AI simulations will allow Bank of America to create experiences for employees that teach them how to handle specific work situations.
Bank of America has introduced artificial intelligence (AI) and virtual universes into its employee onboarding process. The induction process introduces employees to the situations they may face during the employment process.
According to Bloomberg, Bank of America has used this artificial intelligence process for more than 200,000 employees, including new hires and current employees. The aim is to create virtual reality simulations for specific situations, such as responding to customer complaints or dealing with possible security threats. The bank equipped its employees with virtual reality devices, using artificial intelligence and virtual universes to simulate these events. John Jordan, Dean of the American Banking Institute, said:
"The simulations are like practicing reps. It makes new hires more experienced, even when they're brand new."
Another executive, Mike Wynn, praised the idea, noting that the process is immersive and elicits the right responses in simulated conversations. Wynn said:
"Traditional teaching is hard. VR creates anxiety, it makes your heart rate go up. It makes you nervous."
While acknowledging the impressive use of artificial intelligence technology and virtual universes, company CEO Brian Moynihan sued to err on the side of caution. Moynihan said that while AI has "tremendous benefits," it's also important to get the technology right.
Bank of America has joined other organizations in using artificial intelligence and simulation for work purposes. Last October, Interpol (Interpol) developed a virtual training facility in a private virtual space to train officers on how to screen passengers and verify documents. Interestingly, Interpol is also working on policing the virtual world. The group's secretary general, Jürgen Stoker, said this was necessary because criminals could easily adapt to new technologies to commit more crimes.
Bank of America defies banking industry opposition to use AI
In March, banking giant Goldman Sachs (NYSE: GS ) reportedly began using artificial intelligence to help developers write code. Internal testing has already begun, although the bank's chief information officer Marco Argenti said the tool is still in a "proof of concept" stage and not yet ready for production.
The bank's decision appears to show a different view of artificial intelligence, essentially the opposite of the position of its contemporaries. A month ago, JPMorgan Chase (NYSE: JPM ) restricted employees from using OpenAI's ChatGPT. The company is concerned about the dangers of using third-party software to avoid compliance reasons and security issues. Shortly after, Bank of America and Citigroup imposed similar restrictions on the use of artificial intelligence.
Financial institutions’ hesitation toward AI may be driven by compliance and security concerns rather than innovation hesitation. While Bank of America is reluctant to use ChatGPT due to data and security concerns, the bank does understand that the technology can be beneficial in other ways.
Bank of America is also known for its aversion to cryptocurrencies. On Thursday, the bank reportedly closed a customer’s account, allegedly for conducting crypto transactions with Coinbase. Coinbase CEO Brian Armstrong responded to the tweet, trying to find out if a similar case existed. In a follow-up tweet, Armstrong asked users to confirm or deny the complaint in a Twitter poll.