Chinese Bank Launches World’s First Fully Robotic Bank Branch

Chinese Bank Launches World's First Fully Robotic Bank Branch
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Emerging technologies are set to transform the way companies, industries and human beings at large go about their day-to-day activities. For instance, the financial service industry appears to be incorporating such technologies in its operations to save time, provide fast services and better customer experience. The China Construction Bank (CCB), a leading bank in China has raised eyebrows by opening the first ever fully robotized branch located in Shanghai.

CCB or China Construction Bank branch based in Jiujiang Road Shanghai is entirely manned by robots. Although it has no managers or tellers, the bank boasts the latest technologies in artificial intelligence such as virtual reality, speech recognition, and facial recognition. The intelligent robots in the bank help in guiding clients into the various service areas to allow them to complete their banking transactions seamlessly.

When customers visit the premises, they are warmly received by Xiao Long or Little Dragon, which is one of the bank’s robots. It is designed and developed to carry out various roles such as accepting bank cards, chatting with customers, responding to basic questions and checking accounts. According to the China Construction Bank (CCB), the groundbreaking transformation provided by minimizing the expenditure on branch staffing will enable what it refers to as not only a moderate decrease in interest rates for loans but also an increase in deposit interest rates.

How the Bank Works

After being welcomed into the CCB branch by Xiao Long, customers then pass through electronic doors for verification purposes. In this case, their ID card and face are scanned. The facial recognition will be enough to not only open the branch’s doors but also retrieve customers’ information in future visits. Subsequently, automatic counters will enable customers to complete various tasks including foreign currency exchange, money transfers, and open accounts.

In the bank, customers are received by a second robot that awaits them. What’s more, they also have access to video connection and a virtual room in case they want to deal with a human employee as opposed to a robot. Nevertheless, this is a need that is rarely felt by customers since most of them are used to the presence of robots in large Chinese cities, especially in public places.

Beijing Aspires to become a Robotics World Leader

The growth and development of the Chinese robot industry play a crucial role in fueling Beijing’s economic drive. In fact, Beijing looks forward to producing at least 100,000 industrial-based robots per year by 2020. Furthermore, the development of the city’s robotics industry comes with vital private and public investments in technologies that include artificial intelligence and facial recognition.

The recent move by China Construction Bank to establish a fully robotized branch with automated subsidiary comes as the latest and most innovative representation of this trend. According to a statement by the bank, the unmanned branch will be in a position to deal with 90% of both non-cash and cash demands of traditional branches. This situation shows the possibility of future bank branches being devoid of human staff due to the use of new advanced technologies.

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