Bank of America is the first financial services firm to launch virtual reality (VR) training in nearly 4,300 financial centers nationwide. This innovative training technology will allow approximately 50,000 employees 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.
"At Bank of America, our commitment to being a great place to work for our teammates fuels our focus on innovation," said 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. 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.
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," said Hari Gopalkrishnan, Head of Retail, Preferred, Small Business and Wealth Management Technology at Bank of America. "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 through The Academy – Bank of America's award-winning 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. As a testament to Bank of America's innovative approach to training and talent development, the company was recently recognized with 28 Stevie Awards for Great Employers as well as the Grand Stevie Award for the 2021 Organization of the Year.
Source: Bank of America