In an unprecedented move in the banking sector, Bank of America, one of the leading U.S. financial conglomerates, has started leveraging artificial intelligence (AI) and Metaverse technologies for employee training. This approach involves creating standard and non-standard situation simulations.
Bank of America Embraces AI and Metaverse for Training
The bank have been utilising VR modules to train its employees, covering scenarios from handling an irate customer to a high-stress situation like an armed robbery at a branch. This innovative use of technology in training is not just creating ripples in the banking world, but setting a new benchmark for others to follow.
VR Modules for Employee Training
The training course lasts a week, during which up to 2,000 BoA employees can be trained. As reported by Bloomberg, over 200,000 BoA employees around the globe have already undergone this cutting-edge training method. The training unfolds in the Metaverse, using VR headsets, exemplifying the convergence of reality and virtual space in the modern workplace.
Role of AI in Scenario Modelling
AI plays a significant role in the training process, adopting various roles in pre-modeled scenarios. Moreover, an AI-based bot trainer assists the bank’s call center employees in practicing customer interactions. There’s also an AI implemented as a chatbot, which aids employees in resolving customer issues and formulating optimal responses.
Use of Metaverse as a Recreation Room
Apart from being a unique training platform, the Metaverse also serves as a relaxation space for the bank’s employees. In this virtual world, employees can ride a unicorn, unwind on a tropical island, or choose from various other vacation scenarios.
Plans for Metaverse Job Fairs
Looking ahead, Bank of America plans to use Metaverse technologies to organize job fairs. This initiative is set to attract a younger audience, intrigued by the idea of building a career in banking, giving a new dimension to training practices.
Bank of America Underscores AI Potential
The adoption of Metaverse technologies in education is not new, with many Asian schools and higher educational institutions having integrated it into their curriculum. However, its application in the banking sector opens up new possibilities and challenges. The move by Bank of America underscores the potential of integrating AI and the Metaverse in diverse fields. We invite you to share your thoughts on this exciting development in the comments below. Will other banks follow suit? How do you see AI and Metaverse shaping the future of banking?
