WhatsApp banking: Advantages of building an end-to-end customer journey

Content Marketing Specialist

Monika Karlović

Content Marketing Specialist

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 these changes in communication and technology. It has undergone its own form of digital transformation with the introduction of conversational banking.

Conversational banking allows financial providers to give customers fast and easy access to online support services while adding a human touch to every interaction.

What’s more, benefit from marketing and sales use cases as they play a key role in creating these conversational experiences. That’s why, together with WhatsApp, we can support the entire banking customer journey from Infobip’s communication platform.  

Here we highlight the benefits of using WhatsApp Business Platform powered by Infobip for banking communication and share tried-and-true use cases to get you started.

Advantages and benefits of WhatsApp banking

Here are some of the key advantages Infobip and WhatsApp offer to create a great banking experience.

1. Reach – scale your messages to reach customers anywhere

Our omnichannel platform allows you to take full advantage of the massive reach WhatsApp has. We give you the ability to scale your messages as your business grows and together with WhatsApp, your business can communicate with customers anywhere in the world. A growing number of consumers have turned to WhatsApp as a primary communication channel, reaching 2 billion users. In fact, 68% of customers think that WhatsApp is the best channel to use to interact with businesses.

2. Security – end-to-end encryption keeps businesses compliant

Infobip’s global reach and local insights ensure that we are always aware of local compliancy measures. In combination with WhatsApp’s end-to-end encryption, businesses and customers can trust that their messages are compliant and safe in any region over a robust and reliable platform.

Additionally, give your customers peace of mind when interacting with you by using branded and verified sender features on WhatsApp. It provides customers with a sense of security that they are interacting with a verified account and can share private banking information comfortably.

3. Cost Savings – lower spend on contact centers

Using instant messaging with rich media and chatbot automation eliminates the need for lengthy calls to your contact center – and frequently asked questions taking up your agents’ time. A WhatsApp chatbot built on our chatbot building platform Answers makes it easy for customers to resolve queries on their own – resulting in less wasted time, resources, and money.

Banks can also increase their ROI on ad spend by advertising through the high-reach chat app. Businesses can launch ads that click to WhatsApp on Facebook and Instagram and nurture a lead in one conversation. No need to spend more on non-targeted advertisements and finding new leads.

4. Agent efficiency – automate responses to simple queries 

Integrating a WhatsApp chatbot helps more than just your bottom line. It also makes your support agents more efficient by ensuring that only complex or urgent issues reach their attention. Connecting your chatbot to a cloud contact center solution enables seamless transfers to agents – giving them a full view of conversation history and context. This reduces repetition for customers and provides an uninterrupted experience.

5. Simplify onboarding – digitalize processes for first time customers 

Provide a smooth onboarding experience over customers’ favorite chat app so they don’t have to visit a local branch to get started. Use rich media features to send documents, educational videos and other onboarding tools and improve the overall experience.

6. Custom journeys – designed by conversational consultants

We want to see your banking institution succeed. That’s why we offer CX consulting to guide you through creating the perfect conversational journey with our solutions and WhatsApp. Our consultants understand your business needs, customer needs and consider your brand image and tone of voice to design a journey that will leave the best impression on your customers.

Examples and use cases of WhatsApp banking

Now that you know the benefits of using WhatsApp powered by Infobip for banking – the next question is how can you apply WhatsApp interactions to each stage of the customer journey?

Here are the most popular use cases that banks and financial institutions can use to reap the benefits of WhatsApp from discovery to retention.

Stage 1: Discovery

Make their first engagement with you friction-free.

Stage 2: Consideration and onboarding

Boost engagement during onboarding.

Stage 3: Delivery and service

Banking processes can be stressful for customers. Ease any complicated processes by addressing a variety of situations over one channel.

Stage 4: Support

Give your customers reliable and responsive support from anywhere.

Stage 5: Satisfy and retain

Satisfy customers with continuous engagement.

Why WhatsApp banking with Infobip

As a WhatsApp Business solution provider and trusted Meta partner, Infobip provides banking institutions with the tools and guidance they need to create a solid communication strategy.

With our SaaS solutions and CX consulting, banks can maximize their use of WhatsApp by:

  • Sending targeting and personalized sales and marketing campaigns on Moments  
  • Automate interactions with a custom built chatbot through Answers 
  • Improve agent efficiency and provide personalized support with Conversations  

Utilizing the world’s most popular chat app allows banks to connect with customers in a personal, trusted, and familiar way. Banks and financial institutions that offered their services via WhatsApp with Infobip were able to increase efficiency, reduce costs, and continue to improve customer satisfaction – all on a single platform.

We’ve helped these financial institutions maximize WhatsApp’s potential:

One platform for every use case

Expand your digital services with banking use cases – from customer support, sales and marketing, to improve engagement, increase retention and upsell products throughout the entire customer journey. Our platform enables you to scale as you grow and add use cases with the help of our CX consultants. Let us help you reach your full digital potential on WhatsApp.

Build your end-to-end customer journey

with WhatsApp and Infobip.

Jun 15th, 2023
9 min read
Content Marketing Specialist

Monika Karlović

Content Marketing Specialist