Bank Alfalah Launches New Alfa App and Pakistan’s First Digital Cheque Deposit Kiosk
Bank Alfalah, a leading commercial bank in Pakistan, has launched its new mobile banking application, Alfa. The updated Alfa app is designed to promote financial inclusion through digitization in Pakistan. While Alfa is already a well-known transactional banking app, it is now evolving into a comprehensive financial lifestyle app, offering a suite of functionalities that cater to everyday financial and lifestyle needs, including savings, investments, payments, borrowing, and onboarding.
The launch event took place at Bank Alfalah’s Digital Lifestyle Branch and was attended by dignitaries from the State Bank of Pakistan, including Deputy Governor Saleem Ullah. Senior leadership from Bank Alfalah and key opinion leaders from the digital world were also present, marking a significant milestone in the bank’s commitment to digital innovation. Muhammad Yahya Khan, the Chief Digital Officer of Bank Alfalah, delivered a comprehensive presentation on the new Alfa App, highlighting its numerous innovative features:
Digital Onboarding:
- Open a complete conventional or Islamic bank account without visiting a branch using secure biometric verification.
- View a comprehensive portfolio, including deposits, savings, investments, and loans—all in one place.
- Instantly activate or block debit-credit cards and adjust app limits.
Payments:
- Schedule automated bill payments for utilities, school fees, loans, and more to avoid missed due dates.
- Customize virtual debit cards with personal spending limits and expiration dates for secure e-commerce transactions.
- Use secure tokenization for seamless, contactless payments without a physical card.
Borrowing:
- Access quick loans up to PKR 750,000 instantly.
- Purchase products with a Buy Now Pay Later plan via AlfaMall.
- Instantly apply for and receive a credit card.
Save and Invest:
- Save and invest in term deposit receipts via the app, offering both conventional and Islamic banking options to earn profits.
- Invest in mutual funds, securities, Pakistan Investment Bonds, and treasury bills instantly.
- Open digital accounts in USD, GBP, EUR, and AED, and convert currencies online between accounts.
Additionally, Bank Alfalah introduced Pakistan’s first fully digital, instant-processing Cheque Deposit Kiosk (CDK) at the event. This device offers immediate cheque clearing services and was developed by the bank’s technologists and data scientists. The CDK employs sophisticated technologies such as Optical Character Recognition (OCR), biometrics, cryptography, and machine learning to digitally accept, scan, and process cheques at any time, specifically for Bank Alfalah accounts.
With this advancement, the bank plans to shift a large portion of manual teller operations to a secure, automated digital platform that operates continuously. This new system is expected to be well-received by small businesses, similar to the bank’s Cash Deposit Machines, which now handle over Rs. 500 billion in transactions annually.
MUST READ:
