How to Use WhatsApp Business API for Banking and Finance

The presented article titled ‘How to use WhatsApp Business API for Banking and Finance’ clarifies the further potential of the technology for the growth and expansion of the spheres. At present, the banking and finance sectors are largely extending WhatsApp to handle most of the customer relations. 

Accordingly, it appears possible to consider the use of WhatsApp chatbots for banking and finance as a thriving process in this context. When incorporated into the service model, WhatsApp business automation can be helpful for banks as a way to make communication easier and focus the customers’ attention on the service. Therefore, before proceeding further, it will be wise to provide a brief guide on how to use the WhatsApp application in banking and Finance.

What is WhatsApp Business API for Banking & Finance?

A critical enabler that enables the linking of banking software to the assistance of WhatsApp is WhatsApp Business API. With this interface, industries can be able to reach their customers through the widespread application WhatsApp.

WhatsApp Business API provides an opportunity to create templates for frequently asked questions so that Messenger does not need to answer them every time. It also linked vendors, processes, and customers on a personal level which enhanced the positive communication. 

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. 

It makes communication easy and fast; the banking industries can connect with a shared inbox via WhatsApp, many questions can be answered automatically, and the flow of customer information can be enhanced. 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 an amazing tool for several industries and sectors. Banking and finance are linked with thousands of customers and agents via API and banking to control and boost business output manually and automatically.

In some cases, the banking industry works with third-party vendors to access the WhatsApp Business API. Third-party vendors provide a set of features and tools of WhatsApp that are available to their system; hence the banks do not need to subscribe to them.

Adopting a formal third-party solution such as Getgabs makes it possible to skip operational hurdles while facilitating the advancement procedure. Also, the solution providers are aware of the basics that banks need to employ WhatsApp API properly 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

Through the integration of WhatsApp API via a solution provider, the banks and the finance companies can unlock and utilize the possibilities and prospects of the WhatsApp channels. Once the companies get established and more consumers begin choosing to do banking with WhatsApp, it is feasible to expand messages and relay them to the customer demand. 

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

Any communication that occurs through calling or messaging involving banks & finance industries is encrypted with  WhatsApp’s end-to-end encryption feature. 

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. 

Some banks can incorporate security measures into their conversation before the completion of the transfer, payment, and other services; the banks require customers to identify themselves. Phone tokens, biometric security, passwords, and a mix of both are methods of authentication that a user may perform. 

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. The use of WhatsApp API means that bankers can send other details in the form of rich media as well as guidelines to the customer in the process of onboarding the customer. 

5. Automation abilities

WhatsApp message templates for banking and Finance can be automated to boost customer response quickly. Organizations can arrange promotions and marketing campaigns and let them be set in motion automatically. As much as the automated flows and auto-replies are helpful in the case of continuous interactions with clients or other businesses, they also enable the business to operate around the clock even when the working team does not need to focus on the tasks.

WhatsApp Banking & Finance Use Cases

WhatsApp, which is used in banking and finance industries, has offered many examples, ranging from compliance with customer inquiries to the promotion of profits. These are the times when WhatsApp banking was utilized. 

1. Send reminders

WhatsApp renders notifications to customers concerning one-click payments, outstanding payments, subscriptions, recurring payments, or due bills. 

2. Onboard customers

Customer onboarding in commercial banking, especially when the bank has a new customer, is time-consuming and costly. According to Deloitte, it can take up to 16 weeks to complete the procedure, which the clients’ experience is often not a positive one. In the same survey, it was pointed out that banks could incur between $20000 and $30000 to onboard a customer.

To be specific, Deloitte claims that during onboarding, banks can cut costs by hundreds of millions of USD in total. Banks should investigate this perfect use case for WhatsApp. 

3. Lead generation process

WhatsApp offers click-to WhatsApp and opt-in feature or direct connection with clients right from ads or website subscriptions.

