What is Whatsapp Banking?

When the banking chatbot and the Whatsapp business API get mingle to provide notifications to the customers is called Whatsapp Banking. Banking and transactional services have been launched by Whatsapp recently in India by entering into a partnership with the Government of Delhi & National Payments Corporation of India (NPCI)

In this blog, we will get to know about Whatsapp Banking for ensuring maximum customer satisfaction

How do Whatsapp Banking works?

Whatsapp business API authorize developers to connect third-party systems with the app. The chatbot layer conducts communication between the user and the banking system. The communication is being done in two basic types:

  • Simple Way: a selection of a preset option during the chat
  • Complex Way: usage of AI to understand the conversation

Security of WhatsApp depends upon a unique phone number and the encryption of the communication and on the bank side, the sensitive information is protected with passwords.

For the customers, the technology is easy to use and carry out functions like payments, transfers, statement of accounts, and other queries.

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A Scenario Where WhatsApp Banking is Useful

A student sees an ad for an upcoming IPL cricket match of his favourite team. He doesn’t use the bank’s app and wants to check his account balance before purchasing a ticket.

He remembers that he can message his bank through WhatsApp, at no extra charge, to check his balance. In seconds, the bank responds with his account balance. After seeing his balance, the amount he realizes that he can continue with buying the ticket.

Why is it Necessary to Automate Banking Processes?

  • Reduced response time – Response time of handling customer response is quick and real-time
  • Cost-saving  – the cost of customer acquisition reduces but the quality of output remains intact
  • Upsell revenue increases – Once the customer is on board with the company then the company can find different ways to upsell their product through Automated platforms
  • Increase in operational efficiency – The process flow is smoother and the glitches are reduced to a considerable extent

The Outcome of Using Whatsapp Banking

  • It reduces customer acquisition costs
  • The customer journey gets simplified resulting in strong customer loyalty and engagement

Benefits of Whatsapp Banking for Business

The benefits of Whatsapp Banking are as follows:

Lead Generation & nurturing

Reaching out to customers becomes easy as billions of people are connected through the Whatsapp platform. Whatsapp chatbot generates quality leads to organically.

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However, the quick responsive mechanism of reverting and following up should be in place. It helps in decreasing the manual typing of several messages and the real-time response results in higher customer satisfaction resulting in brand building.

The conversion ratio through advertisement on Whatsapp is very high resulting in good profits

Report fraud or unscrupulous activities

Whatsapp chatbots process all the information of the fraud activities conducted through WhatsApp and the level of alertness and productivity is of top-level on the responses to the customers

Customer support

Through Whatsapp chatbot, the customers stay abreast with the bank details, transactions, account-related details, savings, etc. It ensures hassle-free customer support with the proactive approach of providing push notifications to be sent on the registered mobile number so that the customers can stay updated.

Banking at the fingertip

The Whatsapp chatbot saves the customer to indulge with the hefty amount of documents which includes KYC and other eligibility proofs resulting in higher drop rates of the customers.

The whole process of documentation gets easily executed through WhatsApp banking and all the updates and the notifications are constantly sent through the Whatsapp chatbot.

Whatsapp banking saves enough time for the customers that get wasted while visiting the banks and standing in the long queues or the long lunch breaks.

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Agent Support

A voice and video chatbot replace the human presence required to handle the customer queries or a simple ticket generating chatbot can raise a ticket and schedule a call with the agent. For the second level queries that cannot be answered by the chatbot is passed towards the agent for the real-time response

Personal banking adviser

Whatsapp chatbot takes inputs from the users and presents the appropriate plan and schemes as per the requirement of the customer. The customers get delighted as their search for the financial planner ends and their time is saved and they start feeling easy with their investment.

The insights about the customer are smoothly maintained by the Whatsapp chatbot which helps the company to plug in the gaps and ensure the highest customer satisfaction.

The chatbot ensures continuous interventions and support to the customer queries which maximizes the positive experience with the company.

As the attention span of Generation Z and the millennials are very short and they have never experienced life without a mobile, so the banking application is not enough to grab their eyeballs, Whatsapp banking comes across as a service that provides fast, personalized, and free service that ensures higher customer satisfaction.

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