Karachi, June 1, 2023: Governor State Bank of Pakistan Jameel Ahmad has said that Pakistan’s banking industry was investing in technological upgrades to facilitate its customers and improving their overall banking experience. He was optimistic that exciting projects like Bank Alfalah’s First Digital Lifestyle Branch will unlock new opportunities, making banking easier to access and leading a more financially inclusive and digitally empowered nation.
He was addressing at the launch ceremony of Bank Alfalah’s First Digital Lifestyle Branch, a unique, one-of-a-kind digital experience hub designed to fulfil customers' financial and lifestyle needs. The innovative branch is a transformative fusion of banking’s integration with the way of life. Ahmad observed that digitalization has entailed a reduction in the brick-and-mortar footprint of the banking industry globally and Pakistan is no exception. He felicitated Bank Alfalah for launching the First Digital Lifestyle Branch. The governor was confident that the successful implementation of this model will show the way forward to the new entrants of the banking industry in Pakistan. In his concluding remarks, Governor SBP stressed the need for a proactive approach by the banking industry in tailoring customers’ products and services based on their specific preferences and changing behavior. Further, he emphasized that customers’ fair treatment and protection must remain a top priority of banks.
It is worth mentioning that in 2022, Bank Alfalah saw an exponential growth of over 95% indigital banking transactions with an annualised volume of over PKR 3.5 trillion. Bank’s data further shows that 77pc of New-to-Bank (NTB) account holders prefer digital transactions over conventional methods. Over 75pc of bank’s transactions are now online, and 70% of bank accounts are opened via digital channels. In its extensive network spanning over 900 branches, Bank Alfalah is introducing an innovative, multi-faceted digital lifestyle branch. People visiting the branch will experience an array of exclusivity that offers unprecedented services that have never been provided under one roof marking a new era of banking convenience.
The branch was inaugurated by Governor of the State Bank of Pakistan, Jameel Ahmad and other notables along with the senior management of Bank Alfalah, including Atif Bajwa, President and CEO, Mehreen Ahmed, Group Head, Retail Banking and Muhammad Yahya Khan, Group Head, Digital Banking Group. Atif Bajwa, President and CEO of Bank Alfalah, said, “The inauguration of Pakistan’s first Digital Lifestyle Branch marks a significant milestone in our journey of redefining banking for the people and we are extremely thankful to SBP for providing us with the approval which has enabled us to reimagine banking to benefit people at large.” He further added, “We are proud to offer an unprecedented fusion of digital banking, personalised financial solutions and lifestyle preferences, catering to the evolving needs of our customers. We are excited to embark on this transformative path, bringing convenience, innovation, and a delightful banking experience together.”