WhatsApp Banking API- An Overview

WhatsApp Banking API- An Overview

WhatsApp Banking: Since January 2018, when WhatsApp permitted companies to utilize its platform, WhatsApp Business has accomplished new milestones with passing periods.

WhatsApp Business API has created various options for customer interaction, customer support, up-selling, cross-selling, boosting revenue, staff onboarding, and much more.

What makes AI-enabled WhatsApp Chatbots appreciated by companies of all sizes?

With the emergence of artificial intelligence-related technology, the automation of many human-related manual jobs has altered to quite a degree.

Communication, transportation, commerce, and the market have fully modified themselves in numerous areas.

The transformation has made the globe quite a different environment to live in. The entire trip of each industry employing the specific proper technological trend is long to take into account in one blog.

We shall observe how the critical portion of communication in customer service has altered via the most popular app, i.e., WhatsApp.

For short and easy communication services, WhatsApp was established in 2009 by Brian Acton and Jan Koum.

Today, this software is a cross-platform messaging service with several benefits.

It supports many types of online communication, including voice conversations, video conferencing, media accessible via sharing, document sharing, and GPS coordinates sharing with your contacts.

Banks may connect thousands of agents and bots to communicate with consumers programmatically and manually using the API.

In most circumstances, banks collaborate with WhatsApp’s third-party business solution providers (BSPs) to access the WhatsApp Business API.

Using an official third-party solution provider helps circumvent operational hurdles and speed up the development process.

In addition, these solution providers offer the skills banks need to utilize WhatsApp safely and efficiently.

Let us explore the prominent use cases of the WhatsApp Business in the Banking and Finance industry.

Some Prominent Use Cases Of WhatsApp Business in Banking- WhatsApp Banking

1. Report fraud/unusual transaction action

WhatsApp Banking API- An Overview

The fast remedy grievance corner in case of any abnormal activity discovered in the customer’s account might be a WhatsApp chatbot.

Just one message on WhatsApp and the following procedure will be begun by a bot, entirely by itself.

No human assistance would be required, and the level of attentiveness and production will be top-notch.

Also, the customary wait encountered by consumers when submitting a complaint against any such conduct will be negligible.

The seamless solution to this use case occupies a crucial position to alleviate the issue of fraud transactions.

2. Lead Generation and Nurturing

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The skill of marketing and establishing a loyal client base is as vital as designing the next five-year growth strategy for the firm.

As 1.9 billion individuals are registered on WhatsApp, and over 180 countries are linked via this platform, reaching out to prospective clients becomes straightforward.

The naturally produced quality leads with the WhatsApp chatbot assisted in extending the circle.

But to preserve the leads, there is a significant demand for a response method of reversing and following up via messages.

To minimize repeating answers, the function of rapid replies lowers the human burden of inputting hundreds of messages.

The real-time solutions ensure consumer happiness and enhance brand exposure, as well. The feature makes the banking and financial business highly engaging with their consumer base.

The adverts delivered on WhatsApp tend to convert faster than any other platform. This results in earnings in the banking and finance industry.

3. Customer Support- WhatsApp Banking

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The lengthy waiting list on any customer service executive number causes the users to lose interest in the service, and the credit goes down.

Still, the WhatsApp chatbot lets the customers get acquainted with their bank details, accounts, transactions, savings, funds, current balance, and whatnot!

Also, the services are only one touch away, and consequently, hassle-free customer assistance may be assured.

WhatsApp Business alerts may be issued periodically on a user’s registered phone, and they can keep informed using the WhatsApp chatbot.

The essential support may be gotten using the WhatsApp chatbot.

4. Banking & Finance at Home

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The banking and financial business deals with a significant number of papers.

The beginning rounds are rather tiresome because of the number of form submissions, including KYC and numerous other eligibility evidence necessary as part of the procedure.

This leads to increased drop rates and ultimately to non-convertible sales in the end.

WhatsApp chatbot streamlines the procedure and makes the process readily accessible from home comfort.

The service is generally known as WhatsApp banking since the entire system is done over WhatsApp.

The general alerts and notifications connected to the bank account are regularly issued via the WhatsApp chatbot.

Even the start of many banking campaigns relating to loans is communicated to consumers through conversational commercials.

This makes people aware of the plan and marketing, and they don’t even have to visit the bank physically.

This use of WhatsApp naturally lowers the obstacles experienced by clients when they see a bank. Be it about lengthy lineups or the unlimited lunch breaks!

5. Agent Support

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Even with the conversational AI system, the requirement for human presence could be essential.

In some cases, a voice and video chatbot sub combined may genuinely assist. Or a basic ticket system chatbot where the bot takes your information and arranges a call with the agent.

As it’s a bot, it will still be the primary level of assistance to help out people with general inquiries.

Whatever inquiries the chatbot cannot answer may be passed to the agent in real-time. The backend aids agents with the conversion path and valuable replies to the customers’ concerns.

6. Personal financial advisor- WhatsApp Banking

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The typical mentality of individuals who invest their money is a little apprehensive about the programs and schemes presented by the bank.

They typically visit banks or financial institutions regularly to discuss it and squander unneeded time.

On the other hand, the WhatsApp chatbot takes a few inputs from the user and gives the ideal plan and scheme according to the criteria and scope of the investment.

This saves time and works to a significant amount that investors feel easy with their financial planning.

As WhatsApp chatbot advises effectively about the money investment plans, it also watches out for the ideal performance of numerous projects completed by the investors.

It further assists in controlling the financial plan supplied to prevent any flaws.

The most delicate part is the maintenance of the insights of the consumer through the WhatsApp chatbot, thereby effectively increasing the standard for customer happiness.

It assures the best results when the scope is beyond its artificial intelligence grasp; the bot promptly sends a warning for some human support to intercede.

Hence the balance is kept effectively by deploying WhatsApp chatbot in the banking and financial business.

Conclusion

WhatsApp Banking: There are a few steps to get started with the Whatsapp business chatbot; however, once the clients are entirely taught about its use, the advantages of the Whatsapp chatbot begin emerging and assist in the 10X development of the firm.

If you need further assistance in knowing this topic in-depth, contact our team.

Read More: The WhatsApp Business API: The Complete Guide

About Bhavika Juneja

Sr. Consultant at Yugasa Software Labs - App | Web | IoT | AI
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