Bank of America is treading carefully along the path of a digital revolution utilizing artificial intelligence (AI) and metaverse technologies to develop immersive virtual training experiences for over 200,000 of its employees. By creating VR simulations, Bank of America has created an interactive learning platform that offers a unique opportunity to their staff to practice experiencing various challenging situations before they occur in a real-life scenario. An added benefit is that the VR environment is designed to evoke emotions and an adrenaline rush that bring the simulated interactions close to its closest to reality.
The financial giant is also staying on trend with other businesses, like the International Criminal Police Organization (Interpol) that has also implemented metaverse-based training for its officers. Nevertheless, although not yet put in put into production Goldman Sachs has been visually exploring the potential of AI application for code writing.
In addition, although cautiously viewing the risk of data security concerns Bank of America chose against the chatbot ChatGPT usage. Even so, Bank of America’s decision to use AI and the metaverse for employee training shows its commitment to taking advantage of technology advancements while safely managing data protection.
Albeit, recently becoming involved in a dispute with cryptocurrencies Brian Armstrong, reports of the bank closing accounts associated with digital currency due to safety doubts demonstrate its ongoing tension between traditional banking and cryptocurrency, as the digital currency market grows.
Overall, Bank of America’s strategy reflects its endeavors to evolve in line with the current digital technology era, combining safety and innovation while looking out for potential opportunities to do so.
