Bank of America is First in Industry to Launch Virtual Reality Training Program in Nearly 4,300 Financial Centers
October 7, 2021 at 9:00 AM Eastern
Bank of America is the first financial services firm to launch virtual reality (VR) training in nearly 4,300 financial centers nationwide. This innovative training technology will allow approximately 50,000 employees to practice a range of routine to complex tasks and simulate client interactions through a virtual environment. The VR program is the latest in the company’s long-standing investment in the success of its people and dedication to providing a full range of professional development tools.
“At Bank of America, our commitment to being a great place to work for our teammates fuels our focus on innovation,” said John Jordan, Head of The Academy at Bank of America. “VR is highly effective at helping teammates build and retain new skills and it is one of many ways we are using technology to support internal mobility and provide best-in-class learning opportunities.”
Every financial center in the Bank of America network will use VR headsets for training. Through a series of learning modules slated to roll out by the end of next year, financial center teammates will have the opportunity to use 20 different VR simulations and practice a wide range of skills including: strengthening and deepening relationships with clients, navigating difficult conversations, and listening and responding with empathy.
Through real-time analytics embedded in this technology, managers can also identify skill gaps and provide targeted follow-up coaching and personalized guidance to teammates to further improve performance. Following a successful pilot with 400 employees, 97% of the participants felt more comfortable performing their tasks after going through the simulations.
“Innovation is at the heart of everything we do,” said Hari Gopalkrishnan, Head of Retail, Preferred, Small Business and Wealth Management Technology at Bank of America. “We are focused on creating and implementing technologies that offer advanced solutions. With VR, we’re rolling out a proven learning tool that will empower teammates with the skills they need to better serve clients and help make financial lives better.”
Delivered through The Academy – Bank of America’s award-winning onboarding, training and development organization – the VR program is the latest addition to a suite of high-tech and high-touch training and development tools offered by the company. The bank has also invested in AI-powered conversation simulators that enable enhanced role-playing opportunities, and platform simulators that allow teammates to train in a real-world practice environment on the systems, software and technical tools they use in their day-to-day jobs. As a testament to Bank of America’s innovative approach to training and talent development, the company was recently recognized with 28 Stevie Awards for Great Employers as well as the Grand Stevie Award for the 2021 Organization of the Year.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Andy Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
October 7, 2021 at 9:00 AM Eastern
Bank of America is First in Industry to Launch Virtual Reality Training Program in Nearly 4,300 Financial Centers
Bank of America is the first financial services firm to launch virtual reality (VR) training in nearly 4,300 financial centers nationwide. This innovative training technology will allow approximately 50,000 employees to practice a range of routine to complex tasks and simulate client interactions through a virtual environment. The VR program is the latest in the company’s long-standing investment in the success of its people and dedication to providing a full range of professional development tools.
“At Bank of America, our commitment to being a great place to work for our teammates fuels our focus on innovation,” said John Jordan, Head of The Academy at Bank of America. “VR is highly effective at helping teammates build and retain new skills and it is one of many ways we are using technology to support internal mobility and provide best-in-class learning opportunities.”
Every financial center in the Bank of America network will use VR headsets for training. Through a series of learning modules slated to roll out by the end of next year, financial center teammates will have the opportunity to use 20 different VR simulations and practice a wide range of skills including: strengthening and deepening relationships with clients, navigating difficult conversations, and listening and responding with empathy.
Through real-time analytics embedded in this technology, managers can also identify skill gaps and provide targeted follow-up coaching and personalized guidance to teammates to further improve performance. Following a successful pilot with 400 employees, 97% of the participants felt more comfortable performing their tasks after going through the simulations.
“Innovation is at the heart of everything we do,” said Hari Gopalkrishnan, Head of Retail, Preferred, Small Business and Wealth Management Technology at Bank of America. “We are focused on creating and implementing technologies that offer advanced solutions. With VR, we’re rolling out a proven learning tool that will empower teammates with the skills they need to better serve clients and help make financial lives better.”
Delivered through The Academy – Bank of America’s award-winning onboarding, training and development organization – the VR program is the latest addition to a suite of high-tech and high-touch training and development tools offered by the company. The bank has also invested in AI-powered conversation simulators that enable enhanced role-playing opportunities, and platform simulators that allow teammates to train in a real-world practice environment on the systems, software and technical tools they use in their day-to-day jobs. As a testament to Bank of America’s innovative approach to training and talent development, the company was recently recognized with 28 Stevie Awards for Great Employers as well as the Grand Stevie Award for the 2021 Organization of the Year.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Andy Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
.jpg/_jcr_content/renditions/original){kind=logo}
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “ MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.
Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
| Are Not Deposits | Are Not Insured by Any Governmental Agency | Are Not a Condition to Any Banking Service or Activity |
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).
"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA.
Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.
Bank of America, N.A. Member FDIC. Equal Housing Lender
© 2024 Bank of America Corporation. All rights reserved.
.jpg/_jcr_content/renditions/original){kind=logo}
