WhatsApp banking refers to the use of WhatsApp, a popular messaging application, for conducting banking activities and transactions. It allows customers to interact with their banks and access various banking services directly through the WhatsApp platform.

With WhatsApp banking, customers can perform a range of banking functions, including checking account balances, transferring funds, paying bills, requesting account statements, and receiving notifications and alerts from their banks. It provides a convenient and accessible channel for customers to engage with their banks without the need for visiting a physical branch or using a separate banking app.

To use WhatsApp banking, customers typically need to have a registered mobile number with their bank and opt-in to the service. The bank will provide a dedicated WhatsApp number or a verified official account for customers to interact with. Customers can send messages, commands, or specific keywords to initiate banking transactions or obtain information.

It's important to note that the availability and functionality of WhatsApp banking may vary depending on the specific bank and country. Not all banks offer this service, and the services provided may differ between banks. It is advisable to check with your bank directly to see if they offer WhatsApp banking and what features are available.

WhatsApp banking enables banks and financial institutions to serve and interact with their customers on the WhatsApp messaging app, either by offering live chat or automated service in the form of a WhatsApp bot in a comfortable and familiar environment.

The chatbot may be powered by artificial intelligence (NLP) or rely on a rule-based conversation structure. It's designed to offer support or services over chat and is leveraged anywhere from generating leads to gathering feedback.

Bringing communication and services to WhatsApp enables companies to take full advantage of the massive reach the messaging app in question enjoys. It facilitates seamless scaling as your business and messaging needs grow.

Finances are a sensitive topic requiring the highest levels of security. WhatsApp communication already comes with end-to-end encryption. Only the financial institution and the customer in question can read and access what's shared. Nobody in between, not even WhatsApp, can read business communication. Plus, if needed, additional security protocols can be easily added to the automated script to protect other actions such as payments and transactions.

WhatsApp banking allows you to increase efficiency by automation routine tasks and questions, so your human agents are free to devote time and energy to issues and tasks that require human attention.

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.

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.

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.

WhatsApp banking services typically aim to provide multilingual support to cater to a diverse user base. The level of multilingual support may vary depending on the specific bank or financial institution offering the service. However, many WhatsApp banking services strive to support multiple languages to enhance customer experience and accessibility.

Now that you know the benefits of using WhatsApp powered by Yenasys 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.

Customer’s can check their Current Account, Savings, Loan and Time Deposit real time account balance from WhatsApp providing One time password for registered users.

Customer’s can check their Current Account, Savings, Loan and Time Deposit account transaction details from WhatsApp providing One time password for registered users.

Exchange Rates

Using WhatsApp banking platform customers can check the current exchange rates such as Buying rates,Mid rates and Selling Rates for different currencies

Interest Rates & Charges

Customers can make different kind of service requests such as technical support, product related details and so on via WhatsApp Chatbot as well as connecting with a live agent.

Customers can check remittance status via WhatsApp Chatbot for their remittance transactions.

Sharing the location with WhatsApp chatbot , Customer can check nearest branch locations, ATM/CDM locations and agent banking details together with location messages.

Customer can connect with live agents via WhatsApp Banking for any further inquiries sharing with images, videos and voice messages.

WhatsApp is becoming one of the top business communication channels across all industries. Banking and financial services are no exception.

The accessibility and cost-effectiveness of the solution enable financial institutions of all shapes and sizes to modernize their communications and keep up with the growing demands of modern consumers.

Case studies show that the success of WhatsApp conversational solutions is not an anomaly but a recurring and repeatable phenomenon that can be crucial to growing a business.

Are you interested? Check out what Yenasys WhatsApp solution can do for you!