World’s first bank where robots manage everything

China has recently established a first of its kind bank in Shanghai where everything run entirely by robots who greet customers and manage their accounts.

The bank dubbed as China Construction Bank (CCB), is equipped with several smart automated tellers capable of a range of services, including account opening, money transfer, foreign exchange, gold investment and the issue of wealth management products.

The Shanghai branch of the bank is run purely by technology with virtual reality, artificial intelligence, and facial recognition all playing a part. Surprisingly, these banking robots or humanoids are able to do most things a human assistant could, including opening accounts, transferring money and making investments. The customers are greeted by humanoids who answers questions via voice recognition.

The bank administration claims that this cutting-edge technology in the bank is a site of attraction for tech-savvy customers and also trimming staff costs, writes South China Morning Post. The bank says the new set up will be able to handle 90 percent of the cash and non-cash demands of traditional banking outlets.

The bank says the new set up will be able to handle 90 percent of the cash and non-cash demands of traditional banking outlets. And for the wealthy client in need of human help, a private room is reserved for remote chats with client relationship managers – via video link.

He Fei, a senior researcher at Bank of Communications in Shanghai, said:

“Unstaffed services can solve repeated and standard demands from mass clients. But human bankers are still needed to offer professional advice, to serve the complicated and personalized demands, for instance by wealthy clients.”

What do you think about this humanoid bank? Should these kinds of banks be opened in Pakistan too? Let us know in the comment section below.