On June 11, the first new-type smart outlet based on 5G application of Industrial and Commercial Bank of China Limited (ICBC) was opened for service in Suzhou, Jiangsu Province. With integration of various financial technologies such as big data, artificial intelligence and biometric identification, the outlet provides customers with more advanced, up-to-date and considerate financial service. Prior to this on April 19, ICBC Beijing Telecom Building Sub-branch took the lead among domestic banking industry to get connected to 5G network, realizing the high-speed handling of business via 5G. Wang Yang, Vice Mayor of Suzhou, and Guan Xueqing, Board Secretary of ICBC, were present at the release ceremony of the 5G smart outlet.

According to an official with ICBC, being empowered by technology and driven by innovation has always been the development philosophy of the Bank. Currently, as information technologies are advancing rapidly, financial innovation is accelerated and customer behaviors keep evolving, outlet service modes are undergoing profound changes. ICBC resorts to financial technologies to build up the new-generation smart outlet system and strives to translate the achievements of technological innovation into financial services expected by customers. Operation of the 5G smart outlet will drive the business transformation and the improvement of service quality of the Bank, offer better and more efficient financial services to smart manufacturing, happiness industry and livelihood-related sectors, better serve the real economy and promote the development of inclusive finance.

It’s introduced that the 5G smart outlet, centered on meeting customers’ need for smart financial services, is designed with the concept of “integration of finance with technology, ecosystem and culture”. With the support of 5G technology, it has built a smart service system covering “technology application + service function + scenario linkage + ecosystem integration”, bringing customers safer, more convenient and smarter financial service experience.

The first is to integrate finance with technology. Based on integrated application of new technologies such as 5G and artificial intelligence, the 5G smart outlet is able to tighten the bond between customers and the Bank in a smoother way and more effectively provides customers with considerate financial services. For instance, it applies the biometric identification technology to more accurately identify the visiting customers in a safer way, adopts virtual images and interactive games to offer individualized interaction and marketing service, uses biometric identification and multi-screen interaction to realize self-service for regular businesses by customers, and utilizes remote one-on-one service by customer service representatives to overcome restrictions of banking services in transaction medium, time and space.

The second is to integrate finance with ecosystem. By deepening cooperation with governments, higher education institutions and enterprises, the Bank constructs a diversified financial service center and builds up a pan-financial service ecosystem covering surrounding areas. For instance, with the support of specialized outlet teams and outlet cluster cooperation, ICBC Suzhou Branch joins hands with its partners to provide neighboring enterprises with platform-based e-commerce, inclusive finance, transaction finance and investment banking service and personal customers with scenario-based and socialized consumer finance and wealth financial services.

The third is to integrate finance with culture. The outlet pays attention to emotional experience of customers and includes more cultural elements in its design. For example, the hall of the 5G smart outlet is designed into scenery of the south of the Yangtze River. While customers wait for their turn, the “Drifting Library” provides books for them to read. The “Health Machine” enables self-service checkup through face recognition, helping customers learn about their physical status in time. More considerate outlet services such as scanning a code to borrow books and scanning face to buy a cup of coffee are available.