Islamabad: Bank Alfalah has unveiled its new mobile banking application, 'Alfa', aimed at transforming the digital banking landscape in Pakistan by integrating financial services with everyday lifestyle needs. The launch took place at the newly inaugurated Digital Lifestyle Branch, with notable figures including Syed Sohail Jawaad, Executive Director of the State Bank of Pakistan, and Syed Salim Raza, former Governor of the State Bank of Pakistan, in attendance.
According to Bank Alfalah, the Alfa app introduces a broad range of innovative features designed to enhance savings, investment, and borrowing options within a user-friendly digital environment. Muhammad Yahya Khan, Chief Digital Officer of Bank Alfalah, presented the app's capabilities, which include facilities for viewing net worth, investing in various financial instruments such as mutual funds and treasury bills, and accessing quick loans or credit options.
The app also supports opening and managing digital accounts in multiple currencies, including PKR, USD, GBP, EUR, and AED, with options for instant currency conversion. Additional features for borrowing include quick loans up to PKR 750,000, digital automobile loans, and an innovative 'Buy Now Pay Later' option available through AlfaMall.
Digital onboarding has been simplified with features based on users' CNIC, allowing for easy management of card security and transaction limits. The app also provides personalized home screen customization, multi-language support, and enhanced security measures for e-commerce transactions through virtual debit cards and secure tokenization for contactless payments.
At the same event, Bank Alfalah also introduced Pakistan's first fully digital, instant-processing Cheque Deposit Kiosk (CDK), a pioneering solution using Optical Character Recognition (OCR), biometrics, cryptography, and machine learning to accept, read, and process cheques 24/7. This innovation aims to transition substantial manual transactions to an automated digital platform, facilitating small businesses and enhancing the bank's service efficiency.
Bank Alfalah’s commitment to integrating banking with digital lifestyle solutions marks a significant step forward in promoting financial inclusion and operational convenience, setting new benchmarks for the banking industry in Pakistan.