The banking industry is delving into the potential applications of emerging technologies such as Artificial Intelligence (AI) and the metaverse to enhance operational environments. JP Morgan, a leading player in the finance sector, is actively exploring the use of immersive training applications within the metaverse for new staff members. This initiative was shared by Blair MacIntyre, the Managing Director and global head of immersive technology at JP Morgan, highlighting a shift towards innovative training methodologies.
During an interview on MIT’s Business Lab podcast, MacIntyre expressed the notion that new employees could benefit from immersive virtual environments rather than traditional training methods involving videos or presentations, as reported by EfinancialCareers.
In line with JP Morgan’s exploration, Citi Bank is also implementing a virtual reality internship experience that facilitates real-time feedback for participants. MacIntyre envisions an immersive era of hiring, merging technologies like Augmented Reality (AR) and Virtual Reality (VR) into daily office routines, particularly for meetings. However, he emphasizes that widespread adoption and seamless integration of these technologies are crucial for realizing this vision.
JP Morgan has positioned itself as one of the first Wall Street banks to embrace the Web3 sector. In February of the previous year, the bank made headlines by becoming the first major global institution to establish a virtual presence in the Decentraland metaverse.
Building on this commitment, JP Morgan initiated a search for roles in September 2022 aimed at incorporating metaverse and Web3 technologies into its operational framework.
According to a research report by Markets and Markets, the global metaverse market is projected to grow from $83.9 billion (approximately Rs. 6,99,616 crore) in 2023 to $1,303.4 billion (roughly Rs. 108,65,313 crore) by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 48 percent during the forecast period.
JP Morgan is not alone in its exploration of virtual reality and the metaverse; other international banks such as HSBC, Mastercard, Standard Chartered Bank, and American Express are also actively experimenting with Web3 technologies.
Kaitlin Welch manages to cover anything. She is our freelance contributor. Kristie is responsible for covering reporting in finance and business News categories. Kaitlin has experience of 5 years as a reporter to News insights. Kaitlin writes related to the News Category.
