Bank of America (BofA) has signed a contract with Strivr, provider of virtual reality technology, on training for the bank’s 45,000 employees in 4,000 offices, Frank Media reports with reference to Strivr.

BofA has decided to scale the introduction of VR technologies after completing the pilot project, which involved 400 people. The bank will have to purchase thousands of VR sets to set up the virtual platform for staff training.

Managing Director of BofA John Jordan has stated that the bank has created VR lessons for a variety of situations, from notary services to detecting fraud. The VR training will also help the staff deal with sensitive issues, for instance, politely express condolences to a client with death in the family.



Since entering into the market in 2015, Strivr has raised over USD 50 million, including the USD 30M it raised last year. The list of its clients includes Walmart, which is actually Strivr’s largest client since 2017. The parties have agreed on installation of VR technologies in all 200 educational centers and the stores of the retailer.

According to PWC estimates, the introduction of VR tools into development of global economy can amount to USD 1.5 trillion. Banks will be able to save up to USD 500 billion just through using VR apps, Reuters reported.

Financiers have re-evaluated the effect of presence, created by VR technologies, during the period of remote work during the pandemic, said Stuart Warner, Head of Technology at Fidelity International (manages assets in the amount of USD 3.3 trillion). The company’s technology spending doubled in 2020.

The pandemic has also pushed bankers from UBS to experiment with virtual reality: they have equipped their London traders with Microsoft HoloLens smart glasses, which allowed the traders to recreate the atmosphere of the trading floor.

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