Everything around us is going digital now a days and with the evolution of technology, almost all the sectors have switched to digital communications. Following the trend, even the banking and finance sectors are adapting to the new digital-first perspective. One can say that looking at the healthy growth of fintech, digital transformation is at the center of strategy and planning in the banking and finance sector. To enhance the customer experiences, banks have now started to embrace mobile-centric technology to communicate and deliver more efficiently and with less hassle. In addition to this, banks have also been trying harder to get maximum security and putting in more money to improve the digital banking experiences globally. Investing in a product like WhatsApp Business API or WhatsApp Chatbot can improve the customer experience to manifolds.
When it comes to digital, interacting over platforms like WhatsApp are a great strategy to adopt. According to a report published recently, WhatsApp now has a user base of almost 2 billion people worldwide. This is a huge number and as digital-first is the call for almost all the players in the banking and finance sector, the WhatsApp Business Solution (WBS) can play a vital role. With the features of WhatsApp Business Solution, companies can take advantage of its global appeal, extensive & expansive network, and security that provides an end to end encryption.
WBS is something that enables the banking sector in many ways. WhatsApp chatbot is one of the many important features. With the help of the WhatsApp chatbot, banks can utilize a personal banking chatbot in the retail banking sector, which would enable them to provide important retail banking features.
Benefits of Using WhatsApp Business API Technology like WhatsApp Chatbot
- Account management
- Balance check
- Locate ATMs nearby
- New service enrollment
- Daily expenses Track record
- Monitor spends and subscriptions
- New Account opening
These capabilities of WhatsApp API help the banks in transforming a user’s smartphone into their personal banker. Thus helping in maintaining hassle-free communication with them without investing huge amounts on customer relationship management, as most problems are resolved by the features like WhatsApp Chatbot.
5 Important factors to consider for integrating WhatsApp business API:
- Retail banking
Once integrated into the brand’s digital products, WhatsApp Business API can be used for providing features like account registrations, login authentication (Dual-factor), new service applications, cheque book requests, customer service call scheduling, with many other features like reporting lost/stolen card, different calculators, monthly account statement, etc.
- Wealth & Asset management
It will provide intelligent features to help in risk assessment, portfolio upgradation, performance analysis, and transaction of Mutual funds and Equity assets.
- Lending & Financial Areas
With the help of WhatsApp Business API, mortgage offerings can be made, that suit the user’s profile, managing monthly loan statements, credit score, and more.
- Global Compliance
In general, WhatsApp Business API follows all the global security compliances that allow the users to take benefit of a more secure and hassle-free service on the go, and without a major security concern in any part of the world.
As any WhatsApp data is end-to-end encryption between 2 parties, companies can share sensitive details with their customers based on their consent. Information like Addresses, payment information, payment request, can be shared in a B2C communication process securely.
Having understood the plethora of benefits employing WhatsApp Business Solutions can offer, you can consider partnering with a reliable and efficient CPaaS provider Mtalkz and expedite your company’s communication and higher connections. To know more about the range of services we offer, write to us or send us an enquiry.