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How BFSI Industry can benefit by utilising WhatsApp Business API

   August 16th, 2022

Recently, the banking and finance industry has been one of the most adaptable industries to changes in communication and technology. With the introduction of chat banking, it has undergone a unique form of digital transformation. As Fintech start-ups continue to expand, according to Deloitte’s 2019 Banking Industry Outlook, digitization has become a core strategy for the industry.

Developments in banking sector have expanded considerably, with banks invested highly on upgrading every channel, notably digital banking. It’s not enough to just automate current operations. Simplifying user experience is the priority. Consumers nowadays require customized solutions, value adding, instant services, as well as ability to perform self-service and a more personal connection. Allowing customers to handle their finances without any trouble is a real distinction.

WhatsApp Business API for BFSI Industry

WhatsApp can assist the industry provide a smooth user experience by automating chats with users, enabling customer support with real-time notifications, financial information, current transaction history, and money transfers, as well as effectively conducting surveys.

Empowering customers to manage their personal finances without confronting any obstacles is becoming a strong differentiating point. In an extremely competitive financial industry, where consumers frequently complain of the lack of significant connectivity to quick and efficient customer care , WhatsApp can be a major step-up to support quick and easy interaction with company prospects and current customers via an messaging app which the world uses the most.

Let’s go deep into how WhatsApp Business API supports business communications for BFSI.

  • Interaction with Verified Accounts: WhatsApp validates organizations to enhance trust among customers. WhatsApp controls the whole service. To signify that this is the official corporate account, the green badge is shown beside the name of the organization.

    Users may find extra contact details, including a link to their official webpage and mobile number. Verified profiles allow consumers and prospective customers to communicate freely and without worry of their bank or financial information being exposed.

interaction-with-verified-accounts
  • End-to-End Encryption: All WhatsApp messages and calls are protected with end-to-end encryption. The conversation which takes place between 2 parties is not released to any other organization. No 3rd party intermediate, not even WhatsApp, can read the conversation.

    Banks can also incorporate multi-level security options. Before performing out cash payment, transactions, or other operations, they might demand clients to verify themselves.

    Authentication may be done via a login passcode, OTP (One Time Password), biometric passcode, or a combination of all three. This inculcates the sense of security amongst the clients as massive financial frauds take place on a regular basis since the BFSI industry has chosen for digitalization of the process

  • User Opt-In and Spam Prevention: Deception and spam prevention are essential in the BFSI industry while servicing consumers. User consent plays a crucial part in setting up your WhatsApp service.

     

    An end-user must opt-in via a 3rd party source, such as your webpage, mobile application, e-mail, or physical form, in order to receive monetary notifications or operational updates via your WhatsApp Business solution.

    Before enabling companies to send messages to clients, WhatsApp checks every corporation related communication (called message templates). This drastically reduces the likelihood of fraudulent communications.

  • Interactive Messaging and Multilingual Support : Financial institutions may not only provide material like photographs, documents, and videos, but they can also employ list messages, CTA buttons, and other forms of interactive and engaging messaging. More than 50 languages are supported by WhatsApp. The banks thus have the option of generating templates in multilingual format and serving to the customer in their preferred language.

  • The Best Customer Service Available: With the use of WhatsApp API Chatbots, email processing times and waiting time loops may be decreased. To begin with, the most important information, such as the hours of operation, the nearest ATM, and so on, may be gathered. WhatsApp API Chatbots may give preliminary advice on important issues, such as the loan amount, term duration of loan, and mutual fund investments. A human agent can then take over for more in-depth consultations with customers, with bots managing the first stage of the discussion in their place. As a result, it saves time and money for the company, thus reducing expenditures.
best-customer-service-available

The simplest route to get started with WhatsApp Business API – Pinnacle WhatsApp Solution

Pinnacle Teleservices Pvt Ltd. provides seamless and integrated end-to-end solutions on different platforms. Its Hybrid solution in Mobile Marketing is a mix of services that include SMS, Voice Solutions, USSD, Chatbot, Internet and Social Media platforms like Facebook, Twitter etc. that eventually help a brand to connect with its customers.

pinnacle-whatsApp-solution

Go beyond merely communicating to ‘Connecting’ using Pinnacle WhatsApp Solution (PWS) 

  • Brand a business on WhatsApp include the organizations logo, Website URL, Business description and emails
  • Connect API with the enterprise ticketing system and send real time updates to clients
  • Optimise conversation with reports on messages sent, delivered and read receipts
  • Smooth handover to support staff
  • Admin portal for administration and management
  • Webhook (Webhooks are automated messages sent from apps when something happens.) integration for dynamic responses
  • Converse with the client in the language they love – PWS supports multiple languages
  • We guarantee complete security with end-to-end encryption of messages. Systems connect over HTTPS

Know More about PWS
Flexible pricing for Businesses of all sizes. Contact us to know our country wise pricing models
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  • Talk to us about your business requirements 
  • Get strategic and creative advice 
  • Discuss custom technical solution 
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