Bank of America uses artificial intelligence, Metaverse, and virtual reality to train 2,000 of its new employees as part of an immersive program.

The existence of this training format, which provides for the use of advanced technologies for immersion in an artificially created environment and obtaining certain knowledge based on the experience of being in other forms of being, can be designated as conditionals, but their very existence cannot be disputed, is very remarkable and is a reflection of a global trend. Currently, the banking sector is actively interacting with the technology sphere. Lenders use the tools of artificial intelligence and alternative reality existing in the digital dimension to increase productivity and reduce costs.

John Jordan, head of the Bank of America Academy, says that simulations created by advanced technologies are similar to training repetitions. According to him, this training format turns a beginner into an experienced employee in the shortest possible time.

The chief executive officer of the financial institution, Brian Moynihan, said in April that artificial intelligence can have extraordinary advantages and has the potential to replace a certain part of the staff. At the same time, he noted that caution should be exercised as part of the introduction of the new technology since it is in the phase of active development. The representative of the bank said that it is important to understand the principle of decision-making by artificial intelligence.

During the week-long training, Bank of America executives deliver keynotes and participate in discussions on diversity and inclusivity, as well as discuss responsible growth. During breaks, employees are recommended to visit conference rooms that are equipped with a virtual reality headset. This technology allows to digitally view a bank branch in a 360-degree view. This technique helps to organically combine practice and theory. Additional modules allow employees to get acquainted with the history of the lender and get information about the packages of preferential offers of the financial institution.

Mike Wynn, Head of Innovation and Design at the Bank of America Academy, says that in the virtual reality space, bank activity scenarios are implemented that fully correspond to the aspects of working in reality. For example, in the digital dimension, employees practice their skills by interacting with customers who request large amounts or learn to respond to fraud reports. Also, the training program provides interaction with an AI-based bot that simulates the behavior of a living person who has decided to use banking services. Another bot is used, which teaches employees to give correct answers to customer questions.

The opportunity to gain knowledge and skills in the digital reality space is available not only to new employees but also to more than 200 000 Bank of America employees who already have some experience around the world. In each call center of a financial institution, there is an artificial intelligence trainer who helps to prepare for communication with clients.

Mike Wynn says that AI and Metaverse training provides unique advantages. He noted that in the conditions of active development of advanced technologies, which, according to him, accelerate the heartbeat, it is difficult to teach traditionally.

Bank of America first tested its virtual reality program in 2019. As a result of this experience of using digital tools for training, 97% of employees participating in a kind of experiment said that they began to feel more comfortable when performing tasks. Also, the financial institution found out that the assimilation of material in the virtual space is faster than traditional classroom learning.

Michael Chui, a partner at the McKinsey Global Institute, in the context of reasoning about the impact of AI and digital reality tools on business and society, said that technology has a limit in terms of the ability to transform the environment. He noted that, as an intern, he would prefer a human trainer even if the machine could express emotions and establish close psychological contact.

Mike Wynn says that the bank uses artificial intelligence and virtual reality tools not to eliminate human connection, but to strengthen it.

Bank of America is also currently considering using Metaverse to attract a younger generation of potential employees to job fairs.

As we have reported earlier, CFPB Fines Bank of America $250 Million Over Junk Fees.