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Published on March 10th, 2021 | by Emergent Enterprise

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Bank of America is Bringing VR Instruction to Its Banks

Emergent Insight:
There doesn’t need to be an actual course locked down to begin testing VR as a training platform. This post by Lucas Matney at TechCrunch seems to share that strategy from Bank of America as they begin trying VR with employee training initiatives. Let a range of employees use it. Record findings. Research use cases. Look for low-hanging fruit applications beneficial to the organization. Dive in! Yes, a company like Bank of America has a bigger budget to investigate new technologies but it can certainly be done on a smaller scale with headsets becoming more affordable. Dip a toe in the water. Dive in the deep end. Use whatever metaphor that motivates your organization to begin exploring virtual worlds.

Original Article:
Image Credits: Thomas Barwick/ Getty Images

As consumer VR begins to have a moment following years of heavy investment from Facebook and other tech giants, corporate America is similarly beginning to find more utility in the technology, as well.

Bank of America announced today that they’ll be working with Bay Area-based VR startup Strivr to bring more of their workplace training into virtual reality. The financial institution has already used the startup’s tech in a pilot effort with about 400 employees, but a wide-scale rollout would mean scaling the VR learning platform to more of the company’s 50,000 client-facing employees and potentially bringing thousands of VR headsets to its bank branches.

Bank of America exec John Jordan has plenty of ideas of where it will be able to implement the technology most effectively, but is open to experimenting early-on, noting that they’ve developed VR lessons for everything from notary services to fraud detection. Jordan also says that they’re working on more ambitious tasks like helping employees practice empathy with customers dealing with sensitive matters like the death of a relative.

Jordan says the scope of the company’s corporate learning program, “The Academy,” is largely unmatched among other major companies in the U.S., except perhaps by the employee instruction programs at Walmart, he notes. Walmart has been Strivr’s largest customer since the startup signed the retail behemoth back in 2017 to bring VR instruction to their 200 “Walmart Academy” instruction centers and all Walmart stores.

Virtual reality is a technology that lends itself to capturing undivided attention, something that is undoubtedly positive for increasing learning retention, which Jordan says was one of the central appeals for adopting the tech. For Bank of America, VR offers a platform change to reexamine some of the pitfalls of conventional corporate learning. At the same time, they acknowledge that the tech isn’t a silver bullet and that there are plenty of best practices for VR that are still unknown.

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The Emergent Enterprise (EE) website brings together current and important news in enterprise mobility and the latest in innovative technologies in the business world. The articles are hand selected by Emergent Enterprise and not the result of automated electronic aggregating. The site is designed to be a one-stop shop for anyone who has an ongoing interest in how technology is changing how the world does business and how it affects the workforce from the shop floor to the top floor. EE encourages visitor contributions and participation through comments, social media activity and ratings.



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