While the entire world is adapting to technology and its advancements the finance sector has not been too far behind in coping up with such advancements. Financial Technology and its growth is the greatest example of this. As more and more businesses are now moving towards mobile-centric retail and transaction, the financial sector has also shown interest in such an integration. One way this can happen is through taking advantage of the WhatsApp Business solutions.
Here what we wish to address and discuss goes beyond simple online transactions; it is the use of the WhatsApp chatbot for payment reviews, knowing your balance, monthly expenditure, any other expenses. The chatbot thus becomes a personal bank for the customer. This also includes keeping records of transactions, loans, any other assets, providing trading market data, locating ATMs nearby, etc. Which will all be done on an end-to-end encrypted platform. Moreover, such a platform can also be used for retail banking, such as taking customer account registrations, calculation of EMI, providing a 2-factor authentication, etc.
WhatsApp Business API in the financial sector will make it much easier for customers to interact with banks, simply because for any customer, WhatsApp will be a more commonly used application than let’s say that of the bank. Here the banks can provide them with relevant information by simply typing in what they want. WhatsApp API will also help organize information.
Why you should use WhatsApp Business Solutions
WhatsApp API for business can be utilized to provide real-time service to customers. It is important to note here that WhatsApp business solutions comply with the guidelines of the General Data Protection Regulation (GDPR), which have been created for the purpose of the safety of those using the application. Along with this two-factor authentication can be incorporated with the help of the CPaas (communication platform as a service).
Along with this, it provides security since there is end-to-end encryption. This will ensure that any exchange of sensitive information cannot be decrypted even by WhatsApp itself and therefore it is safe to share any such information such as payment requests, etc. To add to ensuring that the sources from which the customer is receiving any information are reliable, WhatsApp verifies the businesses so one knows that they are genuine.
The waiting time for customers also reduces since the chatbot can assist them with their queries, more logistics-related questions, or perhaps they can put the keyword of the query; for example, if they want to know their account balance, they can send the word balance and get information about their account balance from here the query may only be transferred to a live agent for more in-depth advice regarding any decisions to be taken which may be financial in nature.
It is, however, all a matter of consent, all the matter that is sent to the customer starting from whether or not they want to receive messages regarding anything but what they have asked for. Once the customer has given consent, product videos, explaining concepts to the customers can also be shared with them.
WhatsApp business solutions are one of the best ways to integrate banking, and other financial activities into the customer’s daily life since we are all using WhatsApp to communicate nowadays. Banks are now shifting their customer communication to this platform and using it to streamline transactions and provide payment solutions. It makes communication possible across the globe with its multilingual facility. To get an edge in the sector connect with Mtalkz today to integrate WhatsApp and take full advantage of the WhatsApp Business Solutions.