6 Applications of WhatsApp Chatbots in Banking & Finance
Technology has revolutionised many sectors in the past decade. Precisely considering the pandemic gave rise to the rapid acceleration of technological adoption. As a result, businesses and the public had to rely on only one thing: technology. Of all the markets that have benefitted from the rapid growth in technology, Finance has been no exception. Be it new-age Fintech companies or traditional BFSI companies, both the players have utilised technology to build better products, directly impacting revenue. Client expectations in the banking industry are growing like never before. Even though there are app-based and digital financial services, tech-savvy customers need a frictionless experience in daily banking. Chatbots in banking can further combine technology with a personal touch to enhance service and make everyday tasks seamless and convenient.
WhatsApp Chatbot Applications in Banking & Finance
From account opening to balance inquiry to quick replies, WhatsApp chatbots can help serve users quickly and efficiently, therefore intensifying the customer experience. Banks have several chatbot use cases to exercise and deliver unrivalled experiences to their customers.
Notifications & Reminders
Many banks are employing WhatsApp chatbots to send routine notifications and well-timed reminders to people. Some of the common reminders that customers always get include the last days of some loan offers, bill payment deadlines, etc. The reminders that banks regularly send include banking news, updated credit scores, etc. The purpose is always to keep customers aware of the activities useful to them. The chatbot sends customary notifications to people, recommends budget settings, and gives reminders about payments.
Assistance in Finance Advice
Banks can use WhatsApp chatbots to provide financial advice to clients. Not only a financial advisor, but AI chatbots are intelligent also to assist customers with different phases of their finances. You can easily find chatbots deployed on the bank websites or within the app as a personal financial guide on anything, from investing money in properties to buying a new house. The chatbot serves by clarifying inquiries related to account balance, payment details, credit/debit cards, transactions, etc. In addition, chatbots can track spending habits, offer credit scores, set and manage budgets to give customers insights into their money.
Lead Generation
WhatsApp chatbots for banking and FinTech can be excellent to create high-quality leads. Companies can engage their prospects through the WhatsApp chatbot by adding a simple click-to-chat feature on the most preferred chat app. As soon as the customer begins the chat, their name and phone number are automatically cached. Furthermore, the user's familiarity with WhatsApp API helps the banks and FinTech businesses retain them actively, driving them deeper into the conversion.
Instant Customer Feedback
Subsequently, after offering your banking services to customers, you can ask them to evaluate and assess you directly via the same WhatsApp chatbot conversation. This will render a high-response rate and real-time updates, which is extremely crucial for banking and FinTech firms. In addition, the fact that WhatsApp is a popularly used and useful app enhances the possibility that the customer responds to feedback surveys. You can then use this feedback knowledge to understand and assist the customers properly.
Managing Account Details
WhatsApp chatbots for banking help customers handle various aspects of their accounts and aid in different account-related questions within a single WhatsApp chat. Banking chatbots can be used either as a standalone chatbot or as part of a personal finance admin chatbot that helps customers maintain their finances better. In addition, it can manage queries such as automating the necessary tasks matching the customer intents, adding intelligence to the WhatsApp conversation by accessing the information requested, and user authentication.
Multilingual Support
WhatsApp chatbots let you reach millions of potential customers spontaneously and have multilingual conversations with them. This can also help you retain your customers and win new ones to be converted into loyal customers. The chatbot also allows you to safely interact with your customers within the WhatsApp messaging platform while extending 24*7 support.
Getting Started
By now, it's clear that WhatsApp chatbots are the best communications solution for your business to promote any financial products in your bag. Furthermore, the application of WhatsApp chatbots can deliver a better-personalised experience together with helping banks exceed high expectations easily. The mTalkz WhatsApp API for Business facilitates businesses to reach billions of users on WhatsApp, leveraging an easy REST API, all in mTalkz's Programmable Messaging platform. mTalkz WhatsApp business service can help understand customer intentions to drive superior engagements across all the platforms in multiple global languages.