Bank of America Introduces VR Training for Employees

Corporate Adoption of VR Training Gains Momentum

With significant investment from companies like Facebook, consumer virtual reality (VR) is experiencing increased traction. Simultaneously, businesses across various sectors are discovering the benefits of integrating this technology into their operations.

Bank of America Expands VR Training Program

Bank of America has announced a collaboration with Strivr, a VR startup located in the Bay Area, to enhance its employee training initiatives through virtual reality. A pilot program involving approximately 400 employees has already been conducted.

A broader implementation would involve extending the VR learning platform to a substantial portion of the bank’s 50,000 client-facing staff. This expansion could necessitate the deployment of thousands of VR headsets across its branch network.

Applications and Potential of VR in Banking

John Jordan, an executive at Bank of America, envisions numerous applications for the technology. He emphasizes a willingness to experiment, citing the development of VR modules covering areas such as notary services and fraud detection.

Furthermore, the bank is exploring the use of VR to cultivate employee empathy when interacting with customers facing difficult situations, like bereavement.

Scale of Bank of America’s Training Program

Jordan highlights the extensive nature of “The Academy,” Bank of America’s corporate learning program. He suggests its scale is comparable to that of Walmart, a current Strivr client since 2017.

Walmart has integrated Strivr’s VR instruction into its 200 “Walmart Academy” centers and all of its retail locations.

Benefits of VR for Learning and Development

Virtual reality’s ability to command focused attention is a key advantage, potentially leading to improved learning retention. This was a primary factor in Bank of America’s decision to adopt the technology.

The bank views VR as an opportunity to reassess traditional corporate learning methods, while acknowledging that best practices for VR implementation are still evolving.

“We’re proceeding cautiously,” Jordan states. “We are already satisfied with our investments, but see this as a path to continuous improvement.”

Strivr’s Growth and Future Plans

Enterprise VR startups have experienced varied success in securing clients willing to navigate the technology’s limitations while embracing its potential. Strivr has secured over $51 million in funding, including a $30 million Series B round last year.

CEO Derek Belch shared with TechCrunch that the company intends to expand its software tools to streamline VR content creation for its partners and is planning future fundraising efforts.

Update 3/4 11:55am PT: The article has been updated to accurately reflect the scope of the bank’s rollout plans.

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