WhatsApp is the most widely used instant messaging app worldwide, with up to two billion active users per month. The use of this platform is revolutionizing communication between businesses and customers, allowing them to have agile, secure and personalized conversations.
Conversational artificial intelligence can optimize users’ digital experience through automation, without losing sight of natural language. This scenario represents an opportunity for banks and financial solutions institutions, which can expand their customer base, reach and operations, as well as offer tailored service and services.
Why WhatsApp is important
WhatsApp Business has been gaining traction since the launch of its API in 2018 as it offers businesses a greater connection and reliability with their customers. The platform can be connected to the banking software of the institution with the different services offered by WhatsApp.
In this way, customers interact with financial systems, can perform various tasks, receive updates and / or notifications. In addition, the customer service team can automate frequently asked questions, collaborate from a shared inbox, and leverage the information provided by customers.
In today’s increasingly digital landscape, financial services must offer speed, convenience and personalization at all times of the day. The WhatsApp API allows them to connect their agents and bots with people through automation, enriching their interactions and strengthening their relationship.
5 benefits of WhatsApp in the financial sector
Security: Communication and chats on WhatsApp are end-to-end encrypted, this means that only the financial business and the customer can access the conversation and the information shared. This encryption helps protect sensitive data and improve the security of transactions.
Efficiency: By automating daily processes and tasks, human agents in the business can devote time to other types of tasks. On the other hand, customers can perform various operations through WhatsApp, such as bill payments and transfers; Transactions that can be completed quickly and securely within the interface.
Cost reduction: both institutions and customers benefit. Banks and other businesses can reduce costs associated with branches or physical points of service, while customers avoid traveling to these locations and/or avoid charges for certain services.
Multi-format communication: WhatsApp is a platform that allows communication in various formats, such as audio and video calls, images, voice memos, geolocation and documents. This allows you to create valuable connections without losing the human side.
Increased customer loyalty and reduced churn rate: The personalization of offers and interactions, along with the efficiency of multiple transactions in one place impact the level of user satisfaction. It’s important to properly manage requests and responses, as according to thinkJar, 67% churn rate can be avoided if the problem is resolved in the first interaction with the user.
Use Cases
Next, let’s look at how financial services institutions can leverage WhatsApp to boost their product and service offerings, as well as customer experience.
Product integration and opening processes
It is common to hear that a user abandons onboarding processes when they are slow, late, and complex. A potential customer facing these ineffective processes is not willing to reuse the channels of that bank or institution.
WhatsApp assistants can start conversations with potential customers and help them in the onboarding procedure at the pace the new customer wants. This approach enables a successful onboarding experience by providing real-time guidance, answers to various questions, and receiving step-by-step instructions.
Transaction updates, notifications, and alerts
Among the offers that make the difference, chatbots can send real-time reminders and automatic updates on transactions, withdrawals, transfers, deposits, among others. Alerts of late payments and/or pending issues close to the deadline can also be sent. One way to avoid falling into delinquent balances is to help the customer set up automatic payment scheduling for various services.
Personal Finance Tips
A conversation with a bot on WhatsApp should go beyond answering frequently asked questions. Providing personalized financial advice can be helpful in various situations and meet various needs, such as developing savings goals and investment strategies.
Some of these cases are retirement plans, managing savings with a certain periodicity for a specific trip or payment for studies, insurance advice, budgeting and tracking expenses.
Account and Product Management
A WhatsApp chat helps customers simplify the process of managing their accounts and facilitate their requests. The Financial Services Account Bot can be deployed as a standalone bot or as part of a personal financial management bot, which facilitates better financial management. This way, you can generate queries such as user authentication and automate required tasks that match client attempts.
Digital banking has played a key role in transforming the relationship people have with money. Taking advantage of the services of applications such as WhatsApp is a valuable opportunity for banks, cooperatives, fintechs and other institutions to leverage their value offerings that impact the customer experience and, consequently, their level of satisfaction.
How Topaz can help
Our Conversational Banking offer includes an onboarding modality via WhatsApp, with first-person communication that prioritizes a closer relationship with the user, contemplating a lighter and more intuitive path with just a few steps to open an account.
The solution integrated with WhatsApp allows account management, conversational authentication, customer integration and personalized service. With it your company obtains:
✓ Proactively activate customers
✓ Increased growth and profitability.
✓ Process automation.
✓ Multiple languages available to serve your customers (multilingual).
✓ Reduction of operational costs.
✓ Improved authentication: two-factor (2FA) and biometrics.
✓ Digital fraud prevention and detection measures.
Accelerate the digital evolution of your business with Topaz.