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The article “How to use WhatsApp Business API for Banking and Finance” elaborates on the possibilities of implementing the technology to grow the industries. Nowadays, the banking and finance industries are proliferating through WhatsApp to manage a great deal of their customer service.

In this scenario, utilizing a WhatsApp chatbot for banking and finance appears to be a winning strategy. By integrating WhatsApp business automation into the service model, banks can simplify customer communication and improve customer satisfaction and attention. So, let’s have a quick tour of how to use WhatsApp for banking and Finance.

What is WhatsApp Business API for Banking & Finance?

WhatsApp Business API is a vital tool that connects banking software to WhatsApp’s services. This interface helps industries connect with their customers through WhatsApp. 

WhatsApp Business API offers message templates that can be used to answer customers’ repeated queries and save time and effort. It also personalized-links vendors, processes, and customers, making communication more efficient and meaningful.

The approach enables the banking and finance industries to provide instant, customized, and seamless customer service with one of the world’s most used communication platforms: WhatsApp. 

Through WhatsApp, banking industries can associate with a shared inbox, automate frequently asked questions, and optimize the customer information flow. Hence, banks and finance companies can obtain more customers through 1:1 communication.

How Does Banking & Finance Industries Use WhatsApp API?

WhatsApp Business API is a game-changer tool for various industries. Through API, banking, and finance, we can link with thousands of customers and agents to enhance business growth and effectiveness manually and automatically.

In some cases, the banking industry works with third-party vendors to access the WhatsApp Business API. Third-party vendors offer a set of WhatsApp features and tools to their system, so banks don’t need to use them.

Implementing an official third-party solution like Getgabs enables one to bypass operational challenges and boost the development process. Additionally, the solution providers have the expertise banks require to use WhatsApp API effectively and securely.

Top 5 Benefits of WhatsApp Business API for Banking & Finance

Let’s check the benefits of WhatsApp Business API for banking and Finance.

1. Reach and Scalability

Leveraging WhatsApp API via a solution provider, banks and finance companies can utilize the potential and scope of WhatsApp channels. As the companies grow and more people start preferring banking with WhatsApp, it is possible to scale messages and provide them to the customer needs.

WhatsApp Business API for Banking and Finance is an excellent platform for future-proofing your finance industry customer conversations and banking communication services. 

2. Enhanced revenue

According to the research, WhatsApp banking and Finance accelerated revenue growth by 25% and lowered costs by 30%, which can be considered an upside for banks amidst intense competition. 

3. Security and Compliance

Calls and messages received from banks & finance industries are secured with WhatsApp’s end-to-end encryption. Only the banks and customers can listen to the calls or read the messages. Because of WhatsApp encrypted messages and calls, no one can read business conversations. 

Banks can link security protocols directly into their conversations before carrying out transfers, payments, and other services; they need customers to authenticate themselves. Authentication can be done via phone token, biometric security, password, or a combination of all three. 

4. Easy onboarding process

The onboarding process in some banks can be complex and frustrating for clients. WhatsApp can modernize the whole process for first-time clients. Bankers can send rich media and guidelines via WhatsApp API to simplify the customer’s onboarding process.

5. Automation abilities

WhatsApp message templates for banking and Finance can be automated to boost customer response quickly. Companies can run promotions and marketing campaigns on autopilot. Automated flows and auto-replies also ensure that the business runs 24/7 without the team’s need to pay attention to repetitive tasks. 

WhatsApp Banking & Finance Use Cases

WhatsApp, used for banking and finance industries, has provided numerous use cases, from adhering to customer inquiries to fostering profits. Here are the instances in which WhatsApp banking was used.

1. Send reminders

WhatsApp sends reminders to customers to inform them about upcoming payments, transactions, scheduled automatic payments, or any bills due. 

2. Onboard customers

Onboarding new customers for commercial banking can be time-consuming and costly. Deloitte claims that the procedure might take up to 16 weeks to finish, which frequently detracts from the clientele’s experience. According to the same survey, banks may have to spend between $20,000 and $30,000 on onboarding a new customer.

Automating the onboarding process can save banks hundreds of millions of dollars, according to Deloitte. Banks should investigate this perfect use case for WhatsApp. 

3. Lead generation process

WhatsApp provides a click-to-WhatsApp and opt-in feature for seamlessly connecting clients directly from ads or website opt-ins. Using these features, banks can streamline the critical customer data collection process. This helps to ease the lead generation process and create trust with the familiar and widely used WhatsApp interface.

