Bank Alfalah Launches Its Flagship New Alfa App and Pakistan’s First Instant Credit Digital Cheque Deposit Kiosk

Bank Alfalah, a leading commercial bank in Pakistan and the incumbent Best Bank for Digital Banking, announced the launch of its new mobile banking application, Alfa. New Alfa is purposely curated to promote financial inclusion by departing from a mere transactional banking app and moving to a digital lifestyle app. People can now experience  Alfa’s advanced new features of savings, investment, and borrowings across a wide range of choices, alongside its new user interface design, which integrates banking into people’s lifestyles. The Alfa app launch event was held at Bank Alfalah’s Digital Lifestyle Branch inaugurated by Mr.  Syed Sohail Jawaad, Executive Director of the State Bank of Pakistan and  Mr. Syed Salim Raza, Former Governor of State Bank of Pakistan. Also present at the launch was the senior leadership from Bank Alfalah along with key opinion leaders from the digital world, 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, which included: At the curtain raiser event, the bank also launched Pakistan’s first fully digital, instant-processing Cheque Deposit Kiosk (CDK). This innovation enables customers to access a real-time cheque-clearing solution. Developed indigenously by the bank’s technologists and data scientists, the CDK leverages advanced technologies such as Optical Character Recognition (OCR), biometrics, cryptography, and machine learning to accept, read, and process cheques digitally on a 24/7 basis for Bank Alfalah accounts. Through this innovation, the bank aims to migrate significant manual teller transaction traffic to a secure, automated digital platform available around the clock. Small businesses are expected to adopt this innovation as they previously embraced the bank’s Cash Deposit Machines, which now generate over PKR 500 billion in annual volumes.