The Essential Guide to Using WhatsApp Business for Banks

When online banking first became popular, it was seen as a convenience: customers could check their account balances and transfer funds without having to visit a physical bank branch. But WhatsApp banking takes things one step further by allowing customers to do all of this – and more – using the popular messaging app.

As of 2021, WhatsApp had over 2 billion monthly active users, making it one of the most widely used messaging apps in the world. This makes it an ideal platform for banks to reach out to their customers because so many people are already using the app daily - from chatting with friends and family to sharing news and updates.

What’s more, WhatsApp is constantly evolving and adding new features that can be used by businesses, such as the WhatsApp Business API. So what is it that makes WhatsApp banking so appealing? and how can banks make the most out of this growing trend? Let’s take a closer look.

Why Do Customers Like WhatsApp Banking?

When it comes to banking, customers now expect the same level of convenience and accessibility that they’ve come to enjoy in other areas of their lives. When utilized correctly, WhatsApp can provide a superior customer experience by offering a quick, easy and personal way to interact with your bank that can be used in conjunction with other channels such as your website or mobile app.

Here are some of the key reasons customers may prefer WhatsApp banking:

24/7 Support

Customers can make use of customer service at any time of the day or night when your WhatsApp business account is paired with IVR bots and live agents. 24/7 support means that no matter what time it is, your customers can always get the help they need – whether they need to check their account balance, make a transfer, or report potential fraud.

Ease of Security

Banking is by its nature a service that requires high levels of security and verification so that both parties can be sure of the other’s identity. WhatsApp’s built-in security features, which include end-to-end encryption, ensure that only the sender and receiver can read messages sent through WhatsApp, providing an extra layer of security for customers. In combination with features like multi-factor authentication and facial recognition software. A customer's phone can be a secure gateway to banking services through WhatsApp messaging.

Context-Based Assistance

Customers can enjoy a much more personalized experience with WhatsApp banking because their number is already stored in the app. Context-based support means that you can provide relevant information and assistance based on the customer’s previous interactions, making for a more efficient and satisfying experience. For instance, customers can simply say or type, 'balance,' 'transactions,' or 'fraud' and the WhatsApp chatbot will provide them with the relevant information.

Bank Services That Can Be Offered by WhatsApp Business API

Now that we’ve looked at some of the reasons why customers may prefer WhatsApp banking, let’s take a look at some of the services that can now be offered through the messaging app. The possibilities are many and varied, but here are some examples to get you thinking.

Apply for Accounts or Cards

No longer is there a need to fill out long application forms. Customers can now apply for new accounts or credit cards directly through WhatsApp. All that is required is for them to provide their name, email address, contact number, and a few other personal details and the bank can do the rest.

View Account Balance Inquiries and Credit Limit

Customers can check their account balances or credit limits by simply sending a WhatsApp message. No need to log in to online banking or visit an ATM or branch - their account information is now just a message away.

Get Account Info and Balances

Customers can use WhatsApp Chatbots to get account information and balances without having to log in to their online banking portal or visit a physical bank branch.

View Recent Transactions

Customers can also view their recent transactions directly through WhatsApp. This is a great way to keep track of spending and ensure that there are no unauthorized transactions.

Request Checkbooks and Debit Cards

If customers need a new checkbook or debit card, a chatbot can easily facilitate this request. Customers will simply need to provide their name, account number, and mailing address.

Find Nearest ATM/Branch Using Geolocation

Your chatbot can also use geolocation to help customers find the nearest ATM or bank branch. Customers simply need to share their location and the chatbot will assist them as needed.

Pay Bills or Activate Automatic Bill Payment

Customers can now use WhatsApp to pay their bills or activate automatic bill payments. This is a great way to save time and ensure that bills are paid on time.

Activate or Deactivate Standing Orders

Customers can activate or deactivate their standing orders through WhatsApp, ensuring that they always have control over their account’s movements.

Block Cards in Case of Suspicious Activity

If a customer’s card is lost or stolen, they can quickly block it through WhatsApp without having to call the bank or go through the hassle of canceling the card. This helps to prevent any fraudulent activity on the account and puts the customer’s mind at ease.

Apply for Instant Loans

Gone are the days of waiting in line at the bank to apply for a loan. Customers can now easily apply for loans through WhatsApp and receive instant approval in some cases.

Request Clearance Letters

Customers can now request clearance letters for their home or car loans easily via WhatsApp, without having to visit a branch or even log into their online banking portal.

Request Authenticated Statements

Users can request an up-to-date statement of their account directly through WhatsApp. This is a convenient way for customers to keep track of their spending and ensure that there are no fraudulent activities on their accounts.

See Latest Offers and Promotions

Banks can send their latest offers and promotions directly to customer’s WhatsApp account. Customers can then browse and compare different products without having to visit the bank’s website or app.

Obtain Queuing Tickets

If a customer's needs cannot be fulfilled through an automated chatbot, they can request a queuing ticket through WhatsApp banking. This system allows customers to virtually 'join the queue' for live support, meaning they don't have to wait on the phone or in a physical bank branch.

Chat With a Customer Support Agent

One of the most sought-after services that you can offer through WhatsApp is customer support. Customers can easily get in touch with a customer support agent through the app to ask questions, get help with using your services, or resolve any issues they may be having.

Benefits and Advantages of WhatsApp Business API / Chat Banking

Offering your customers and clients multiple convenient channels through which they can communicate with you is essential in today’s digital world, and WhatsApp is a great way to do just that. A WhatsApp Business API can handle all of the heavy lifting for you, so you can focus on providing an excellent customer experience.

Improved Customer Experience

A personalized, convenient and responsive customer experience is essential for any business that wants to succeed in today’s competitive landscape. The WhatsApp Business API offers all of this and more, thanks to its easy-to-use interface and rich features.

Capture Feedback and Suggestions

The WhatsApp Business API allows you to capture feedback and suggestions from your customers easily by integrating a chatbot into your WhatsApp Business number. This is a great way to get honest feedback that you can use to improve your products, services, or business as a whole.

Safe, Secure Way to Communicate

End-to-end encryption is one of the main security features of WhatsApp and is something that sets it apart from other messaging platforms. This means that messages can only be read by the sender and the recipient, and no one in between. This is a great feature for banks, as it ensures that sensitive customer information is kept safe and secure.

Send Marketing Messages

WhatsApp messages boast an impressive open rate of 98%, making them a great way to reach your target audience with your marketing messages. You can send promotional messages, product updates, coupon codes, and more through WhatsApp, directly to your customers’ phones.

Free Up Your Agents’ Time

Finally, one of the main advantages of WhatsApp Business API is that it can free up your customer support agents’ time by automating simple tasks and answering common questions. This way, your agents can focus on more complex issues that require a human touch.

Closing Thoughts

WhatsApp Business API is a powerful tool that can help you improve your customer experience, capture feedback and suggestions, and send marketing messages.

Banks interested in developing a turn-key WhatsApp solution for their business should contact a reputable WhatsApp Business API Provider. Look for a provider that offers a robust set of features, such as chatbots, and end-to-end encryption - as well as experience in developing WhatsApp solutions for the banking industry.

In addition, banks should consider a partner that is compliant with Payment Card Industry (PCI) data security standards and is also capable of offering ongoing support and maintenance.

This is essential to ensure that your WhatsApp solution runs smoothly and meets your evolving business needs without any disruptions.