Future of WhatsApp ChatBots In Banking & FinTech and their Applications
Getting started with ChatBot
This pandemic has brought a lot of changes in businesses, especially in the way of communication with their customers. The invasion of more technologies in the area of communication is one of the important changes that happened due to the outbreak of this pandemic. And ChatBots are the way leading among all of them, specifically WhatsApp ChatBot.
WhatsApp has become one of the major chat apps for conversing between people to people whether it is within the family or with friends or colleagues. With the introduction of WhatsApp Business API, businesses can now communicate with their customers through their most used communication platform. WhatsApp ChatBots made it easy for businesses to be in touch with all of their audiences 24/7. It is also the most cost-effective method to keep your customers close to your brand and maintain a personal relationship with them.
Now banking industry is not exempt from those industries who got affected by the ChatBot in the communication strategy. ChatBots have become as ubiquitous as banking mobile apps and it has become a competitive necessity among the banks in the industry.
Banks and financial institutions topped the top three industries with WhatsApp ChatBot. Let’s have look at the statistics of ChatBots over the period of 17 to 22 and the forecast for the same in the coming years. As per the Junipers Research report, a single query handled by a ChatBot can save 4 minutes of an agent’s time translating to save a cost of Rs 57.68 approx. this can bring a huge impact in reducing the operational cost and the savings can reach 7.3 billion USD by the end of 2023.
The new trends that evolved after the outbreak of the pandemic definitely had a hand in increasing the popularity of ChatBots and indeed it is going to become one of the competitive necessities of banks in the nearby future. Let us discuss some of the important jobs that can be executed by using ChatBots.
- Product promotions and broadcasting
ChatBots are really helpful when it comes to introducing a new product to your target audience. They can go through your products and services at their convenience and can revert it whenever they want. It will give them the freedom to choose the best product as per their requirement.
- Customer care operations
This is one of the key areas in the industry in which a ChatBot can contribute a lot. It is already proved by researchers that the implementation of ChatBots can save millions of working hours and hence can reduce the cost of customer care operations. Customers also will be happy as they don’t need to wait for hours to get answers for their simplest queries.
- Alerts and notifications
WhatsApp is of the most commonly used chat apps and it is very rare that a customer will miss any important notifications and alerts. Whether an important notification about the checkbook delivery or the next payment due for the vehicle loan, customers can have timely alerts on WhatsApp ChatBots.
Now we can have a look at the opportunities that a WhatsApp ChatBot can bring to the Banking and Fintech Industry
- Finding new prospects
ChatBots are silent and won’t fill their inbox with unnecessary pieces of information. It can help to find new clients by providing necessary information to the clients. Customer engagement can be increased by adding a click-to-chat feature in the chat app.
- Follow-ups
Following ups is easy once a customer opt-in with the ChatBot. This will help to recognize quality leads and can bring them more deeply into the engagement process.
- Payments and money transfer
Through the WhatsApp ChatBot, customers can directly do payments and money transfers at their convenience. By linking their bank or PayPal accounts to the WhatsApp ChatBot, customers can easily shop, check their current financial balance and pay bills much faster.
- Feedback collection
Customer opinions are always important in developing a new product or implementing a change in the current workflow or making changes in the available product. WhatsApp ChatBot will give instant feedback from the customers as they can mark their opinions in the same medium they are using for communication with their bank.
- Document downloads
This is one of the important applications of ChatBot and the downloading of required documents is easy as a single click away. No complicated steps are to be followed and the download can be done in a matter of time.
Starting with a WhatsApp Banking
- First of all, the bank needs to get consent from the customer. It can be either by getting a reply to your message or by getting a direct inquiry from the customer.
- Banks can send a welcome message to the customers and also the relevant procedures needed to finish the setups
- Once the customer fulfilled all the required formalities, they can start using the banking WhatsApp ChatBot without installing any other apps on their mobile phone.
Getting started with GreenAds Global
GreenAds Global is one of the top leading WhatsApp Business API providers worldwide and can give excellent service in building a ChatBot as per the requirement of the clients. We have a full-fledged team who are equipped with all the required skills to assist you in any level of service. Our customer care team is always available to you through voice or chat and is available 24/7.
ChatBots are going to take over the customer care service field and are becoming a powerful tool in the next level of banking. It is better to adapt to the system as soon as possible in order to get ahead in the nearby future.
