The global COVID-19 pandemic has altered the growth vectors of several businesses, including the banking and financial industry. According to Deloitte, the banking and finance industry must embrace innovative technology and place clients at the heart of every plan. Throughout the client journey, businesses of all sizes must provide hyper-personalized experiences.
Today, clients seek quicker, more customised mobile experiences, mostly provided via messaging. 68% of respondents said they are inclined to buy from companies with easy communication. What better route to supply financial services than WhatsApp? With the introduction of WhatsApp Business API, companies in the banking and finance industry can interact with clients on their chosen communication channels.
WhatsApp Commerce for Financial Institutions
As WhatsApp Business API develops its various services for enterprises, it evolves into a platform that facilitates conversational commerce. Creating “WhatsApp Commerce” — the offering and sale of goods and services to clients through WhatsApp. With WhatsApp Commerce and its new release of capabilities and interactive UI components, marketers can simplify and make the process of offering sophisticated financial services across the client experience more conversational.
Throughout the customer journey, individuals want to hear from their preferred companies in various ways. With this in mind, the WhatsApp Commerce solution has been developed. Using WhatsApp Commerce for banking and finance, financial institutions can immediately assist consumers at every step of the purchasing process, from the pre-purchase period, when they are assessing their options, to the post-purchase phase, where they get great service.
Let’s examine several examples of WhatsApp Commerce in the banking and finance industry, enabling financial institutions to build enjoyable client experiences and unleash development prospects.
Whatsapp Business Makes it Easy to Onboard New Customers
Suppose a consumer wishes to create a new bank account. They visit the brand’s website, fill out the application form, and wait for a response from the bank. A bank executive sets an appointment through a phone call. Following this, the candidate speaks with the executive through a prearranged phone conversation. The executive describes the numerous alternatives and requests several pieces of documentation (e.g., identity proof). The whole procedure is lengthy and laborious.
By implementing a WhatsApp chatbot for banking and finance, a financial company may build a two-way communication channel with website visitors by directing them to their WhatsApp accounts. Businesses may utilise the UI features of WhatsApp Commerce to improve the conversational flow. With List Messages Buttons, marketers may provide up to ten options in a menu-like format. Customers may also respond by picking one of the predefined alternatives offered under the Quick Reply Buttons, decreasing the work required to type the complete message.
By utilising WhatsApp Commerce and implementing a WhatsApp chatbot for banking and finance, marketers can quickly automate the following lead generation and qualifying processes:
- Interesting and welcoming possibilities.
- Collect their individual information and needs.
- Direct them to the next activity to take.
- If a prospect expresses further interest, it may facilitate the completion of KYC procedures such as ID verification, document verification, etc.
When provided to agents, the acquired data about customers’ purpose and expectations may help them prioritise prospects and have more meaningful conversations, leading to more conversions and an improved customer service experience.
Follow-Ups With Potential Consumers are Automated
The advantages of WhatsApp Commerce for banking and finance are not limited to the qualification of early leads. An important component of the WhatsApp Commerce solution, WhatsApp Marketing Notifications (Push notifications) make it simple to re-engage clients who have fallen off or have not finished the onboarding process. In summary, it is a fantastic instrument for persuasion.
Suppose the client has not supplied the required paperwork. Financial organisations may send a reminder message via WhatsApp banking and finance chatbots. WhatsApp’s more than 90 per cent open rate makes it an effective conduit for follow-ups. Before a consumer enrols in the suggested financial and banking services, brands may provide additional resources to alleviate concerns.
Providing Customised Financial Support for Consumer Purchases
After qualifying users via data collection, a WhatsApp chatbot for banking and finance is driven by an AI-recommendation engine such as Zyro may support financial institutions in selling their services by giving individualised purchasing advice.
Let us look at several service use-case examples:
Loan Application Forms:
With the assistance of the WhatsApp chatbot for banking and finance, brands may inquire more about the borrower by asking about the loan amount, occupation, estimated interest rate, etc. Before granting a loan amount and determining the appropriate interest rate, firms must evaluate the applicant’s applicant’s credit history. CIBIL, the oldest credit rating agency in India, provides financial institutions with reports that include the borrower’s credit and repayment history, use of credit, tenures of past loans, etc. These credit records are readily accessible to a WhatsApp banking and financial chatbot like Zyro’s. This information may also suggest the different credit choices accessible to the borrower. To secure the loan, the borrower must pick the best option and verify their bank account information. WhatsApp Commerce for banking and finance enables financial institutions to allow a streamlined end-to-end loan experience on a single, familiar platform.
Mutual funds have become a good option for those without the time to monitor the markets routinely. Using WhatsApp Commerce’s UI features and implementing a WhatsApp chatbot for banking and finance, financial institutions may make investing in Mutual Funds quicker, simpler, and safer for their consumers.
A banking chatbot will inquire about the investor’s financial objectives; imagine the investor wishes to start a SIP. Then, the WhatsApp banking chatbot will ask about the investor’s desired monthly investment amount. Following this, the investor will be presented with a menu-like display of all available fund alternatives from which to choose. The client may also choose the start date for their SIP investments and confirm their bank information to initiate the SIP’s automatic withdrawal.
Collection of payments on WhatsApp Commerce
With the assistance of an AI-powered WhatsApp chatbot like Zyro’s, banks and financial companies in India may collect payments from over 487 million users with only “three clicks.”
- WhatsApp allows financial institutions to send payment reminders with embedded payment links.
- Brands may also give customers the ability to send a WhatsApp message to retrieve their invoices, determine their due dates, and immediately pay for financial services.
- Brands may also share invoices and payment-success notifications after receiving money.
Payment collection is one of the banking and financial industry’s challenges. Marketers may increase their collection rate using WhatsApp Commerce capabilities like push notifications. And transform WhatsApp into the most comprehensive money-collecting method possible.
After-Purchase Customer Service
The purchase of financial products is complicated and may need the assistance of human agents for consumers to make informed decisions. Automating simple mechanical operations by a WhatsApp chatbot for banking and finance allows agents to address more complicated client concerns and engage in more meaningful conversations with existing and potential customers.
The following are some of the support services that a WhatsApp chatbot for banking and finance may provide:
- Sharing marketing alerts about recurring payments and transfer limitations (push notifications).
- Assist consumers with account information and interest rates. Assist them with revising their account details and changing their passwords.
- Customers are provided with bills, e-policies, e-receipts, etc.
- Send proactive marketing alerts to clients, informing them of their loyalty points, new offers, etc.
- Assist with credit card activities, such as blocking and renewing.
COVID-19 has prompted banks to become more proactive, examine long-held beliefs, and become more adaptable and inventive. Financial institutions must concentrate on meeting their consumers where they currently are instead of luring them to specialised platforms. WhatsApp is unquestionably the ideal avenue for any firm to sell its financial goods due to its immense popularity. With WhatsApp Commerce for banking and finance, financial firms can expand their businesses and provide enhanced client service.
Kotak Life Insurance, Tata Mutual Fund, IIFL, Zurich Insurance, HDFC Home Loans, and many more have placed their faith in Zyro. Zyro is one of the world’s biggest Conversational AI firms, having handled over 4 billion conversations, 306 live implementations, and reaching over 500 million users globally.