Bank Alfalah Launches New Alfa App and Pakistan’s First Digital Cheque Deposit Kiosk

Bank Alfalah, a leading commercial bank in Pakistan, announced the launch of its new mobile banking application, Alfa. New Alfa is purposely curated to promote financial inclusion through digitisation in Pakistan. Alfa is already a well-known transactional banking app that is now transforming itself into a financial lifestyle app offering a comprehensive suite of functionalities for people’s everyday financial and lifestyle needs, ranging from transactional banking to financial lifestyle, by giving people access to savings, investments, payments, borrowing, and onboarding. The launch event was held at Bank Alfalah’s Digital Lifestyle Branch and was graced by dignitaries from the State Bank of Pakistan, including the Saleem Ullah-Deputy Governor. Senior leadership from Bank Alfalah and key opinion leaders from the digital world were also in attendance, 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 introductory event, the bank introduced Pakistan’s first fully digital, instant-processing Cheque Deposit Kiosk (CDK). This device offers customers an immediate cheque clearing service. Created by the bank’s own technologists and data scientists, the CDK uses 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. Small businesses are likely to embrace this new system, just as they did with the bank’s Cash Deposit Machines, which now handle over Rs. 500 billion in transactions each year.