Analysis, Fintech, News, VR World

China banks introduce VR and other cutting-edge technologies

Photo by Freddie Collins

A new branch from the state-owned China Construction Bank is making a plunge into the world of cutting-edge technology. VR World is taking a look at what’s in play to see how this technology may one day spread to banks closer to home.

First and foremost is the face-and-voice recognition. At the entrance to the bank, customers interact with a greeting robot that can speak back using voice recognition. Using their ID or facial recognition, clients can then enter the bank and start using the machines inside to do their bidding.

Some functions, like buying gold, exchanging currency or withdrawing money are all done on more familiar machines inside. Meanwhile, a virtual reality setup will allow customers to take a look at real estate investments.

For now, these features are all that’s on offer in this Shanghai bank. But the potential applications are numerous. For instance, imagine having access to your bank account tied to cutting-edge facial recognition. This would effectively protect you from fraudulent access to your funds.

With time, the features discussed will eventually spread to banking institutions worldwide. There’s an undeniable appeal to the more automated process, and the security implementations made possible by voice and facial recognition in banking.

We all agree. However, would you be comfortable scanning your face for bank’s use next time you are at your local branch? Is the offline banking world ready for the virtual one?