This Canadian bank integrated Virtual Reality into its Training

In today’s ever-evolving world, technology is increasingly integrated into our daily lives. The banking industry is no exception; one Canadian bank has taken innovation to the next level. This bank recently implemented virtual reality (VR) technology into its training program, revolutionizing how employees learn and develop their skills. In this blog, we’ll take a closer look at how this Canadian bank has embraced VR technology and its benefits to its training program.

TD Bank has launched a Virtual Reality (VR) Co-op and Intern Pilot Program in collaboration with global management and technology company Capco and enterprise VR company Mesmerise. The pilot program aims to create an immersive and collaborative experience for new TD colleagues.

The TD program runs from January to April 2023 and was made available to more than 100 interns who are from TD’s Platforms and Technology and Digital and Innovation divisions. Students were given virtual reality headsets and could build their own personalized avatars to participate in various 3D immersive programs such as networking sessions, live leadership panel debates, and innovation challenges.

TD Bank has implemented a virtual onboarding program that aims to improve employee retention by up to 82% by providing a dynamic early talent immersive experience for new colleagues.

1. Networking sessions:

• Aim: Build a peer network of interns, co-op students, and TD colleagues from the Bank.
• Activities: Variety of virtual networking events, including a scavenger hunt and team-building activities like dodgeball, bowling, escape room, etc.
• Benefit: Opportunity to build professional relationships and expand the professional network.

2. Live leadership panel discussions:

• Aim: For career guidance and learning, participants can join panel discussions with leaders from around the organisation.
• Activities: Interactive panel discussions with leaders sharing their career journeys and insights about different areas of the Bank.
• Benefit: Opportunity to gain valuable career advice and learn from experienced professionals.

3. Innovation challenge:

• Aim: Participants are grouped and given a real-world problem that TD is facing to solve innovatively.
• Activities: For 60 days, participants collaborate with their mentor and group to come up with a creative solution. Participants in the VR Pilot have access to design and collaboration tools that enable them to collaborate, whiteboard, and create prototypes.
• Benefit: Opportunity to work on a real problem and apply creativity and innovation to find a solution. Also, an opportunity to develop problem-solving and teamwork skills.

4. Lunch & learn on the ‘future of money’:

• Aim: Participants can attend the popular TD lunch and learn presentation and network with TD executives and each other.
• Activities: Lunch and learn session on the ‘future of money’ and networking opportunities with TD executives and peers.
• Benefit: Opportunity to learn about the latest trends and insights on the future of money and network with experienced professionals in the field.

According to research by Brandon Hall Group in 2015, attention to employee onboarding can significantly improve employee retention, while a Gallup study in 2018 found that many organizations do not onboard well. Therefore, virtual onboarding provides an opportunity to improve the onboarding experience for early talent and to view traditional onboarding through a different lens.

TD Bank has partnered with context-aware computing company, Flybits, to create a gamified financial literacy VR experience targeted at the under-25 demographic. Users are immersed in an interactive 3D experience where they make financial decisions and learn about how those decisions impact their finances.

Users can interact with tools that help them visualise how their decisions affect their financial wellness since the experience is based on the Flybits Open Dome platform. Users gain a financial character that matches their choices when the experience is made more game-like, allowing them to collect rewards for wise financial decisions like goods and medals.

The relationship with TD Bank, according to Hossein Rahnama, founder and CEO of Flybits, enables them to assess and comprehend how gamification and virtual reality may offer a more enhanced personalised learning experience for a younger audience.

Together, Flybits and TD Bank want to explore and develop fresh approaches that can link audiences more closely. This collaboration demonstrates TD Bank’s dedication to providing its customers with personalised service and cutting-edge products, especially the younger ones who might gain from a gamified approach to financial literacy.

Wavemakers

In another initiative, funded partly by the Government of Canada’s Innovative Work-Integrated Learning Program, Wavemakers is the first national work-integrated learning program to use virtual reality to connect diverse post-secondary students to ocean industries.

Wavemakers, a national work-integrated learning program funded by the Innovative Work-Integrated Learning Program of the Canadian government, has launched a virtual reality (VR) initiative to connect post-secondary students to ocean industries.

The program has been designed to provide students with a first-hand experience of the work environments in the ocean industries. The program offers a virtual reality experience of the ocean industries, allowing students to explore different aspects of these industries, such as marine biology, fisheries, shipping, and offshore oil and gas exploration.

Students participating in the Wavemakers program can experience the ocean industries through virtual reality technology, which offers a realistic and engaging experience. Students can explore the different aspects of ocean industries and gain a better understanding of the work involved. The program also aims to help students make informed career choices and increase their employability by providing valuable insights into the ocean industries.

The Wavemakers program is open to all post-secondary students in Canada, regardless of their academic discipline. Students participating in the program are provided with a VR headset and a computer, enabling them to access the virtual reality platform. The program offers a variety of learning modules that cover different aspects of the ocean industry, and students can choose the modules that interest them the most.

The program has received positive feedback from both students and industry professionals. Students who have participated in the program have reported that VR technology has helped them gain a better understanding of the ocean industries, and they have been able to make informed career choices based on their experience.

Industry professionals have also praised the program, stating that it provides a valuable opportunity for students to learn about the ocean industries and gain insights into the work involved.

The Wavemakers program is a timely initiative as the ocean industries are becoming increasingly important in Canada and worldwide. The ocean industries significantly impact the Canadian economy, with industries such as fisheries, shipping, and offshore oil and gas exploration providing significant employment opportunities.

It is an opportunity for students to learn about the potential careers available in these industries and explore the opportunities and challenges they present.

Advantages of implementing VR in training

Here are some advantages of implementing VR in training:

1. Immersive Learning Environment: VR technology creates a simulated environment that mimics real-life situations. It allows trainees to interact with a virtual environment as if it were real, providing them with a more immersive and engaging learning experience. For instance, medical students can practice surgery procedures in a virtual operating room, allowing them to develop their skills in a safe environment without risking a patient’s life.
2. Cost-Effective: Implementing VR in training can be more cost-effective than traditional training methods. For example, in aviation, flight simulators have been in use for decades to train pilots. With VR, flight simulation can be done at a much lower cost and can be accessed remotely, reducing the need for expensive equipment and travel.
3. Risk-free Learning: VR technology allows trainees to learn from mistakes without causing damage or harm. For example, trainee firefighters can practice putting out fires in a virtual environment without risking their safety or causing property damage.
4. Personalized Learning: VR technology can provide a customized learning experience tailored to the needs of each trainee. For example, language learners can practice speaking with virtual native speakers in different scenarios, such as restaurants, hotels, or airports.
5. Improved Retention and Recall: VR technology can help trainees retain and recall information better. Research has shown that learning through immersive experiences can increase knowledge retention by up to 80%.

Some examples of VR in training are:

1. Walmart uses VR technology to train employees in customer service skills. They created a VR simulation of a store environment where trainees can practice greeting customers, answering questions, and handling difficult situations.
2. The British Army uses VR technology to train soldiers in combat scenarios. They developed a virtual environment that replicates real-world situations, such as dealing with roadside bombs or enemy fire, allowing soldiers to practice their skills in a safe environment.
3. KFC developed a VR training program that allows employees to learn how to make fried chicken in a virtual kitchen. This immersive experience helps trainees learn the process more quickly and efficiently.

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