Banking 2.0: The digital revolution
Additionally, there is no limit to the amount of money deposited and the notes do not need sorting as well, perfect for business owners looking to safely deposit cash at the end of their day.
In the digital age, visiting a branch during business hours to deposit a cheque is a bygone inconvenience. The Cash and Cheque Deposit Machine (CCDM) at Bank Alfalah’s Digital Lifestyle Branch takes center stage, besides accepting and dispensing cash, it has simplified the process of depositing cheques. This ingenious technology allows for instant clearing of Bank Alfalah cheques and the 24/7 facility allows any account holder to deposit their cheques safely in the CCDM at any time of the day, or night.
Unlike other bank ATMs, Bank Alfalah’s Lifestyle
Branch offers supreme security. The ATM is located within the 24/7 branch that’s guarded at all times. The ATMs at this branch have the highest withdrawal limits in Pakistan, with PKR 200,000 per transaction and PKR 1 million in a day. A special feature with these ATMs is that they are appstyle and once a customer has registered biometrically at this branch, they can withdraw cash without their card.
Renting bank lockers is a norm in Pakistan. It is typically used for important documents, gold, and other valuables that people are not comfortable having at home. The Digital Locker is a unique feature whereby a customer does not need to interact with anyone to get access to their locker. They are given a smart key that allows them to access the vault.
We had the opportunity to learn the inner workings of this state-of-the-art locker facility. A Bank Alfalah smart card generated to the user is scanned to let the person into the room where the locker is presented, similar to the Amazon robot fetching products from a particular aisle.
Once a person is in, they interact with the touch screen to verify their details via a biometric scan, and their locker is located and presented, similar to an Amazon robot fetching products from a particular aisle. Once again to open the locker a key is generated to the user. The lockers are available for rent in three sizes, small, medium, and large. The 24/7 facility makes access to the locker convenient, especially if you’re running short on time and forgot to get your jewelry out for your special occasion.
There’s no denying that inflation has been a pain point for Pakistanis in recent years. Inflation, coupled with a weak exchange rate has made items like electronics difficult to acquire in one go.
While many save up to buy a particular gadget, it’s important to note that the time value of money declines, therefore you’re better off buying the item today, instead of six months from now. Bank Alfalah’s Buy Now Pay Later (BNPL) service is the answer to the dilemma “Do I spend the money today or tomorrow?”
BNPL allows customers of any bank to utilise their bank-issued credit card and purchase genuine gadgets at a competitive price, on installments of up to 12 months. This BNPL service is Shariah compliant and Riba (interest) free as well so customers do not end up paying a higher price for their purchased item. Customers can select from a wide variety of products, be it smartphones, tablets, smartwatches, etc. Products can be purchased in-store at the Zamzama outlet.
Bank Alfalah’s RAPID is an electronic terminal that facilitates digital account opening around the clock, making it a convenient solution for those who are unable to take the time out to visit a branch during business hours. This innovative kiosk is one of a kind, featuring an easyto-use interface and access to a 24/7 video assistant from their call centres. The branch also has a debit and credit card printing facility and the cards can be printed during business hours, allowing customers to walk away with a fully functioning account and debit card. Additionally, the RAPID kiosks provide bank statement printouts 24/7, ideal for last-minute visa applications.