WhatsApp is one of the most popular messaging applications, with an active base of over 200 million daily users, and the provision to communicate in regional dialects, WhatsApp is one of the most widely used applications in the app market. But is WhatsApp just for chatting?

While WhatsApp may have started out as a free messaging app to communicate with your friends and colleagues over IM, it has quickly digressed into various fields. WhatsApp has diversified and established itself as a brilliant medium for personal and active communication with users, this is why it is now one of the most popular ways for businesses to sell directly to consumers. E commerce has realised and utilised the full potential of WhatsApp, but should we just stop there? Of course not! Online banking has become increasingly popular, with the shift to digital, everyone’s looking for ways to instantly manage their money, this is why UPI has become such an integral part of conducting transactions. Net/Mobile banking is a very popular resource and it’s used by many so why shift to WhatsApp? We’re here to debunk everything you need to know about WhatsApp banking and bring to light the value it can bring to the way your customers bank.

Why you should use WhatsApp banking?

  • Instant service:  Provide your customers with services instantly, without needing for them to login or follow a long process. Your customers can get started with a simple, “Hello” to receive an automated response with a menu of options they can choose from.
  • Send alerts: WhatsApp is a great way to share immediate alerts and reminders to your customers. Share updates about new offers, regulatory intimations, and payment alerts
  • Solve FAQ’s: The attention span for users has gone down, everyone wants an instant solution to their issues. With WhatsApp you can provide your customers this service. Use NLP to smartly detect keywords from their questions and provide them with answers like the IFSC code of a particular branch, or the correct link to fill up a form they’re looking for. This will help in relieving the pressure on your branch employees as well, as it’ll result in fewer calls.
  • Provide a holistic summary of account transactions: Your customers can check on the go for updates on account transactions and services. They can quickly check for the last 3 transactions, access account details, find out their balance, check their EMI status and get their KYC verified.

How is WhatsApp banking changing The landscape of banking?

Ease of use: WhatsApp is a conversational platform, this allows for banks to make accessing their services easier and more understandable for their users. With a chatbot the process of accessing your financial data becomes easier, making it more accessible to a wider reach of customers that may be technologically challenged. The ease of use will be a game changer in providing services beyond just the millennial age group and urban areas.

Brand building: Banking like everything else in today's world has gotten highly competitive, most leading brands in the banking industry like ICICI, HDFC and Kotak offer WhatsApp banking, they’ve set a standard for providing a wide range of services and providing WhatsApp banking requires a quick API set up. Providing this service puts you on par with the leading banks in the industry.

Making users more digital friendly: WhatsApp has a friendly and familiar interface to use, making it easy for customers to access. Through WhatsApp banks can push their range of online services, and in house applications, converting customers to digital payments is easier once they’re on a digital platform. WhatsApp will act as the leading aid in supporting the digital arm of banking.

Enabling WhatsApp banking allows you to provide a more engaging and rich customer experience to your customers. It makes banking simpler, and acts as a medium to not only inform but effectively communicate with customers. To know more about WhatsApp banking get in touch with us.