The Indian FinTech market currently stands as the third largest FinTech ecosystem in the world. New financial firms are leveraging technology and data to serve their customers quicker, faster and cheaper. Increase in household income, banking population, smartphone penetration and growing e-commerce awareness are fuelling the growth of Fintech evolution.

While 2020-2021 was hit by the impact of Covid-19, Fintech players backed by technologies like artificial intelligence and machine learning embedded solutions to innovate user experience. WhatsApp chatbot is one solution that has become an enabler to improve the user experience for organizations around the FinTech industry.

In the FinTech space, where companies are overloaded to address customer concerns, WhatsApp chatbot can be a real game-changer and bring a lot of positive change in the financial ecosystem. WhatsApp chatbot fosters user-friendly communication between the company and its prospects and existing customers through the easy use of app.

From basic interactions like account opening, balance checking, loan applications, all activities can depend entirely upon API-driven systems such as WhatsApp.

A chatbot is a conversational computer program designed to interact with humans with several input and output methods, like texts and automated messages. In 2022, online Chatbots have become a very common and in-demand function for websites, portals, and platforms.

What is a WhatsApp Chatbot for Fintech? 

The WhatsApp API for business has come a long way in bridging the gap between business networks and their customers online across the world. AI-enabled Chatbots can indulge in intelligent conversations with customers and help them conduct need-based conversations. The distinctive advantage of WhatsApp API Business is offering customers personalized communication depending on who they are or what they need because it has been able to understand each user in turn.

A basic WhatsApp chatbot can serve many purposes, such as assisting users in their transactions, providing relevant links to the users looking for something on a website or answering different questions. 

  • A study suggests that 85% of banks and businesses will be interacting with customers through chatbots soon.
  • Another study shows that chatbots can help fintech players save billions of work hours through automation and various conversational fintech tools.
  • WhatsApp has seen a 40% increase in usage in the last 2 years. As of today, WhatsApp delivers roughly 100 billion messages a day.

 The Benefits of Using WhatsApp Chatbot for Fintech: 

  • WhatsApp Chatbots guide customers through the process by offering personalized tips and helping upsell products or services or inquire about the new services provided. 
  • WhatsApp Chatbots are very effective in optimizing online, operational costs reducing overhead, so that staff can focus on other important tasks.
  • WhatsApp Chatbots easily deliver an effortless experience with quick responses to meet customers’ demands.
  • Conversational data gathered from user interactions by chatbots is valuable for businesses.
  • Deep analytics enable businesses to better understand customer sentiments and gain valuable insights about customer behavior.

Ushering in the era of digital transformation, WhatsApp Chatbot for Fintech Industry is a powerful tool to enhance performance, improve customer experience and expectations in real-time. Mtalkz is a leader in cloud-based communication platform and services enabling digital conversations for enterprises through WhatsApp Chatbot and more.

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