According to a new report, Bank of America has integrated artificial intelligence (AI) and the metaverse into an employee onboarding process.
Using nascent technologies, new hires can engage in various work-related scenarios through digital simulations, like dealing with customer complaints and responding to security threats. The immersive training experience simulates real-life issues bank employees face on a daily basis.
According to one executive, Mike Wynn, virtual reality “gets your heart rate up. It makes you nervous” — much like situations in real life. Head of The Academy at Bank of America, John Jordan, added that “These simulations act like practice reps. It makes a new employee experienced, even if they’re brand new.”
Besides the VR training, new recruits at the global bank also engage in AI-powered conversations that simulate client interactions. Apparently, the new training program has already been used with over 200,000 employees around the world.
Bank of America has also been using AI coaches in call centers with positive results. However, the CEO of Bank of America, Brian Moynihan, spoke cautiously about AI, saying it comes with “extreme benefits, but a proper understanding of the technology is important to mitigate risks.
This tepid tone towards AI has been common from Bank of America, who along with JP Morgan and Citigroup, has enforced restrictions of AI uses for their employees. The bank is also known for its aversion to cryptocurrency. But the tide could be turning. By training new employees in the metaverse, it appears the bank is bullish on Web3 for the long term.
AI & the Metaverse in Education
The fact that Bank of America has already trained hundreds of thousands of employees in the metaverse is a big deal. But it’s not the only entity using virtual reality and AI to train and educate. We’ve covered several articles about Web3 in education here at Rarity Sniper. Here are the top three.
In February, the VR learning platform Prisms VR raised $12.5 million in a Series A funding round. Prisms is focused on improving student’s math skills through interactive, 3D learning experiences. It already serves more than 100 schools in the United States.
Next, about six months ago, a government agency in Japan began using metaverse classes to fight the growing rate of absenteeism in the country. Room-K is a virtual learning environment that aims to teach kids social skills, focus, relationship building skills, and ultimately serve as a springboard to get them back to school.
Finally, about a year ago, Johnson & Johnson opened a metaverse-enabled medical training studio in Mexico City. The “Innovation Room” is part of J&J’s new project to use augmented reality to refine students’ surgical skills in a low-risk environment.
As AI and metaverse technology continues to improve, one of the most important use cases for virtual worlds is training and education. Bank of America may not be all-in on crypto and Web3 (yet), but it’s clearly not adverse to the metaverse if it benefits its business. At Rarity Sniper, we’ll keep our eyes and ears open for any more Web3 news from the bank.