According to Mr. Jameel Ahmad, governor of the State Bank of Pakistan, Pakistan’s banking sector is investing in technological advancements to help its clients and enhance their overall banking experiences. He was confident that innovative initiatives like Bank Alfalah’s First Digital Lifestyle Branch would open up new possibilities, make banking more accessible, and foster a more economically inclusive and technologically advanced nation.
He was speaking at the First Digital Lifestyle Branch of Bank Alfalah’s launch event, a one-of-a-kind digital experience hub created to meet customers’ financial and lifestyle needs. The innovative branch is a revolutionary fusion of how banking is integrated with lifestyle.
Mr. Ahmad noted that the global banking industry’s brick-and-mortar footprint has decreased as a result of digitalization, and Pakistan is no exception. He congratulated Bank Alfalah on the opening of its First Digital Lifestyle Branch. The governor was sure that the successful application of this model would pave the way for new entrants to Pakistan’s banking industry. In his closing remarks, Governor SBP emphasized the importance of the banking industry taking a proactive approach to tailoring customers’ products and services based on their unique preferences and evolving behavior. He also emphasized that banks must continue to place a high priority on treating customers fairly and protecting their interests.
In 2022, Bank Alfalah experienced an exponential growth in digital banking transactions of over 95%, with an annualized volume of over PKR 3.5 trillion. Furthermore, according to data from the bank, 77% of customers with new accounts (NTB) prefer digital transactions to more traditional ones. Currently, more than 75% of banks’ transactions take place online, and 70% of bank accounts are opened online.
Bank Alfalah is introducing an innovative, multifaceted digital lifestyle branch to its vast network of over 900 branches. Visitors to the branch will enjoy a wide range of exclusivity that offers never-before-offered services all under one roof, ushering in a new era of banking convenience.
Modern lobby with 24-hour digital self-service banking area includes:
- A video teller assists a virtual self-service machine (VSM) for quick account opening, quick issuance of debit cards, and quick printing of statements.
- Digital lockers that are simple to use and biometrically secured are available 24/7 without requiring assistance from staff.
- Money can be transferred into any bank account in Pakistan using Cash Deposit Machines (CDMs).
- an instant check encashing feature on a cheque and cash deposit machine (CCDM).
- Automatic Teller Machines (ATMs) with Pakistan’s first fully touchscreen feature that incorporates biometric withdrawal of up to 200,000 Pakistani Rupees (PKR) in a single transaction and 1 million Pakistani Rupees per day—our highest-ever limit!
- The branch’s Islamic and conventional Buy Now Pay Later (BNPL) store offers tech gadgets for instant purchase on touchscreens with 0% interest-free installments for up to 12 months.
- High-speed Wi-Fi is available constantly.
The branch will also have the following extra features:
- The fully operational consumer finance desk offers the ability to issue instant credit cards, personal loans, and auto and home loans digitally. Additionally, it will respond to all inquiries regarding the goods and services offered.
- Specialized personnel offering personalized consultative advice.
- A biometric voice synthesizer-based digital facilitation desk can carry out service requests like cash withdrawals from credit cards, the issuance of additional cards, the activation of debit and credit cards, and the conversion of credit card balances into installment payments or balance transfer options, among other things.
With on-the-go and sit-in cafe soirees in collaboration with Xander’s introducing their ‘Premo’ brand, the branch will serve as a hub for lifestyle features outside of banking. Through Work Hall integration, customers will also find it simple to reserve 18 co-working spaces from the website for both short- and long-term periods. A distinctive environment where banking and socializing seamlessly converge is created by the combination of digital banking, BNPL store, great food, and co-working space.
The branch was officially opened by Jameel Ahmad, the Governor of the State Bank of Pakistan, as well as senior Bank Alfalah executives Atif Bajwa, the CEO, Mehreen Ahmed, the Group Head of Retail Banking, and Muhammad Yahya Khan, the Group Head of the Digital Banking Group.
Atif Bajwa, president, and chief executive officer of Bank Alfalah, spoke on the occasion and said, “The opening of Pakistan’s first Digital Lifestyle Branch marks a significant milestone in our journey of redefining banking for the people. We are extremely grateful to SBP for providing us with the approval which has enabled us to reimagine banking to benefit people in general.”
In order to meet the changing needs of our customers, he continued, “We are proud to offer an unprecedented fusion of digital banking, individualized financial solutions, and lifestyle preferences. We are eager to start down this transformative path, which will combine innovation, convenience, and a delightful banking experience.”
The goal of Bank Alfalah is to give customers a first-rate banking experience. The first digital lifestyle branch’s opening served as the impetus for Pakistan’s banking system to undergo a major change. The branch is just one illustration of how Bank Alfalah is coming up with new ideas to satisfy the demands of its clients. The Bank is dedicated to ongoing innovation and will keep looking for new approaches to enhance the banking experience.
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