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

Using WhatsApp Business API for banking and Finance enables customers’ frequently asked questions, for example, balances, where to get an ATM nearest, interest rates, and credit checks to be automated. 

5. Offer account services

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

6. Lead follow up

Check the prospects in need of banking services and make your sales funnel more effective with WhatsApp banking. To build credibility, make use of audio, video, and text appeals with an emphasis on personification. You may also provide relevant material such as testimonials and demos to the customers. Reach out using WhatsApp automation, with a 90% open rate and 25% engagement.

7. Document upload

The process of onboarding is accelerated since, through WhatsApp banking, a client can upload and validate the required documents easily. A leaf can maintain the conventional interface which will help to minimize resistance and enhance the experience of the users. 

8. Payment and transfers

To share money with friends and family or business partners conveniently and securely, one should turn to WhatsApp banking. Some of its features are bill payment, checking account balance, and an intelligent digital user interface, making this technology an easy-to-use form of digital payment. Many organizations can enjoy the advantages of using digital payments for their operations as well and individuals can be up-to-date with the developments in financial technologies by adopting this innovation.

Why is WhatsApp Effective for Banking?

Why would the users be interested in undertaking Banking and Finance marketing through WhatsApp as opposed to the many avenues available?  

So, here we explain the reasons why we chose WhatsApp marketing for banking services.

1. New constraints make the business more competitive

Regulations like open banking and PSD2 are some of the limitations, the conclusion is that Payment services directives influence the banking industry to become more competitive.

In this regard, the regulations make it easier to use open APIs such as the WhatsApp Business API. The business is going through a transformation that is digital and all this while new entrants are emerging into 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

Sending and receiving banking services via WhatsApp is not just a public relations stunt anymore. 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. The competitive trend is driven in large part by WhatsApp Business API banking.

3. A leading platform for banking and Finance

Conversational banking is closely aligned with WhatsApp—the most popular messaging app globally, with more than 2 billion monthly average users.

The other leading platform with high potential for building engaging rich media experiences is through the use of WhatsApp. Some of its most significant benefits include button activation, quick replies, product sliders, voice notes, images, maps, and many other rich media.

Learning about this type of content enriches the interest that is taken in conversations. Customers do not have to type everything down and this reduces the time taken to solve such complaints.

Frequently Asked Questions

Q1. What is WhatsApp Business API for banking?

A. WhatsApp Business API for banking is a secure way of adopting the platform to offer customers updated account balance checks, reports or alerts, reminders, transfers, and records of transactions.

Q2. What is the charge for WhatsApp API?

A. At first, the WhatsApp API was a free service. However, the service was based on the per-message charge depending on the length of session which can be considered as the conversation-based pricing model. Several messages in a WhatsApp chat refer to all the information that is passed in a social conversation period of 24 hours except for the number of messages.

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

A. Before the assignment of an agent, banks can use the WhatsApp chatbot’s skill to create client profiles. This drives the method better and helps in recognizing a perfect candidate for a client’s requirements. 

Q4. Who is the best WhatsApp Business API provider?

A. Getgabs offers you the convenience of the best WhatsApp Business Solution. It assists and benefits all kinds of businesses, especially in the formulation of strategic plans, the creation of new demands of its products, and an overall booming condition that aims towards the improvement of the state of the particular business.

Q5. Is WhatsApp safe for banking?

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

Conclusion

I believe you have found the answer to your questions, such as ‘How to use WhatsApp Business API for Banking and Finance.’ Approach the WhatsApp Business Solution Provider, Getgabs, to apply for access to the WhatsApp Business API for banking. 

Getgabs helps every type of business define its strategies, acquire new leads, and increase business growth. WhatsApp for banking is the latest efficient paradigm for conversational digital banking that helps deliver efficient and accessible customer support to engage and enfranchise clients. 

But in the case of banking services WhatsApp Business API for banking has unlimited possibilities. Getgabs can help in realizing the full capabilities of WhatsApp API and would enable you to deliver personalized, accurate, and adequate finance experiences to clients.