navigating difficult conversations, and listening and responding with empathy.”
The release also mentioned:
“Through real-time analytics embedded in this technology, managers can also identify skill gaps and provide targeted follow-up coaching and personalized guidance to teammates to further improve performance. Following a successful pilot with 400 employees, 97% of the participants felt more comfortable performing their tasks after going through the simulations.”
“Innovation is at the heart of everything we do,” added Hari Gopalkrishnan, Head of Retail, Preferred, Small Business and Wealth Management Technology at Bank of America.
Gopalkrisnan also noted:
“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.”
Delivered via The Academy – Bank of America’s onboarding, training and development organization – the VR program is the “latest addition to a suite of high-tech and high-touch training and development tools offered by the company.”
The bank has also “invested in AI-powered conversation simulators that enable enhanced role-playing opportunities, and platform simulators that allow teammates to train in a real-world practice environment on the systems, software and technical tools they use in their day-to-day jobs,” the update revealed.