WhatsApp Chatbot For Banking & FinTech – Benefits and Use Cases

WhatsApp Chatbot For Banking & FinTech

The Banking, Financial Services & Insurance sector are ever-evolving. The rise of Fintech, the generational change in clientele, and the high earnings have stimulated new digital technologies and developed the need to explore new ways of communication. Banks already have mobile applications, and their usage is still steadily growing. But these applications are limited in many ways. Frequently, people can only access the apps on one or two channels; however, customers are not able to continue these conversations across various channels. In addition, the banking and finance industry deals with a hefty amount of documents. The initial phases are pretty tiring because of various form submissions, registrations, including KYC and various other eligibility documentation required as part of the process. This leads to more considerable drop rates and non-convertible deals.

Chatbots can conduct intelligent and compelling discussions on behalf of a bank with millions of customers at a fraction of the cost of using manual customer service personnel. The engaging nature of conversational AI and its speed and performance go a long way towards improving the UX. With each conversation, you can learn more about your customers, about their likes, dislikes, plans for the near future, or changes in circumstances. All this information allows you to deliver personalised service, like suggesting products or services that best suit their situation. The WhatsApp API for Business integration helps organisations gain a presence in their communicative network while maintaining customer engagement and ten times the enterprise growth. The app has become a complete tool to gain accessibility of a broad section of people using WhatsApp chatbots.

Successful Use Cases of WhatsApp Chatbots in Banking & FinTech Industry

The emergence of chatbots in the Banking & Fintech industry shows how quickly any business landscape changes, even in traditionally conservative fields. Here are some of the most strong use cases of chatbots in this sector:

  • Lead Generation

E-mail campaigns and cold calls are regularly losing their efficiency. A conversational interface, like a FinTech chatbot, presents a less interfering front and adds a novelty appeal to the process of lead generation that is likely to engage prospective customers. These lead generating chatbots are embedded on a bank’s website or application and launch conversations with users to determine if they wish to purchase any products and measure their engagement. Later, these gained ‘leads’ can be sent to the bank’s sales unit for further follow up until the sale is made.

  • Preventing Fraud

Security & data privacy is a concern for any business. But for banks and financial organisations, their reputation relies on it. Chatbots can effectively monitor and recognise the warning signs of unethical activities and issuing alerts directly to the customer and the bank. 

  • Managing Internal Operations 

Chatbots give adequate support to employees, speeding up slow and repetitive tasks and facilitating more complicated, time-consuming back-office processes, such as managing internal documentation or training fresh staff recruits.

  • Promotions & Cross-Selling

Banks, insurance and financial organisations often offer a broad range of products & services. With all the data gathered from previous conversations, a chatbot can proactively suggest offers and assistance tailored for each user. For instance, with banking applications, if a customer regularly moves money from their current account to their savings account, the bank only sees it in the form of a transaction; there is no recognition of the customer’s needs. However, a plain conversational notification such as ‘Saving for something great?’ from a digital assistant can convert this activity into a mortgage query, travel insurance or car loan.

Benefits and Key Features of WhatsApp Chatbots

An ideal virtual assistant acts as a personal financial adviser. This means that the chatbot should know your customers, become an expert on your products/services, learn from actual data and interact with users intelligently, just as a human would.

  • Conversational

The foremost natural mode of human communication is speech. So being able to talk usually while communicating with a chatbot is something we’d all like. However, if we talk to a chatbot that doesn’t understand us, the degree of frustration caused is immeasurable. So we just want to express ourselves freely, quickly and be understood when we interact.

  • Transactional

When we talk to a bank assistant, we usually ask them to make a transfer, open a new account, or build an investment fund. A virtual assistant needs to be capable of performing the same services, so it’s vital that it can integrate with a bank’s back-office systems. 

  • Security

In banking and Fintech, privacy and data security are greatly important. Therefore, it should be assured that the ownership of the conversational information pertains to the bank and is obtainable only by the bank. Also, it’s crucial to be able to integrate the solution with a centralised authentication system.

By performing several tasks, WhatsApp chatbots overcome the enormous burden of the employees by their capability to conduct repetitive tasks seamlessly. To get started, partner with mTalkz to retain your customers and attract new ones to convert them into loyal customers. mTalkz is a leading solution provider in the country. Its WhatsApp Business API solutions are backed by enterprise-class platforms, supporting a high level of availability and throughput. Powering business communications for the future, mTalkz provides its services to heighten user experiences.

Request a Demo

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.