WhatsApp Chatbot for Banking: How It Helps Your Customers

In today’s society, technology has become an intricate part of our daily lives. When it comes to India, digital technology is fast becoming a critical component. The Digital India plan, which champion’s the shift towards digital business solutions, has started to produce excellent results to encourage digital transformation in India. India is using several authorities like COMMON SERVICES CENTRE (CSC) & DEPARTMENT OF FINANCE SERVICES to improve the digital literacy rates of the rural and urban population. The National Digital Literacy Mission (NDLM) was also developed with the vision of bringing digital technology to over 250 million households by the next few years. This laser-focused approach in the nation has helped digital technology pervade several sectors, including the financial sector.

Why use WhatsApp for banking services?

In today’s digital world, financial institutions have started to improve their offerings and bring banking to the fingertips of the customers. While digital banking has started to grow exponentially, banks are struggling to encourage customers to use these digital banking systems and expand their reach. That’s exactly where WhatsApp can help. Since India has nearly 390 million WhatsApp users, which is more than any other nation in the world, Indian banks and financial institutions can expand their reach by using WhatsApp banking services. By leveraging WhatsApp’s wide adoption base and using it for banking, financial institutions can create more revenue through new digital services. Using WhatsApp will help financial institutions reach out to the public with superior customer support, especially in rural areas. It will allow them to increase their customer base in a cost-efficient manner.

Chatbots in banking: The missing piece in your customer engagement strategy

One of the best ways to improve customer service in banks is by using chatbots. The rise of chatbots has brought more flexibility to not just banking but also to other sectors in the digital age. With WhatsApp API, banks can automate a large part of customer services and even offer new in-app, mobile-first banking support. Moreover, these chatbots have the potential to be a game-changer as it helps improve a bank’s customer service standards. However, many Indian banks have been slow to integrate chatbots into their support services. Banks that have deployed such features across their operations have seen tremendous benefits, including increased customer retention and adoption of digital banking services.

Read on WhatsApp Chatbot for Business: How to Create a WhatsApp Bot in 2022

Six ways WhatsApp chatbots can boost your bank’s customer service

The chatbot service from WhatsApp can be leveraged to provide digital banking support through the chat interface. Customers can simply ask questions about banking processes through chatbot service and receive answers instantly from a virtual agent. Similarly, financial institutions can also interact with their customers and develop an in-app product. Here is an example of how WhatsApp Chatbot on Gallabox helps BFSI industries:

1. Instill Trust with Customers/ Reliability

WhatsApp is one of the most popular chat platforms in India, with more than 300 million users. It has built-in authentication and security features. Its messaging app is available across platforms and is a popular alternative to email for communicating and social networking. So, it allows financial institutions to build trust with their customers. The encryption of WhatsApp’s communication channels ensures confidentiality. Moreover, the application’s secure architecture of WhatsApp banking API makes it easy to store data and information on the server securely.

2. Enhance Customer Support

Familiarity is an important feature when it comes to customer support. If the Chatbot that the bank isn’t familiar to the customers, they will be hesitant to approach it for support, which can ultimately lead to dissatisfied customers. With WhatsApp API integration, the chatbots can be customized and personalized to increase the customer experience. With the help of its conversational AI for finance, the banking website can include pre-installed messages or templates that can provide instant support for customers.

3. Personalized Customer Experience: One-to-one

With WhatsApp Integration, financial organizations can use WhatsApp for instant one-to-one, real-time, and interactive communication. The chatbots can be configured in accordance with the customers’ needs. In fact, WhatsApp's advantage lies in its ability to make customer interactions convenient. WhatsApp allows for one-to-one interactions that feel organic and natural, as opposed to the one-to-many interactions that customers were previously exposed to, that is, with telephone banks, call centers, and other telecommunication mediums. For example, customers who are unsatisfied with the customer service representatives of banks or credit unions can use WhatsApp to provide their views and opinions directly to the financial organization without a middleman. By this, they can be provided real-time support in an efficient manner, which similarly cannot be done through traditional communication channels.

4. Self-Service Opportunities

In today’s fast-moving world, many clients don’t want to spend time asking for support. They would rather find instant resolutions themselves. So, banks that don’t provide some form of self-service opportunity are doomed to lose to their competitors. WhatsApp’s AI system’s features like template messages and quick replies are a boon to banks that are looking to offer 24/7 self-service opportunities. By giving the customer a way to solve a problem directly with a WhatsApp chatbot, reduces the need for human intervention thereby, banks can generate an increase in customer satisfaction.

5. Collecting data

When encountering new clients, banks need to gather relevant data for future reference. For a bank, this is important because the more information a bank has on the client, the better its risk management can be. Since banks collect a great deal of confidential data about their customers, it needs to use a secure and reliable medium like WhatsApp. Using WhatsApp’s end-to-end encryption technology, banks are free to do so without fear of their data being leaked.

6. Transactional/Security: With Verified Green Tick WhatsApp Business Accounts

For banks, transactional security is a critical factor in their overall customer experience. They need a secure platform that will allow them to communicate with their customers while maintaining the highest degree of security. Since WhatsApp’s foray into the banking field with WhatsApp Pay has further bolstered the security of the app, banks are bound to increase their transactional security on the platform.

In addition, banks can also create verified business accounts that have a green tick. Customers are more likely to trust a verified account and, in turn, trust the bank’s message is coming from the right source.

Read: How to Open a WhatsApp Business Account: A Step-by-Step Guide

But wait. What is conversational AI in finance? Are they talking about chatbots too?

After looking at the benefits of WhatsApp Chatbots, you might be looking to incorporate one into your bank’s customer service process. But why go for a basic chatbot support instead of one that is powered by a conversational AI. A conversational AI can help automate chatbot messages and help banks provide human-like assistance to their customers. Since conversational AIs support natural language understanding and provide context-based navigation support to the customers, they can help you provide a flexible and personalized support. What’s more, a conversational AI can learn and improve over time. This makes it much more reliable and efficient as time goes on.

Ace your bank’s customer success with Gallabox’s WhatsApp business solutions

Now that you’ve understood the importance of providing WhatsApp Banking support, you would most probably be looking for a credible and well-experienced agency in the field of WhatsApp Business solutions. Look no further, Gallabox is a unified collaborative tool that provides financial services with customized banking chatbots to provide your clientele with conversational AI agents. If you’re looking for just this then, book a demo with us today and reap the benefits of increased customer satisfaction!

Further Reading:

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