Meet Muhammad Yahya Khan: The Architect of Bank Alfalah’s Digital Banking Triumph!

Bank Alfalah, one of Pakistan’s leading banks, has recently made a significant leap in the digital banking space by establishing its first-ever Digital Lifestyle Branch. Behind this groundbreaking initiative is Yahya Khan.

Mr. Muhammad Yahya Khan, Group Head of Digital Banking at Bank Alfalah, with over 27 years of banking and non-banking experience, has held key positions in renowned organizations such as ICI Pakistan, Unilever Pakistan, and J.P. Morgan Chase Bank.

In a recent interview, Khan shed light on the innovative strategies and goals driving the bank’s digital transformation.

What is digital banking for Bank Alfalah, and how are you making it different from conventional banking?

Khan explained that digital banking, or online banking, enables customers to conduct financial transactions and manage basic banking needs through digital channels like mobile apps, websites, and self-service machines. Bank Alfalah aims to differentiate itself by providing a seamless digital experience backed by state-of-the-art technology.  For instance, the bank’s Alfa mobile app and the aforementioned channels can be used to conduct daily financial transactions and manage basic banking needs such as opening bank accounts, borrowing, lending or saving.

How is digital banking changing the banking industry, and what trends are emerging in this field?

Khan highlighted the remarkable growth of digital banking at Bank Alfalah, with a staggering 90% increase in digital transaction volume in 2022 alone. Currently, over 75% of the bank’s transactions are conducted digitally, and 70% of the bank accounts are opened through digital channels. Deploying self-service machines, such as Cash Deposit Machines (CDMs) and Cheque and Cash Deposit Machines (CCDMs), has played a significant role in migrating cash transactions to digital platforms. Khan pressed that these trends indicate a growing preference for convenient and efficient digital banking solutions in Pakistan.

What cutting-edge technological payment options does Bank Alfalah provide for cashless transactions? Tell us about some of your product offerings where you have seen growth.

Bank Alfalah is at the forefront of providing cutting-edge technological payment options for cashless transactions. The bank’s proprietary mobile application, Alfa, serves as a comprehensive platform for customers, offering not just financial transactions but also a range of lifestyle-related services. With over 2.8 million registered users and 650,000 active users, Alfa enables customers to manage their accounts, transfer funds, pay utility bills, purchase airtime and mobile top-ups, and make various payments, including taxes and school fees.

Bank Alfalah has also introduced QR Proximity Acquiring, a technology that allows customers to make cashless purchases by scanning QR codes through the Alfa app. This feature has witnessed impressive growth engaging customers in real-time cashless transactions. Additionally, Bank Alfalah’s AlfaMall, Pakistan’s first e-commerce platform offered by a bank, has experienced exponential growth, recording an annualized volume of PKR 8.5 billion and a remarkable year-on-year growth of 177%.

What new products and offerings may we anticipate from Bank Alfalah?

Bank Alfalah’s Digital Lifestyle Branch introduces an array of exciting new products and offerings, revolutionizing the banking experience. The branch features Virtual Self-Service Machines (VSMs), enabling customers to open accounts instantly, obtain swift debit cards, and print statements through video tellers. Biometrically secured digital lockers are available for customers to access at any time without staff interaction. Cash Deposit Machines (CDMs) facilitate convenient money transfers to any bank account in Pakistan, while Cheque and Cash Deposit Machines (CCDMs) offer instant cheque encashment.

The branch also boasts Automatic Teller Machines (ATMs) equipped with state-of-the-art touchscreen technology, allowing customers to withdraw up to PKR 1 million per day and PKR 200,000 in a single transaction through biometric authentication. To enhance the customer experience further, the branch offers the opportunity to purchase tech gadgets in zero-percent instalments for up to 12 months. Additionally, round-the-clock high-speed Wi-Fi access ensures seamless connectivity.

Talking about the amenities offered by this first-of-its-kind digital lifestyle branch, Khan highlighted that the fully functional consumer finance desk provides facilities for the digital issuance of instant credit cards, personal loans, and automobile/home financing. It will also respond to all queries about the available products and services.

He revealed that the branch would serve as a hub for lifestyle features beyond banking with on-the-go and sit-in cafe soirees in collaboration with Xander’s introducing their ‘Premo’ brand. Customers can also book 18 co-working spaces from the website for short-term and extended durations via Work Hall integration.

Integrating lifestyle features, including a cafe and co-working spaces, creates a unique environment where banking and socializing seamlessly merge.

Through these innovative offerings, Bank Alfalah is redefining the banking landscape, placing customer convenience and satisfaction at the forefront of its digital transformation.

What goals or outcomes does Bank Alfalah hope to achieve through the establishment of the Digital Lifestyle Branch in Karachi?

According to Khan, the Digital Lifestyle Branch represents Bank Alfalah’s commitment to customer-centricity, financial inclusion, digital empowerment, innovation, and community engagement. The bank aims to provide an enhanced customer experience, leading to increased product utilization, seamless transactions, and availability of 24/7 services. The establishment of this branch also aims to foster cross-pollination within Bank Alfalah’s branch network, encouraging other branches to adopt advanced digital solutions.

What approach do you have in mind to expand the digital branch network, and do you have plans to establish additional digital branches?

Khan described the first Digital Lifestyle Branch as a “concept” store, showcasing Bank Alfalah’s innovative ideas and customer insights. The success of this branch will inform the bank’s approach to expanding its digital branch network. While plans for additional digital branches were not explicitly mentioned, it is clear that Bank Alfalah is committed to continuously innovating and offering cutting-edge digital solutions to its customers.

Notably, Bank Alfalah represents its commitment by introducing Digital Lifestyle Branch taking customers’ ease to another level and transforming traditional banking into a more enhanced digital experience. With Yahya Khan leading the charge as Chief Digital Officer, the bank is poised to focus on customer-centricity, innovation, and digital empowerment.

  • He can stick his digital banking where the sun does not shine ,I will only deal in cash not willing to give up my freedom

  • Get Alerts

    Follow ProPakistani to get latest news and updates.

    ProPakistani Community

    Join the groups below to get latest news and updates.