Bank Alfalah launches country's first digital cheque deposit kiosk
Bank Alfalah, a major commercial
bank in Pakistan, has launched an upgraded version of its mobile banking app,
Alfa, along with Pakistan’s first digital Cheque Deposit Kiosk (CDK). The new
Alfa app aims to enhance financial inclusion by providing a wide range of
digital banking services designed to meet users’ everyday financial and
lifestyle needs. Building on its established reputation as a transactional
banking app, Alfa is now positioned as a comprehensive financial lifestyle
platform that supports savings, investments, payments, and borrowing.
The launch event, held at Bank
Alfalah’s Digital Lifestyle Branch, was attended by State Bank of Pakistan
representatives, including Deputy Governor Saleem Ullah, alongside senior Bank
Alfalah executives and digital sector leaders. Bank Alfalah’s Chief Digital
Officer, Muhammad Yahya Khan, introduced the app’s innovative features, which
include:
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Digital Onboarding:
- Open conventional or Islamic bank accounts remotely
through secure biometric verification.
- Access a complete financial portfolio, covering
deposits, savings, investments, and loans.
- Instantly activate, block, or adjust limits on debit
and credit cards across channels.
Payments:
- Automate bill payments for utilities, school fees, and
loans to avoid missed due dates.
- Set custom limits and expiration dates on virtual debit
cards for secure online purchases.
- Use tokenization for seamless, contactless payments
without a physical card.
Borrowing:
- Access instant loans up to PKR 750,000.
- Utilize Buy Now Pay Later options through AlfaMall for
product purchases.
- Instantly apply for and receive credit cards.
Savings and Investments:
- Make term deposits directly through the app, with
options for conventional and Islamic banking.
- Invest in mutual funds, Pakistan Investment Bonds,
treasury bills, and more.
- Open digital accounts in multiple currencies and easily
convert between them.
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Alfalah Limited and J.P. Morgan join hands to introduce inward remittance
service in Pakistan
At the event, Bank Alfalah also
introduced the country’s first fully digital Cheque Deposit Kiosk (CDK), a
self-developed, instant-processing system created by the bank’s technologists
and data scientists. Using advanced technologies like Optical Character
Recognition (OCR), biometrics, cryptography, and machine learning, the CDK allows
customers to securely deposit and clear cheques for Bank Alfalah accounts any
time, day or night.
This digital advancement enables the
bank to transition a substantial portion of manual teller services to an
automated, always-available platform, providing convenience to small businesses
and individual users alike. The new kiosk follows the success of the bank’s
Cash Deposit Machines, which now process over Rs. 500 billion annually.
Source: Pro Pakistani