China Construction Bank Plans to Open 10 Automated 5G Banks in Beijing in 2019

One of China’s leading big state-owned banks has unveiled plans to use the country’s 5G network to facilitate the creation of unmanned banking outlets.

According to a report from STCN.com China Construction Bank (CCB) plans to unroll 10 5G automated banks in Beijing before the end of the year, with three to commence operation in as early as June.

The three banks will be situated in Tsinghua Garden, Zhongliang Square and Chang’an Xingrong Centre.

A CCB representative said that 5G automated banks mark a continuation of the bank’s fintech strategy following its launch of China’s first unstaffed banking outlet in April 2018.

The new outlets in Beijing are “version 3.0” of CCB’s automated banking model, making use of multiple technologies including 5G, the Internet of Things and biometrics.

“In April 2018 CCB opened the first unstaffed bank in the sector in Shanghai- this was version 1.0 of the CCB smart bank,” said the representative.

“Frankly speaking its practicality wasn’t strong, but based on CCB’s next generation of systems and fintech strategy, and via continuous technological upgrades, the new unstaffed banks mark an upgrade from version 1.0 to version 3.0, integrating multiple technologies including 5G, the Internet of Things and the blockchain.”

According to CCB its new 5G unstaffed banks will possess two key advantages compared to traditional, bricks-and-mortar banking outlets:

1. Super fast broadband and minimal delays bring about an “immersive experience” and facilitate coordination between banking outlets.
2. Integration with the “Internet of Everything” – all devices and equipment at automated banking outlets will be connected to Internet of Things platforms, to provide real-time collection of data, as well as real-time response and control.

“The cameras, gateways and other equipment within automated banks can be linked together using 5G technology – for example once a customer enters an outlet the camera can use facial recognition technology to identify the customer and basic information and financial information,” said a CCB tech executive.

“The automated bank’s transaction area is a comparatively sealed space, and unified back-end control of the transaction area is used to ensure that customers are the only individuals in transaction areas when receiving financial services.”