Digital/Paperless Account Opening:

Bank has also launched Rapid a Digital Customer Onboarding Platform in branches, Website, Alfa App & Kiosks. 95% of the total bank accounts opened digitally meaning no paper-based account opening. This has also helped in digitizing customer behavior from the beginning of the relationship which is also manifested in Digital to Branch transaction Ratio. The self-remote accounts have 92% Digital to Branch Transaction Ratio which shows that digitization of journey is very important from the stage 1 of customer onboarding.

Largest Cash Deposit Machine Network

After Digital Account Opening and transaction migration to digital channels, one of the biggest challenge that Pakistan banking industry and Bank Alfalah faced is the cash based transaction and still a lot of customers have cash which they want to deposit with the bank hence Bank Alfalah once again took this challenge of converting cash deposit from teller to machine so this transaction can also happen 24/7 after banking hours or on holidays. The bank has a network of 400 Cash Deposit Machines and we take pride in operating the country’s largest Cash Deposit Machines (CDM) network, with an impressive annualized throughput exceeding PKR 350 billion and this has also converted 42% of the cash deposit transactions in branches where CDM is deployed in 2022. It’s a milestone that has yielded remarkable results. With this achievement, we have enabled a staggering 2 million cash deposit transactions.

Home Remittance via Bank Alfalah Agent Network

With Bank Alfalah Agent Network you can now open Alfa Islamic Home Remittance Account and receive your cash remittances right away from the counter.

For receiving your cash remittances, you may visit Bank Alfalah Agents to:

• Open Alfa Islamic Home Remittance Account and Receive Remittances into your Alfa Islamic Home Remittance Account
• Withdraw cash from Alfa Islamic Home Remittance Account on runtime.
• Request Debit card against your Alfa Islamic HRA to withdraw cash from any ATM in Pakistan. (Debit card charges apply as per SOC)
• Bio verify you Alfa Islamic HRA opened via Alfa app.

SMS Banking

SMS Banking is a Pull-based service where customers are able to send pre-defined codes on bank’s registered short code to do their financial transactions and fetch enquiry-based information. This is a subscription based service.

By subscribing to this service, customers can get their Account Balance, Last 5 transactions, Credit Card information, process Permanent Blocking of Debit Card, Temporary Blocking of Internet Banking and ALFA, Activation and Deactivation of E-Commerce transactions, initiate Cheque book requests, inquire about Orbits points, pay off the bill of their registered mobile number and Credit Card through their Bank Alfalah account by sending predefined texts to Bank Alfalah short code 8287.

In addition to this, any Bank Alfalah customer can also update their CNIC expiry date or tag their account number as RAAST ID with this service and the customer is even not required to be a subscriber.

This product primarily targets the customers residing in tier 2 and tier 3 cities and towns (socioeconomic sector) to enable these customers performing basic financial transactions but do not have the luxury to own a smartphone and internet data, yet they are the ones who have accounts with us. Through this service, the subscribers do not have to visit the branch or connect to us via other conventional channels. The customers can contact the bank without the hassle of leaving their houses/fields/businesses thus creating ease of financial access.

This also serves as a quick step to address collateral damage in case the customers loses his plastic. By sending pre-defined codes, they are able to block their Debit Card, Internet Banking and Alfa, activate and deactivate their E-Commerce transactions. In addition to this, they can also check their Account Balance, Mini-Statement, update their CNIC and register their Raast ID.

Another benefit is when there is a data connectivity issues due to law and order situation and security reasons, internet-related issues (submarine cable fault affecting internet-based services) and Data network issues in high risk areas (due to jammers etc.). Hence this service can alternatively be used as an insurance product.