4. Automate FAQs

Leveraging WhatsApp Business API for banking and Finance automates customers’ frequently asked questions, such as checking balances, searching local ATMs, checking interest rates, and determining credit limits.

5. Offer account services

It enables automated queries of bonus points, recurring payments, and transfer limits. This allows the customer to update account details and easily reset account passwords.

6. Lead follow up

Easily qualify prospects and optimize your sales funnel with WhatsApp banking. To establish trust, personalize your approach with audio, video, and text calls. You may also provide pertinent content, such as testimonials and demos. Reach out using WhatsApp automation, with a 90% open rate and 25% engagement.

7. Document upload

WhatsApp banking simplifies the onboarding process by enabling customers to upload and authenticate their documents directly. The familiar interface decreases friction and improves user experience.

8. Payment and transfers

For easy and safe peer-to-peer and business fund transfers, use WhatsApp banking. With capabilities like bill payment, account balance checking, and an AI-powered user experience, this technology offers a familiar and easy-to-use platform for digital payments. Businesses and individuals can benefit from the convenience and security of digital payments while staying current with the newest developments in financial technology by implementing this technology.

Why is WhatsApp Effective for Banking?

Why consider using WhatsApp for banking and Finance rather than other marketing methods? So, here we explain the reasons why we chose WhatsApp marketing for banking services.

1. New constraints make the business more competitive: Constraints such as open banking and the PSD2 mean that payment services directives make the banking industry more competitive.

Such regulations streamline the use of open APIs like WhatsApp Business API. The business is experiencing a digital revolution, and new players are participating in the competition.

These regulations are essential for banking to welcome change, which is also a downfall for incumbents who oppose it. 

2. Conversational banking is mainstream: Conversational banking through WhatsApp is no longer just a marketing gimmick. WhatsApp has various benefits for the banking sector.

According to the research, the global AI market in the banking market will be worth $3.88 billion in 2020 and is anticipated to reach $64.03 billion by 2030, embodying a CAGR of 32.6% from 2021 to 2030. WhatsApp Business API banking is a key driver of the competitive trend.

3. A leading platform for banking and Finance: WhatsApp is a natural fit for conversational banking. With over 2 billion monthly average users, it is the most widely used messaging app worldwide.

Another top platform for creating rich media experiences is WhatsApp. Its main advantages include the ability to use buttons, rapid replies, product carousels, voice notes, images, maps, and other rich content.

Using this rich content enhances the interest of conversations. Customers no longer have to type everything out, which cuts down on the amount of time it takes to resolve issues. 

Frequently Asked Questions

Q1. What is WhatsApp Business API for banking?

A. WhatsApp Business API for banking is a safe tool to provide customers with real-time account balance checks, reports, alerts, reminders, payment transfers, and transaction records.

Q2. What is the charge for WhatsApp API?

A. Initially, the WhatsApp API was free. Still, there was a charge for messages per session, which is a conversation-based pricing model. WhatsApp chat involves all the messages exchanged in a 24-hour conversation window, apart from the number of messages exchanged. 

Q3. How do you use WhatsApp chatbots for customer banking support?

A. Banks can use WhatsApp chatbots before assigning an agent to build customer profiles. This enhances the process and helps to find the most appropriate person for the client’s requirements. 

Q4. Who is the best WhatsApp Business API provider?

A. Getgabs is the best WhatsApp Business Solution provider. It helps every type of business define its strategies, generate new leads, and increase business growth.

Q5. Is WhatsApp safe for banking?

A. Yes, WhatsApp Business API is safe for banking processes. Calls and messages received from banks and finance industries are secured with WhatsApp’s end-to-end encryption. 

Conclusion

I hope you have got your answers related to “How to use WhatsApp Business API for banking & Finance ”. Request access to the WhatsApp Business API for banking through a WhatsApp Business Solution Provider, Getgabs.

Getgabs helps every type of business define its strategies, acquire new leads, and increase business growth. WhatsApp for banking is the latest effective solution for conversational digital banking, offering easy and accessible customer support to engage and inform customers. 

However, WhatsApp Business API for banking offers unlimited scope in banking services. Getgabs can assist you in optimizing WhatsApp API’s full potential and allow you to provide customized, reliable, and efficient finance experiences to clients.