The Future of Retail Banking: First unmanned bank opens in Shanghai

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Robots and artificial intelligence continue to change the service industry. Unmanned convenience stores and waiter-less restaurants are slowly popping up in China. And one of the country's largest banks is clearly taking notes. CGTN's Yang Chengxi has the story.

New technological advancements are constantly changing lives. And in China, the birth of an unmanned bank branch is about to do just that.

YANG CHENGXI SHANGHAI "This 165 square meter branch of China Construction Bank in Shanghai has no counters and no busy clerks. Upon entering the place you'll be greeted by this."

Entry into this bank is through a facial recognition system. And you're directed to one of three functional areas by another robot -- a very conversational one, though it can only speak Chinese for now.

Apart from self-service cash deposits, withdrawals and other banking services, there is a so-called experimental zone where you can shop for gold, and a room where you can put on a virtual reality headset to check out apartments listed on the bank's rental website.

SHANGHAI RESIDENT "This place has some smart designs. I don't think even senior citizens will have trouble with the high-tech experience."

YANG CHENGXI SHANGHAI "So the unmanned bank is a brand new thing that requires a learning curve for many people. If you still want human services, you can use a video-conferencing booth where a professional takes care of you remotely. But that's only if you're a VIP. Otherwise you can go to the second floor, where there are traditional human service counters."

The bank sees this as part of the industry's future. Last year, the growth of new bank branches was 80 percent slower than in 2016. And the nation's five largest lenders have been cutting headcount. As people get more and more comfortable with e-finance, analysts say fewer bank branches and robots replacing human staff might just be inevitable. YCX CGTN SHANGHAI.