Bank of America Is Using AI and Metaverse to Train New Hires

Thought banking was all stuffy suits and number crunching? Think again! Bank of America’s latest onboarding involves slapping on a VR headset, calming virtual angry customers, and, if you’re lucky, a unicorn ride at the end.🦄

Picture this: You get hired by Bank of America, and instead of the usual eye-roll inducing training modules and those “hello, my name is” stickers, they slide a sleek VR headset your way. Because who needs reality when you have virtual reality, right?

The big day arrives, and you’re at the New York Hilton Midtown, expecting those drab conference rooms and a sea of equally nervous newbies. Instead, you’re plopped into a virtual bank, facing an infuriated customer, ranting about a messed-up account. Time to channel those communication skills!

And if that’s not adrenaline-pumping enough, try handling a bank heist without spilling your coffee. And at the end of your ‘tough’ day? No need to find the nearest bar; just chill on a virtual island.

It’s easy to dismiss this as a flashy PR stunt or a testament to someone in the tech department having way too much time on their hands. But it’s not as outlandish as it sounds.

This isn’t some half-baked tech experiment; it’s a strategic, well-thought-out attempt at modernising what has forever been a yawn-worthy onboarding process. The PwC states that VR learners are 275% more confident after training. Let’s be real. Would you rather watch another cringe-worthy role play, or handle a virtual irate customer who won’t spill coffee on you?

To familiarise their recent recruits with diverse banking scenarios, Bank of America is leveraging the power of Metaverse in combination with artificial intelligence. The bank’s latest 2,000 recruits went on a week-long induction process, immersing themselves in simulated circumstances via a VR headset. The realism of this technique allows them to experience everything from customer service interactions to extreme crises like bank heists.

Beyond the cool factor, the dollar bills are also singing a happy tune. Training costs aren’t just about hiring a charismatic facilitator who’s overenthusiastic about team-building exercises. There’s venue, logistics, those god-awful sandwich platters. VR? One headset and you’re off to the races, minus the logistical headache and plus a lot of awesomeness.

But the real star of all of this: AI. Behind those flashy scenarios, there’s sophisticated AI working its magic. It’s learning from every decision you make, tailoring the experience, ensuring you’re getting training that’s both immersive and incredibly personal.

The age-old gripe of one-size-fits-all training? Consider it officially obsolete. Beyond the walls of Bank of America, there’s a seismic shift rumbling through the finance industry. Banks have finally realised they can’t just rely on the tried and true. So, for those who’re thinking this is just another tech wave that’ll crash and burn, I’ve got news for you. This is just the beginning. The banking giants are betting big on tech, not for the heck of it, but because it’s smarter, sharper, and just makes bloody good sense.

The next time someone tells you they tamed a unicorn at their bank job, maybe don’t laugh. Maybe, just maybe, it’s time to see if there’s a VR headset out there with your name on it. Because in the banking world of tomorrow, the future isn’t just virtual; it’s absolutely wild.