The increased popularity of messaging apps, such as WhatsApp, over the last few years has influenced change for many businesses across industries.
The banking and finance sector has been one of the most adaptive industries to changes in communication and technology. It has undergone its own form of digital transformation with the introduction of chat banking. Here we highlight the benefits of using WhatsApp for banking communication and share tried-and-true use cases to get you started.
Using WhatsApp Business API for a better banking experience
WhatsApp, the most popular messaging app in 180 countries, allows businesses to communicate with over 2 billion people. Many have already taken advantage of the channel, as the number of companies offering their services over WhatsApp continues to grow daily.
In 2018, WhatsApp introduced the WhatsApp Business API aimed to help businesses connect with customers in a more personal, trusted, and familiar way.
Since then, banks that have added the chat app as a customer service channel have seen significant results. This especially proved to be successful during the 2020 pandemic, when customers were looking for ways to stay connected while at home. Banks and financial institutions that offered their services via WhatsApp were able to increase efficiency, reduce costs, and continue to improve customer satisfaction.
Advantages of using WhatsApp for banking
There are a few reasons why WhatsApp is the channel of choice for most businesses, including banks, and their customers. Here are some of the key advantages WhatsApp offers to create a great banking experience.
A growing number of consumers have turned to WhatsApp as a primary communication channel. Being available on the world’s most popular chat app gives your business visibility and meets customer expectations. In addition, since consumers use the app to chat with their family and friends, it’s a surefire way to introduce a new level of trust and familiarity to your business communication.
WhatsApp’s end-to-end encryption is one of the main reasons why businesses trust the app as much as their customers do. Banks and financial institutions can be sure that any documents or personal information exchanged in conversations will remain confidential and protected.
Using a variety of media including images, videos, documents, maps, and more can improve your time to resolution and customer satisfaction. Rich media helps banks and financial institutions share details with customers in a fast and secure way. This limits the number of phone calls or transfers a customer normally encounters when calling your customer support team.
Consumers use WhatsApp mostly for its real time communication feel. Introducing automation, such as keyword- or intent-based chatbots, will give customers a banking communication experience they expect. Setting up a chatbot to answer frequently asked questions gives customers a self-service option and reduces time to resolution.
Combining all of the above leads to big cost savings for banks and other businesses. Using instant messaging with rich media and automation eliminates the need for lengthy calls to your contact center – and frequently asked questions taking up your agents’ time. WhatsApp makes it easy for customers to resolve queries on their own – resulting in less wasted time, resources, and money.
WhatsApp banking use cases
Now that you know the benefits of using WhatsApp for banking – the next question is how to use the channel effectively. Here are the most popular WhatsApp use cases for banks and financial institutions that are just getting started.
Leveraging rich media on WhatsApp is an ideal way to onboard new customers. When a new banking client reaches out to you, have your chatbot greet them with educational content to help them get started with your products or services.
Make card delivery or pick-up seamless. Keep customers informed about the status of their card delivery on WhatsApp, and use call-to-action buttons to keep them connected in case they have any questions or concerns.
E-Policies and Invoices
WhatsApp media message templates enable you to share invoices, e-policies, and e-receipts – without any friction. Make it easy for customers to pay their outstanding balance, sign documents, and complete processes in a fast and secure way.
How brands have improved banking on WhatsApp with Infobip
One of Russia’s most trusted banks used a WhatsApp chatbot and reduced costs 10x while also increasing NPS by 19%.
This market-leading international money transfer company in Africa managed to move 22% of its users to WhatsApp and cut costs by 5% after introducing a WhatsApp chatbot.
This fast-growing payroll service provider automated its customer service by adding WhatsApp to its cloud contact center. As a result, the company decreased its wait time by 96% and now experiences MoM increases in customer satisfaction.
WhatsApp Business API and Infobip
As WhatsApp continues to grow and develop, so does Infobip. Stay tuned for updates on new use cases, features, and customer stories!
Get Started with WhatsApp Banking