Bank of America taps Strivr to bring VR into workplace training

Bank of America taps Strivr to bring VR into workplace training
The Bank of America recently announced its decision to join hands with Bay Area-based virtual reality startup Strivr, to integrate VR into workplace training. The bank has already deployed the technology in a pilot effort with around 400 employees. However, a full-scale rollout would require scaling of the VR learning technology to the company’s 50,000+ client-facing employee base, as well as supplying VR headsets by the thousands to its branches.

John Jordan, exec at Bank of America has reportedly expressed his views on where the company will be able to deploy the technology more efficiently, and has indicated that it is open for initial experiments, having developed VR lessons covering everything from fraud detection to notary services. Jordan has also commented that the company is taking on more ambitious tasks like helping employees demonstrate more empathy towards customers facing sensitive issues, like deaths in the family.

According to Jordan, the scope of “The Academy”, the firm’s corporate learning program is relatively unmatched among other companies across the United States, except for Walmart’s employee instruction programs. Walmart apparently has a longstanding relationship with Strivr, since it signed the startup to integrate VR instruction into all Walmart stores and 200 Walmart Academy learning centers in 2017.

VR technology has rapidly grown to prominence given its ability to capture undivided audience attention, making it an ideal solution for improving learning retention. For Bank of America, this was one of the main appeals for adopting the technology, with virtual reality delivering a platform change to reexamine the drawbacks of conventional corporate instruction.

For the record, Strivr has raised over $51 million in its efforts to gain a leading position in the workplace training domain, including a Series B funding of $30 million in the last year. According to CEO Derek Belch, the company is looking toward to generating more capital, and is aiming to build out its software toolsets to simplify creation of VR content for its partners.