Undoubtedly, WhatsApp has become one of the most loved messaging platforms worldwide with over 1.5 billion users! Hence, the banking sector seems to be taking advantage of the widespread adoption of this most popular channel to make most of it. WhatsApp now does not only allow users to connect with their family and friends, but it also allows them to connect with their banks on the go! Also, the most convenient messaging facility lets banks engage with their customers round the clock, enabling them to bank on a chat by helping them with the high-volume basic queries, receive updates, and avail the essential services faster.
Here’s why the banking sector is embracing WhatsApp Business Chatbot to digitalize customer engagement
1. Privacy and Security
Privacy and security could be the biggest concerns while the sector allows customers to manage their financial lives without hassle. However, the WhatsApp API for business ensures security, by running several transmissions and tests along with the vulnerability scans as and when required. The end-to-end encryption will never let customer’s information fall into the wrong hands. Not even the founders of WhatsApp or telecom provider, nor the hackers can access the customers’ personal information.
2. Great ROI
According to Juniper Research, conversational AI can help save banking sector save billions of work hours through automation and digitalization of the processes. Thus, with the WhatsApp assistants, you can expect much higher returns than the traditional IVR system. Banking on WhatsApp can automate routine tasks and free up live agents to handle complex issues.
3. Increased efficiency
WhatsApp Business for banking can minimize manual efforts by automating tasks such as answering repetitive queries, sending real-time alerts and transaction-related notifications, new product information, transaction records, payment transfers, and helping navigate to the branches to significantly improve process efficiency.
4. Reduced costs
As per Juniper’s forecast, virtual assistants will help save costs of about $8 billion per annum by 2022, up from $20 million this year.
Similarly, WhatsApp chatbots for banking aims to reduce support costs substantially while improving end-user satisfaction and customer engagement.
5. Simplified customer journeys
WhatsApp banking service allows customers to manage their finances without any hassle. WhatsApp business chatbot for banks can answer all the routine support queries instantly. A high-level query can be redirected to the live agent when the bot is unable to answer it.
6. Personalized assistance, beyond banking hours.
As customers are increasingly demanding real-time services, personalized experiences from banks and prefer moving towards a self-service approach, WhatsApp Business solution can be considered as one of the most suitable and convenient channels for the banking sector for this very reason.
7. Multilingual Support
Multilingual WhatsApp business chatbot lets you reach millions of potential customers instantly. This may help you retain your customers and gain new ones to become loyal customers. The bot also allows you to securely interact with your customers within the WhatsApp messaging platform while offering 24×7 support.
Here are the top seven use cases offered by an intuitive financial services WhatsApp chatbot:
The final word-
Poor customer service can be one of the main reasons for banks to lose customers. Exceptional user engagement with banking on WhatsApp can reduce the risk of losing prospects due to poor service experience. WhatsApp for banking is a powerful channel that lets users leverage the fast and low-cost message exchange through multiple devices, including smartphones, desktop computers, laptops, tablets, and even smartwatches, anytime and anywhere. WhatsApp chatbot for banking makes services convenient and more accessible to the customers.
Engagely.ai is one of the best enterprise-grade AI-driven Conversational Customer Engagement platforms trusted by 100+ renowned businesses worldwide. Engagely’s WhatsApp business service can help understand customer intents to drive superior engagements across all the channels in 120+ global languages.
Senior content developer- Marketing
Akshada Benke is a content marketer at engagely.ai with more than twelve years of experience in digital content marketing field. She describes herself as a Philomath. She is confident & professional in developing strong consumer-insights driven goals to build brand and relationships.